News Release
Jan. 31, 2001

TEPPCO PARTNERS, L.P. ANNOUNCES SALE OF 2 MILLION UNITS

HOUSTON – TEPPCO Partners, L.P. (NYSE:TPP) today announced that it has priced 2 million units representing limited partner interests at $25.50 per unit. The offering is being managed by Goldman, Sachs & Co. and is scheduled to close on Feb. 6.

The net proceeds from the offering of approximately $48.5 million will be used to reduce borrowings under a revolving credit facility. The revolving credit facility was used to finance the acquisition of assets from ARCO Pipe Line Company in July 2000.

TEPPCO has also granted the underwriters an option to purchase up to an additional 300,000 units to cover over-allotments at the initial price to the public less the underwriting discount. The offering brings the total number of units outstanding to 34.7 million.

Copies of the final prospectus relating to this offering may be obtained from the offices of Goldman, Sachs & Co., One Liberty Plaza, 7th Floor, New York, N.Y. 10004, Attention: Registration Department.

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 gathering, transportation, storage 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, LP, is the general partner of TEPPCO Partners, L.P. For more information, access TEPPCO’s website at www.teppco.com.

 

Contact: Brenda J. Peters
Phone: 713/759-3954
24 Hour Phone: n/a
Email: bpeters@teppco.com
Contact: Kathleen A. Sauve
Phone: 713/759-3635
24 Hour Phone: 704/382-8333
Email: ksauve@duke-energy.com