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Buckeye Partners, L.P. Reports 2012 Fourth Quarter And Full Year Earnings Results And Declares Cash Distribution

Stocks in this article: BPL

HOUSTON, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) today reported its financial results for the fourth quarter and full year 2012. Buckeye reported net income attributable to Buckeye's unitholders for the fourth quarter of 2012 of $94.9 million, or $0.96 per diluted unit (excluding a non-cash impairment charge of $60.0 million related to the ceasing of operations of a portion of Buckeye's NORCO pipeline system in January 2013), compared to net income attributable to Buckeye's unitholders for the fourth quarter of 2011 of $59.7 million, or $0.64 per diluted unit. Buckeye's Adjusted EBITDA (as defined below) for the fourth quarter of 2012 was $172.0 million compared to $121.5 million for the fourth quarter of 2011. Operating income for the fourth quarter of 2012, excluding the impairment charge, was $122.4 million compared to $87.7 million for the fourth quarter of 2011. Including the impairment charge, net income attributable to Buckeye's unitholders and operating income for the fourth quarter of 2012 were $35.0 million, or $0.35 per diluted unit, and $62.5 million, respectively.

For 2012, Buckeye reported net income attributable to Buckeye's unitholders of $226.4 million, or $2.32 per diluted unit, operating income of $339.2 million, Adjusted EBITDA of $559.5 million, and distributable cash flow of $392.5 million. Full year 2012 net income attributable to Buckeye's unitholders and operating income were negatively impacted by the non-cash charge of $60.0 million for the impairment of a portion of Buckeye's NORCO pipeline system. Full year 2011 net income attributable to Buckeye's unitholders and operating income were $108.5 million, or $1.20 per diluted unit, and $188.7 million, respectively, both of which were negatively impacted by a non-cash charge of $169.6 million for the impairment of goodwill associated with the acquisition of Lodi Gas Storage, L.L.C. Excluding the impairment charges, net income attributable to Buckeye's unitholders would have been $286.4 million, or $2.93 per diluted unit, and $278.1 million, or $3.06 per diluted unit, for 2012 and 2011, respectively.  Operating income, excluding the impairment charges, would have been $399.2 million for 2012 and $358.2 million for 2011.

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