EOTT ENERGY PARTNERS, L.P. REPORTS REVISED FIRST QUARTER RESULTS
FOR IMMEDIATE RELEASE: Monday, June 19, 2000
HOUSTON -- EOTT Energy Partners, L.P. (EOTT) announced today that financial results for the first quarter of 2000 have been revised and the Form 10-Q has been filed with the Securities and Exchange Commission. Revised first quarter net income was $2.2 million, or $0.08 per diluted unit, an increase of $0.1 million over the initially reported figure. Net income was revised due to an increase in gross margin, partially offset by an increase in operating expenses. The revisions were made as a result of the recent review of the implementation of EOTT’s computerized marketing and accounting system.
As previously reported, the entire first quarter distribution on common units was covered by cash flow generated from operations.
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. The common units of EOTT Energy Partners, L.P. trade on the NYSE under the symbol “EOT.”
Please see attached tables for additional financial information.
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 recently acquired assets.
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Please see attached tables for additional financial information.
Please see attached tables for additional financial information.
For additional information please contact:
Dave Schafer
(713) 853-6758
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