TEPPCO Partners, L.P. Names Duke R. Ligon and Irvin Toole, Jr. to Board of Directors
April 23 2009 - 4:00PM
Business Wire
TEPPCO Partners, L.P. (NYSE:TPP) today announced that Duke R.
Ligon and Irvin Toole, Jr. have been elected to the board of
directors of its general partner, Texas Eastern Products Pipeline
Company, LLC, effective April 22, 2009. In addition, both have been
appointed to serve as members of the board�s Audit, Conflicts and
Governance Committee. On March 12, 2009, TEPPCO announced that
Chairman of the Board, Murray H. Hutchison, had withdrawn from the
Audit, Conflicts and Governance Committee in conjunction with the
expansion of his responsibilities to include interim executive
authority.
�With their in-depth understanding of the master limited
partnership structure and broad experience in the crude oil and
refined products areas that comprise our core pipeline business
segments, I�m confident that both gentlemen will be productive
additions to our board and we are very pleased and fortunate to
have them part of the team,� said Jerry Thompson, president and
chief executive officer of TEPPCO�s general partner. �These latest
additions bring the total number of members on the TEPPCO board to
seven, five of which are independent directors.�
Since 2007, Mr. Ligon has served as a strategic advisor for
Love�s Travel Stops & Country Stores, Inc. in Oklahoma City,
Oklahoma. Prior to his current responsibilities, he spent 11 years
as general counsel and senior vice president for Devon Energy
Corporation. During his nearly 40-year career, Mr. Ligon has served
in numerous legal, regulatory and legislative advisory roles,
providing counsel on a wide range of energy-related issues. He
earned a J.D. from the University of Texas and a bachelor�s degree
from Westminster College in Fulton, Missouri.
From 1998 to 2006, Mr. Toole served as president, chief
executive officer and director for the general partner of Pacific
Energy Partners, L.P. and its predecessor companies. During his
tenure, he initiated the development of a major new crude oil
import terminal at the Port of Los Angeles and completed a series
of acquisitions totaling more than $1 billion. His energy
experience spans more than 40 years and includes various executive
level financial and operational positions with several large
integrated crude oil and refined products pipeline companies. Mr.
Toole holds a master�s degree and a bachelor�s degree in civil
engineering from Texas A&M University and completed the
Advanced Management Program at Harvard Business School.
TEPPCO Partners, L.P., is a publicly traded energy logistics
partnership with operations that span much of the continental
United States. TEPPCO owns and operates an extensive network of
assets that facilitate the movement, marketing, gathering and
storage of various commodities and energy-related products. The
partnership�s midstream network is comprised of approximately
12,500 miles of pipelines that gather and transport refined
petroleum products, crude oil, natural gas, liquefied petroleum
gases (LPGs) and natural gas liquids, including one of the largest
common carrier pipelines for refined petroleum products and LPGs in
the United States. TEPPCO�s storage assets include approximately 27
million barrels of capacity for refined petroleum products and LPGs
and about 14 million barrels of capacity for crude oil. TEPPCO also
owns a marine business that operates primarily on the United States
inland and Intracoastal Waterway systems, and in the Gulf of
Mexico. For more information, visit TEPPCO�s website
(www.teppco.com). Texas Eastern Products Pipeline Company, LLC, the
general partner of TEPPCO Partners, L.P., is owned by Enterprise GP
Holdings (NYSE:EPE).
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. These risks and
uncertainties include, among other things, insufficient cash from
operations, market conditions, governmental regulations and factors
discussed in TEPPCO Partners, L.P.'s filings with the Securities
and Exchange Commission. If any of these risks or uncertainties
materializes, 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.
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