News Release
July 18, 2002

TEPPCO PARTNERS, L.P. DECLARES INCREASE IN QUARTERLY DISTRIBUTION

HOUSTON – TEPPCO Partners, L.P. (NYSE:TPP) today announced that it will increase its quarterly distribution to $0.60 per unit from $0.575 per unit. The distribution is payable Aug. 8, 2002, to unitholders of record on July 31, 2002. This distribution covers the period from April 1, 2002, through June 30, 2002. The increase raises TEPPCO’s distribution to $2.40 per unit on an annualized basis and is the 11th quarterly increase in the distribution since 1994.

 

“This distribution increase reflects the anticipated contribution of the recent Val Verde Gathering System acquisition and our continued expectation for solid operating results from the partnership’s other segments,” said Barry R. Pearl, president and chief executive officer of the general partner of TEPPCO.

 

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 petrochemical and natural gas liquids pipelines; is engaged in crude oil transportation, storage, gathering and marketing; owns and operates natural gas gathering systems; and owns a 50-percent interest in Seaway Crude Pipeline Company, an interest in Centennial Pipeline LLC, 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 Web site at www.teppco.com.

 

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