TEPPCO Partners, L.P. Announces Acquisition of Additional LPG Storage in Ohio
TEPPCO Partners, L.P. (NYSE:TPP) today announced it has purchased an underground liquid petroleum gas (LPG) storage cavern adjacent to its Todhunter Terminal in Middletown, Ohio. The cavern, along with a cavern purchased in a separate transaction in December 2006, increases TEPPCO’s storage capacity by 330,000 barrels.
The additional storage capacity complements TEPPCO’s recent expansion of its LPG pipeline between Greensburg and Eagle, Pennsylvania, which increased delivery capability of this segment by 40 percent. The expansion included the installation of four additional booster stations and the reworking of existing pump stations.
“The acquisition of these two storage caverns and the completion of the pipeline expansion project improve TEPPCO’s delivery capability and represents the continued implementation of our long range plan of infrastructure improvement,” said Jerry E. Thompson, president and chief executive officer of the general partner of TEPPCO. “We are committed to improving customer service and supporting the demand growth in our LPG markets and continue to look for opportunities to increase the amount of LPGs that move through our system and terminals.”
TEPPCO is the only pipeline that transports LPGs from the upper Texas Gulf Coast to the Northeast region of the US. LPG customers include refiners, and propane wholesalers and retailers who sell to commercial, industrial, agricultural, and residential heating customers.
TEPPCO Partners, L.P. is a publicly traded partnership with an enterprise value of approximately $5 billion, 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 liquid pipelines; is engaged in transportation, storage, gathering and marketing of crude oil; owns and operates natural gas gathering systems; and has ownership interests in Jonah Gas Gathering Company, Seaway Crude Pipeline Company, Centennial Pipeline LLC, and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, a subsidiary of Enterprise GP Holdings L.P., is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO’s Web site at www.teppco.com.
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding the future success of our expansion projects or results of operations. These risks and uncertainties include, among other things, insufficient cash from operations, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P. filings with the Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.