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Buckeye Partners, L.P. Reports 2013 First Quarter Results; Increases Quarterly Cash Distribution

Stocks in this article: BPL

HOUSTON, May 3, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) today reported net income attributable to Buckeye's unitholders for the first quarter of 2013 of $89.3 million, or $0.86 per diluted unit, compared to net income attributable to Buckeye's unitholders for the first quarter of 2012 of $52.0 million, or $0.54 per diluted unit. Buckeye's Adjusted EBITDA (as defined below) for the first quarter of 2013 was $158.8 million compared with Adjusted EBITDA of $115.0 million for the first quarter of 2012. Operating income for the first quarter of 2013 was $119.1 million compared to $80.7 million for the first quarter of 2012.

"During the first quarter of 2013, we continued to generate excellent financial results, primarily due to the performance of our Pipelines & Terminals segment, which benefitted from the strong contribution from our terminal operations," stated Clark C. Smith, President and Chief Executive Officer. "We also placed an additional 1.6 million barrels of leased storage capacity into service at BORCO during the quarter, and realized improved performance in the Energy Services segment." Mr. Smith further noted, "As a result of Buckeye's exceptional results over the past three quarters and the positive outlook we have for future periods, we are pleased to announce an increase in our quarterly cash distribution."

With regard to the two orders issued by the Federal Energy Regulatory Commission ("FERC") in February related to ongoing proceedings involving one of Buckeye's operating subsidiaries, Buckeye Pipe Line Company, L.P., Mr. Smith stated, "We are pleased with FERC's confirmation of our current tariff rates and to have further clarity regarding the ratemaking methodology to be followed in both competitive and non-competitive markets. We are in active settlement discussions with respect to the ongoing complaint regarding transportation of jet fuel to the New York City airports."

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