Energy Industry
Industry: Email Alert RSS FeedTEPPCO PARTNERS L.P. BUYS VAL VERDE SYSTEM FROM BURLINGTON RESOURCES
Hart's Petroleum Finance Week, June, 2002
TEPPCO Partners L.P. (NYSE: TPP) made the largest acquisition in its history last week as its general partner, Texas Eastern Products Pipeline Co. LLC, agreed to buy the Val Verde gathering system in New Mexico's San Juan Basin from Burlington Resources Inc. (NYSE: BR) for $444 million. The companies expect to close the deal June 30. TEPPCO will use a combination of debt and equity financing to fund the purchase. "The acquisition of the Val Verde Gathering System is an outstanding addition to TEPPCO's rapidly growing midstream business," said Barry R. Pearl, president and chief executive officer of the Houston pipeline partnership's general partner. "These quality, fee-based assets will provide an immediate and substantial increase to the partnership's cash flow, as well as...
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