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EOTT ENERGY PARTNERS, L.P. UNITHOLDERS APPROVE PROPOSALS; CASH DISTRIBUTION SUPPORT INCREASED AND EXTENDED
FOR IMMEDIATE RELEASE: Friday, February 12, 1999
HOUSTON – EOTT Energy Partners, L.P. (EOTT) announced that all proposals presented at its Special Meeting of Unitholders held here today were approved. As a result, Enron Corp. increased its distribution support to $29 million and extended it through year-end 2001. Enron previously was committed to support the cash distribution through the first quarter of 1999, with $7.1 million in support available after the third quarter 1998 distribution.
Approval of one proposal authorizes the Partnership to issue an additional 10 million common units for general partnership purposes. Other proposals are related to the listing of common units on the New York Stock Exchange.
“Today’s vote is a significant step forward for EOTT,” said Michael D. Burke, president and CEO. “The positive vote from unitholders has resulted in increased distribution support from Enron Corp. and provides the financial flexibility to make other additions to our asset base or to refinance debt.”
EOTT Energy Partners, L.P. is a major marketer of crude oil in the United States and Canada. Together with its predecessors, the Partnership has been serving the petroleum industry since 1946. Both the Partnership and its general partner, EOTT Energy Corp., are headquartered in Houston, Texas. The common units of EOTT Energy Partners, L.P. trade on the New York Stock Exchange under the symbol "EOT."
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EOTT Energy Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, demand for various grades of crude oil and the resulting changes in pricing conditions, the success of the Partnership’s risk management activities, conditions of the capital markets and equity markets during the periods covered by the forward looking statements, and the Partnership’s success in integrating the recently acquired Koch assets.
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For additional information please contact:
A. H. Davis
(713) 853-6941
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