News Release
March 15, 2000


HOUSTON –TEPPCO Partners, L.P. (NSYE:TPP) announced today that Duke Energy will transfer its general partner interest in TEPPCO to its Denver-based Duke Energy Field Services (DEFS) business unit by the end of March 2000. TEPPCO’s headquarters will remain in Houston.

"We believe our association with the nation’s largest midstream natural gas liquids company will provide considerable opportunities for TEPPCO," said William L. Thacker, chairman, president, and chief executive officer of the general partner of TEPPCO.

"This transfer provides significant additional flexibility in pursuing acquisitions," said Jim Mogg, president of Duke Energy Field Services.

TEPPCO Partners, L.P., is a publicly traded master limited partnership, which conducts business through two operating companies. TE Products Pipeline Company, Limited Partnership, is one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States. TEPPCO Crude Oil, LLC, is a crude oil gathering, transportation, storage and marketing company operating primarily in Texas and Oklahoma. Texas Eastern Products Pipeline Company, which is an indirect wholly owned subsidiary of Duke Energy, is the general partner of TEPPCO Partners, L.P.

DEFS is the nation’s largest producer of natural gas liquids (NGLs), one of the largest natural gas gatherers and marketers and one of the largest NGL marketers. The company operates 52 plants today in Wyoming, Colorado, Kansas, Oklahoma, New Mexico, Texas, along the Gulf Coast and in northwestern Alberta, Canada. The TEPPCO general partnership interest will be included as part of the recently announced combination of the midstream natural gas businesses of Duke Energy and Phillips Petroleum.

Duke Energy, a diversified multi-national energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – generating revenues of nearly $22 billion in 1999. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at:

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