TEPPCO Partners and Enterprise Products Partners have merged creating the US' largest publicly traded energy partnership with an enterprise value of approximately $30 billion (20.465 billion).
'In addition to greater business diversification, the merger should create improved access to financial resources allowing us to more effectively pursue accretive growth opportunities designed to support distribution increases for investors,' Jerry Thompson, of TEPPCO, says.
TEPPCO Partners is an energy logistics partnership which owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products.
TEPPCOs 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.
Enterprise Products Partners is a provider of midstream energy services to producers and consumers of crude oil and petrochemicals.
The company's services include storage and import and export terminaling; crude oil transportation and offshore production platform; and petrochemical transportation and storage.