Enterprise, TEPPCO reach merger agreement

By OGJ editors
HOUSTON, June 29
-- Enterprise Products Partners LP and TEPPCO Partners LP have agreed to a major merger of US pipeline, storage, and gas processing systems.

The combined entity will retain the Enterprise Products Partners name. It will own more than 22,000 miles of NGL, oil product, and petrochemical pipelines; 20,000 miles of natural gas pipelines; and 5,000 miles of crude oil pipelines.

Combined storage capacities will be 200 million bbl of NGL, products, and crude oil and 27 bcf of natural gas. The partnership will own one of the largest NGL terminals in the US, on the Houston Ship Channel; 60 NGL, product, and petrochemical terminals throughout the US; and crude oil terminals on the Texas Gulf Coast.

The postmerger partnership will own interests in 17 fractionation plants with more than 600,000 b/d of net capacity, 25 gas processing plants with net capacity of about 9 bcfd, and 3 butane isomerization facilities with capacity of 116,000 b/d.

Enterprise and TEPPCO have entered into definitive agreements to enact the merger. The new partnership will have an enterprise value exceeding $26 billion.

TEPPCO and its general partner, Texas Eastern Products Pipeline Co. LLC, are to become subsidiaries of Enterprise.

Parties to the agreement agreed to settle lawsuits filed after Enterprise made its initial offer in March.

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