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FOR IMMEDIATE RELEASE: Monday, May 03, 1999
HOUSTON – EOTT Energy Partners, L.P. (EOTT) announced today that it has closed on the purchase of crude oil transportation and storage assets located in key oil producing regions from Texas-New Mexico Pipe Line Company.
The asset purchase, which was originally announced in February, includes approximately 2,000 miles of common carrier crude oil pipelines in Southeast New Mexico and West Texas, bringing EOTT’s crude oil pipeline mileage to a total of approximately 8,200 miles. EOTT paid $33 million in cash.
"This acquisition fits extremely well with EOTT’s existing presence in West Texas and New Mexico,” said Michael D. Burke, president and CEO of EOTT. “We are in a unique position to provide enhanced flexibility to shippers on the Texas-New Mexico Pipe Line system and are committed to providing a smooth transition. In addition, the system’s stable revenue base will help strengthen the dependability of EOTT’s cash flow.”
EOTT Energy Partners, L.P. is a major independent 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 EOTT Energy Partners, L.P. and EOTT Energy Corp., the general partner, 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 the expectations reflected in the forward looking statements herein include, but are not limited to, EOTT's success in integrating the Texas-New Mexico Pipe Line assets into EOTT's field and administrative operations and prevailing market conditions. All subsequent written or oral forward looking statements attributable to EOTT, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements.
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For additional information please contact:
Gina Taylor
(713) 853-7681
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