News Release
Nov. 15, 2001


HOUSTON – TEPPCO Partners, L.P. (NYSE: TPP) announced today that it has priced 5.5 million units representing limited partner interests at $34.25 per unit. The offering is being managed by Lehman Brothers, Inc., Goldman, Sachs & Co., UBS Warburg LLC, Banc of America Securities LLC, A.G. Edwards & Sons, Inc. and RBC Capital Markets, and is scheduled to close on Nov. 20, 2001.

The net proceeds from the offering of approximately $180 million will be used to reduce $160 million of a term loan incurred in connection with the acquisition of Jonah Gas Gathering Company with the balance to be used to repay debt outstanding under a revolving credit facility.

TEPPCO has also granted underwriters an option to purchase up to an additional 825,000 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 44.3 million.

Copies of the final prospectus relating to this offer may be obtained from the offices of ADP by calling 631-254-7106 or by faxing 631-254-7268 or 631-254-7140.

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; owns a 50-percent interest in Seaway Crude Pipeline Company and an undivided ownership interest in the Rancho and Basin Pipelines; and owns and operates a natural gas gathering system. 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, access TEPPCO’s website at

This press release does not constitute an offer to sell or a solicitation of an offer to buy the limited partnership interests described herein, nor shall there be any sale of these limited partnership interests in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P. filings with the Securities and Exchange Commission.

Contact: Kathleen A. Sauvé
Phone: (713)759-3635
24 Hour Phone: (704)382-8333
Email: Kathleen Sauve/TEPPCO@TEPPCO
Contact: Brenda J. Peters
Phone: (713)759-3954
24 Hour Phone: (704)382-8333