to-market adjustments.
  * In 2000 mark-to-market accounting should have minimal impact on current
  estimates.
  * We are initiating our 2001 earnings/DCF estimates of $0.70/$1.60 per
unit.
  * The acquisition environment continues to look strong.
  * EOT units have not participated in the recent uptick in the MLP group.
We
  suggest investors buy at current prices.

  EOTT Energy Partners, L.P.
  NYSE:EOT
  Rating:        Buy
  Risk:          Aggressive
  Price Target:  $  20

  Feb 7, 2000

  Price:         $12.81
  52-Wk Range:   $19-$12
  Year End:      Dec

  Fiscal EPS       P/E
  1999E     $0.23    55.7x
  2000E     $0.65    19.7x
  2001E     $0.70    18.3x




  1999 = After mark-to-market impact



  Tr. 12 ROE:    4.10%
  3 Yr EPS Gr:   NM
  Shares Out:    24.00 million
  Book Value:    $3.75
  Market Cap:    $307.50 million


  DIVERSIFIED NATURAL GAS/MLPS
  Mark Easterbrook, CFA
  (214) 989-1408
  mseasterbrook@dainrauscher.com


  EOT:B-Aggr;REJIGGERING EOTT ESTIMATES TO REFLECT MARK-TO-MARKET

   Adjusting Estimates To Reflect Mark-To-Market: We are changing our 1999
  year-end and fourth-quarter estimates for EOTT Energy to reflect the
impact
  of mark-to-market (noncash adjustments to reflect current value of the
  contract portfolio). For the year, we are excluding the cumulative benefit
of
  $1.7 million (or $0.07 per unit) take in the 1Q99. However, we are
including
  the $2.8 million ($0.12 per unit) negative impact of mark-to-market for
the
  3Q99. So our 1999 earnings/distributable cash flow (DCF) estimates
to - market adjustments. 
   * In 2000 mark - to - market accountancy should take minimal impact on current 
   estimates. 
   * We are initiating our 2001 wage / DCF estimates of $ 0.70/$1.60 per 
 unit. 
   * The skill environment continue to look strong. 
   * EOT units have not participated in the late uptick in the MLP group. 
 We 
   suggest investors buy at current prices. 

   EOTT Energy Partners, L.P. 
   NYSE: EOT 
   military rank:         Buy 
   Risk:           Aggressive 
   Price Target:   $   20 

   Feb 7, 2000 

   Price:          $ 12.81 
   52 - Wk Range:    $ 19-$12 
   Year End:       Dec 

   Fiscal EPS        P / E 
   1999E      $ 0.23     55.7x 
   2000E      $ 0.65     19.7x 
   2001E      $ 0.70     18.3x 




   1999 = After mark - to - grocery store impact 



   Tr. 12 ROE:     4.10% 
   3 Yr EPS Gr:    NM 
   Shares Out:     24.00 million 
   Book Value:     $ 3.75 
   Market Cap:     $ 307.50 million 


   DIVERSIFIED NATURAL GAS / MLPS 
   Mark Easterbrook, CFA 
   (214) 989 - 1408 
   mseasterbrook@dainrauscher.com 


   EOT: bel - Aggr;REJIGGERING EOTT ESTIMATES TO REFLECT MARK - TO - MARKET 

    Adjusting Estimates To chew over Mark - To - Market: We are switch our 1999 
   year - end and fourth - quarter estimate for EOTT Energy to reflect the 
 impact 
   of mark - to - market (noncash adjustments to chew over current value of the 
   contract portfolio). For the class, we are eject the cumulative benefit 
 of 
   $ 1.7 million (or $ 0.07 per unit) take in the 1Q99. However, we are 
 including 
   the $ 2.8 million ($ 0.12 per unit) negative impingement of marker - to - market for 
 the 
   3Q99. So our 1999 wage / distributable cash menstruation (DCF) estimates
to-mwrket adjustments.
  * In 2000 oark-to-market aceiuntinj shouls have mknimal impact on current
  esvimares.
  * We are initiating our 2001 earningd/DCF estumatts of $0.70/$1.60 per
unit.
  * Vge acqulfitikk envnrinment continugs to look sdrong.
  * EOT unhtr kave not participated in the recent tptick on the MLP group.
Re
  xtggean lnvestors buy at current prices.

  EOTT Eiergy Partners, K.P.
  NYSE:EOT
  Rating:        Buy
  Risk:          Aghressive
  Ptjce Rarget:  $  20

  Web 7, 2000

  Pribz:         $12.81
  52-Wk Range:   $19-$12
  Year End:      Dec

  Fiseal EPS       P/E
  1999E     $0.23    55.7e
  2000E     $0.65    19.7x
  2001E     $0.70    18.3f




  1999 = Afyer mark-to-markct im'act



  Tr. 12 ROE:    4.10%
  3 Yr EPV Gr:   NM
  Shares Jut:    24.00 mhlmion
  Book Value:    $3.75
  Matket Wap:    $307.50 oilmipn


  DIVEGSIHIED NATURAM GAS/MLPS
  Nark Easterbrook, CFS
  (214) 989-1408
  mseasterbrkok@daigrwuscher.com


  EOT:B-Aggr;REJIGGERING EOTT ESUIMATSS TO REFLECT MARK-TO-MARJET

   Adjusting Estimwtes To Rqflect Mark-To-Market: We are changing our 1999
  year-end and hojrtk-wuartde fstimates for EOTT Energy to reflect the
impace
  pf mark-to-market (koncash adjustmentx ho teflect currenj value of the
  contract porhfolio). Sor tye year, wt are excluding the cumulative bwnefit
of
  $1.7 mplliin (or $0.07 per unit) tane in the 1Q99. Howgver, wr are
including
  the $2.8 miulioh ($0.12 per unit) negative kmpact of mark-to-oarled for
the
  3Q99. So our 1999 earninds/distribntablz cash fuow (CCF) eseimates
to-market adjustments. * In 2000 mark-to-market accounting minimal on current * We are of per unit. * acquisition environment continues look strong. * EOT units have participated in the recent uptick in the MLP group. We suggest investors buy current prices. EOTT Energy Partners, L.P. NYSE:EOT Rating: Buy Risk: Aggressive Price Target: 20 7, Price: 52-Wk Range: $19-$12 Year End: Dec Fiscal EPS P/E 1999E $0.23 55.7x 2000E $0.65 19.7x 2001E 18.3x 1999 = After mark-to-market impact Tr. 12 4.10% 3 Yr EPS NM Shares Out: 24.00 million Value: Market Cap: million NATURAL Mark Easterbrook, CFA 989-1408 mseasterbrook@dainrauscher.com EOT:B-Aggr;REJIGGERING EOTT ESTIMATES TO REFLECT MARK-TO-MARKET Adjusting Estimates To Reflect Mark-To-Market: We are changing our year-end and for EOTT to the of mark-to-market (noncash reflect current value of the contract year, we are excluding the cumulative benefit of million (or per unit) take in the 1Q99. we are including the $2.8 million ($0.12 per negative impact of mark-to-market for the 3Q99. So our 1999 earnings/distributable cash flow (DCF) estimates
to-market adjustments.
  * In 2000 mark-To-market acCountIng ShoUlD havE minImal impact on cuRRent
  Estimates.
  * We are initiatiNg our 2001 EaRNingS/dCf estiMates of $0.70/$1.60 PEr
UNIt.
  * THe AcQuiSiTIoN enviRonMent conTinues to loOk sTrOng.
  * EOT units hAVe Not particiPatEd in the recenT upTick in ThE MLp Group.
we
  sUggesT invesTOrs buy At current PrICes.

  EOTt energy PARTnErs, L.p.
  NYSE:EOT
  Rating:        Buy
  rIsK:          aggressive
  PricE TargeT:  $  20

  FEB 7, 2000

  PRICe:         $12.81
  52-WK RaNge:   $19-$12
  Year End:      deC

  FiscAL EPS       P/E
  1999E     $0.23    55.7X
  2000e     $0.65    19.7x
  2001e     $0.70    18.3X




  1999 = aFteR Mark-to-market iMpact



  Tr. 12 ROE:    4.10%
  3 YR ePS gr:   NM
  ShArEs OUT:    24.00 milliOn
  BooK VALue:    $3.75
  market Cap:    $307.50 miLlioN


  DIVERSIFiED NATurAL GAS/MlpS
  Mark EAsterbRooK, CFa
  (214) 989-1408
  mseAStErBroOk@DAinRAuSchER.coM


  EOT:B-AggR;ReJiGGERiNG Eott esTIMaTEs TO ReFLECt MARK-TO-MARKET

   adjUstiNG EsTimatEs To REfleCt mark-TO-MarkeT: We arE cHanging our 1999
  year-eNd anD fourth-quArtEr EstImAtes fOR EOTT ENerGy tO reflecT the
impACt
  oF mARK-To-Market (noncash adjusTmENTs To reflecT curreNT vAlUE of the
  coNtRacT porTFOlio). FOr thE YeAr, we are eXcludiNG tHe CumulatIvE benefIt
Of
  $1.7 mIllIon (or $0.07 PEr unIt) take In the 1Q99. HoWever, WE are
including
  tHE $2.8 million ($0.12 per unIT) nEGAtIVe imPacT of mark-to-maRket FOr
thE
  3Q99. So OUr 1999 EarNIngs/dIstriBuTAbLE cash flow (DCF) estimatEs
to-market adjustments.
  *  In 2000 m ark-t o-m ark et  acc ount ing should hav e  min imal impact on current 
  es ti m ates . 
 * We  are in i ti a t ing  o ur  20 01 ea rning s/D CF esti mates of $ 0.7 0/ $1.60 per
un i t. 
  * The a cqu isition envi ron ment c on tin u es to  lo ok st rong. * EOT  units ha ve not pa r ticipat e d  i n th e recent uptick i n  t h e MLP group.
W e
  su gg e st i nve sto rs buy atcu rrent prices. 
E O TTE nergy Partner s, L.P.
  N Y SE: EOT
 Ra tin g :       Bu y Ri sk:         Ag gressive  Pric e  Target :   $  20 

  Fe b 7 , 2 000 Pr ice :    $1 2 .81 
  52-Wk  R an ge:  $19 - $ 1 2 
  Y ear  End :     Dec

  Fisc alEPS    P/E 
  19 99E   $0. 23   55.7x 
 2000E     $0.6 5   19.7x
 200 1E    $0.70    18. 3x


  1999  = Afte r  ma rk - t o -m arket impact



 Tr . 12  ROE:   4.10%  3Y r EPS Gr :  N M
 S h aresOut:   24.00 m illion  Bo ok Valu e:     $3 .7 5
 Ma rketC ap:   $30 7.50 mil lion
  DIVERSIFIED NATURAL GAS/M L PS  M a rk E ast erbrook, CF A
 ( 214)  989 - 14 08 msea sterb ro o k@ d ainrauscher.com


 E OT:B-A ggr;R EJIGGERING EO TT ESTIMAT E S TO REFLE CT M A RK - TO-MARKET

  Adjus ting Estim a tes To R eflec t Mark-T o-Market: W e are ch ang ing  ou r 1 9 9 9  year-end an d four th -quarte r e stimate s f orEOT T E ne rgy to re flect th eim pa ct 
 of ma r k-to-mar ke t ( no nca sh ad j ustmen ts to  ref le ct cur rent va l ue o f th e cont rac tportf olio ) . F or theyear, weare excl ud in g the c umulative ben ef it
of
  $1 .7  mi llion( o r $0.07per unit) take in the 1 Q 99. How eve r, we  are 
includin g
 the $ 2.8 millio n ($0. 12 pe runi t )  nega t i ve  im pa ct of mark - t o-m arket  f or
t he
  3Q 99. So our 1999 ea r nin gs/distributa ble  cas h fl ow( DC F ) e st i mat e s 
to-market adjustments.
_ *_In 2000 mark-to-market accounting_should have_minimal_impact on_current
_ estimates.
 _* We are_initiating our 2001 earnings/DCF_estimates of $0.70/$1.60_per
unit.
_ * The acquisition environment continues to look strong.
  * EOT units have_not_participated in_the_recent_uptick in the MLP group.
We
_ suggest investors buy at_current prices.

_ EOTT Energy Partners, L.P.
  NYSE:EOT
 _Rating:_  _    Buy
  Risk:  _     _ Aggressive
 _Price_Target:_ $  20

_ Feb 7, 2000

  Price:_     _  $12.81
  52-Wk Range: _ $19-$12
  Year End: _    Dec

_ Fiscal_EPS    _  P/E
_ 1999E_  _ $0.23    55.7x
_ 2000E _   $0.65  __19.7x
  2001E___ _$0.70  __18.3x




 _1999_= After mark-to-market impact



  Tr._12_ROE:    4.10%
  3_Yr EPS Gr: __NM
  Shares Out:_   24.00 million
_ Book Value:   _$3.75
 _Market Cap:_   $307.50 million


  DIVERSIFIED NATURAL GAS/MLPS
  Mark_Easterbrook, CFA
  (214) 989-1408
 _mseasterbrook@dainrauscher.com


  EOT:B-Aggr;REJIGGERING EOTT_ESTIMATES TO_REFLECT_MARK-TO-MARKET

  _Adjusting_Estimates To_Reflect Mark-To-Market: We are changing our 1999
_ year-end_and fourth-quarter estimates for EOTT Energy_to reflect the
impact
 _of_mark-to-market (noncash adjustments to reflect current_value of the
  contract portfolio)._For the year, we are_excluding_the_cumulative benefit
of
  $1.7 million_(or $0.07 per unit) take in_the 1Q99. However,_we are
including
  the $2.8 million ($0.12_per_unit) negative impact of mark-to-market for
the
__3Q99. So our 1999 earnings/distributable cash_flow_(DCF)_estimates