"We are pleased to report record Adjusted EBITDA for the fourth quarter and full year 2012," stated Clark C. Smith, President and Chief Executive Officer. "We finished the year exceptionally strong, with fourth quarter results reflecting year-over-year improvement in each of our business segments."
"During the fourth quarter of 2012, we continued to make progress on our expansion at BORCO by placing into service 775,000 barrels of refined product storage capacity, with another 1.6 million barrels of fully leased capacity to be placed into service in the first quarter of 2013, increasing BORCO's storage capacity to 24.9 million barrels," continued Smith. "We also commenced crude oil operations during the quarter at our Albany terminal pursuant to the previously announced multi-year agreement with Irving Oil Limited and benefitted from our first full quarter of operating results for the Perth Amboy terminal which was acquired from Chevron in late July."
Buckeye also announced today that its general partner declared a cash distribution of $1.0375 per limited partner ("LP") unitfor the quarter ended December 31, 2012. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on February 28, 2013, to unitholders of record on February 19, 2013. Buckeye has paid cash distributions in each quarter since its formation in 1986.
Buckeye will host a conference call with members of executive management today, February 8, 2013, at 11:00 a.m. Eastern Time. To access the live webcast of the call, go to http://investor.shareholder.com/media/eventdetail.cfm?eventid=123983&CompanyID=AMDA-QJUY2&e=1&mediaKey=D17492E652916DA0EAD3A8A9634A6324 10 minutes prior to its start. Interested parties may participate in the call by dialing 877-870-9226 and referencing conference ID 88359046. A replay will be archived and available at this link through March 29, 2013, and the replay also may be accessed by dialing 800-585-8367 and entering conference ID 88359046.Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited partnership that owns and operates one of the largest independent liquid petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also owns approximately 100 liquid petroleum products terminals with aggregate storage capacity of over 70 million barrels. In addition, Buckeye operates and/or maintains third-party pipelines under agreements with major oil and gas and chemical companies, owns a high-performance natural gas storage facility in Northern California, and markets liquid petroleum products in certain regions served by its pipeline and terminal operations. Buckeye's flagship marine terminal in The Bahamas, BORCO, is one of the largest crude oil and petroleum products storage facilities in the world, serving the international markets as a premier global logistics hub. More information concerning Buckeye can be found at www.buckeye.com . Adjusted EBITDA and distributable cash flow are measures not defined by GAAP. Adjusted EBITDA is the primary measure used by our senior management, including our Chief Executive Officer, to (i) evaluate our consolidated operating performance and the operating performance of our business segments, (ii) allocate resources and capital to business segments, (iii) evaluate the viability of proposed projects, and (iv) determine overall rates of return on alternative investment opportunities. Distributable cash flow is another measure used by our senior management to provide a clearer picture of Buckeye's cash available for distribution to its unitholders. Adjusted EBITDA and distributable cash flow eliminate (i) non-cash expenses, including, but not limited to, depreciation and amortization expense resulting from the significant capital investments we make in our businesses and from intangible assets recognized in business combinations, (ii) charges for obligations expected to be settled with the issuance of equity instruments, and (iii) items that are not indicative of our core operating performance results and business outlook.
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