News Release April 27, 2001

HOUSTON – TEPPCO Partners, L.P. (NYSE:TPP) today reported that the Federal Energy Regulatory Commission (FERC) has approved the Partnership’s settlement offer for its market-based rates application. The settlement, in conjunction with the FERC’s prior order, allows TEPPCO to charge market-based rates on its refined products movements to all locations on its system other than Little Rock, Ark., and Arcadia, La.

TEPPCO Partners, L.P. is a publicly traded master limited partnership, which conducts business through various subsidiary operating companies. TEPPCO owns and operates one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates natural gas liquid pipelines; is engaged in crude oil transportation, storage, gathering and marketing; and owns a 50-percent interest in Seaway Crude Pipeline Company and an undivided ownership interest in the Rancho and Basin Pipelines. Texas Eastern Products Pipeline Company, LLC, an indirect wholly owned subsidiary of Duke Energy Field Services, LLC, is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO’s website at www.teppco.com.