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Buckeye Partners, L.P. Reports 2013 Third Quarter Results And Increases Cash Distribution

Stocks in this article: BPL

HOUSTON, Nov. 1, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) today reported net income attributable to Buckeye's unitholders for the third quarter of 2013 of $77.3 million, or $0.72 per diluted unit, compared to net income attributable to Buckeye's unitholders for the third quarter of 2012 of $85.1 million, or $0.87 per diluted unit. Adjusted EBITDA (as defined below) for the third quarter of 2013 was $153.8 million compared with Adjusted EBITDA of $152.6 million for the third quarter of 2012. Operating income for the third quarter of 2013 was $111.4 million compared to $113.9 million for the third quarter of 2012. The diluted weighted average of units outstanding in the third quarter of 2013 was 106.8 million compared to 98.3 million in the third quarter of 2012. The increase in units is primarily the result of our unit offering in January 2013.

"We continued to benefit from the strong performance of our two largest business segments during this quarter. Investments in organic growth projects, including crude oil diversification and additional service capabilities in our Pipelines & Terminals segment contributed to our strong results. We generated incremental cash flows from higher throughput volumes at our terminals, including crude oil services at our Albany terminal, propylene and diluent services at our Chicago Complex, and increased butane blending activities," stated Clark C. Smith, President and Chief Executive Officer. "In addition, our results reflect contributions from our expansion activities at our BORCO facility, including the completion of the last phase of the expansion that placed into service 1.2 million barrels of fully leased crude oil storage capacity."

"Adjusted EBITDA for the third quarter of 2012 included a one-time $10.6 million adjustment related to a pipeline product settlement. Excluding this settlement adjustment, Adjusted EBITDA increased over 8% compared to the third quarter of 2012," said Mr. Smith. "We are well-positioned to generate strong financial results in the fourth quarter of 2013 as we expect the pipe-to-rail crude oil project at our Chicago Complex to be operational this month, and the butane blending winter season will be in full swing," continued Mr. Smith. 

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