BUSINESS
05/29/2010 05:12 am ET Updated May 25, 2011

Dan Duncan Dead: Enterprise Products Co-Founder Dies At 77

Businessman Dan Duncan died last night at his home in Houston, Texas, at the age of 77.

Duncan's business Enterprise Products Partners LP, a natural gas and crude oil pipeline company, announced the news today in a statement. A cause of death was not listed.

"The entire Enterprise family mourns the unexpected passing of Dan Duncan, who will truly be missed," said Michael Creel, president and CEO of Enterprise Products. "Our thoughts and prayers are with his family."

Duncan is described by the Houston Business Journal as a "longtime oilman" and co-founder of Houston-based Enterprise in 1968.

Forbes named Duncan named the richest person in the city of Houston in 2007 and the third richest person in Texas for the same year.

More from the Associated Press:

HOUSTON (AP) - Dan L. Duncan, a founder and the chairman of Enterprise Products Partners LP, died Sunday night at his home, the company said.

Duncan was 77.

Enterprise Products, Duncan Energy Partners LP and Enterprise GP Holdings LP issued a statement Monday saying Duncan would be missed.

Duncan co-founded the company in 1968 and took it public 30 years later.

The company said it did not plan to change ownership or management of the partnerships.

Duncan is survived by his wife Jan, four children and four grandchildren.