This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Buckeye Partners, L.P. Reports Financial Results For 2013 Fourth Quarter And Full Year

HOUSTON, Feb. 7, 2014 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) today reported its financial results for the fourth quarter and full year 2013. Buckeye reported income from continuing operations for the fourth quarter of 2013 of $87.5 million compared to income from continuing operations for the fourth quarter of 2012 of $32.5 million, which included an asset impairment charge of $60.0 million relating to ceasing operations on a portion of Buckeye's NORCO pipeline system.   

Income from continuing operations attributable to Buckeye's unitholders was $0.75 per diluted unit for the fourth quarter of 2013 compared to $0.32 per diluted unit for the fourth quarter 2012. The diluted weighted average of units outstanding in the fourth quarter of 2013 was 114.1 million compared to 98.5 million in the fourth quarter of 2012. The increase in units is primarily the result of two unit offerings during 2013, which reduced outstanding borrowings and funded a portion of the Hess terminals acquisition.

Adjusted EBITDA (as defined below) from continuing operations for the fourth quarter of 2013 was $178.6 million compared to $165.4 million for the fourth quarter of 2012. 

"We realized a significant benefit this quarter from growth capital investments across our businesses," said Clark C. Smith, President and Chief Executive Officer. "Recent investments have delivered both incremental cash flow and product diversification, as we have expanded our crude oil rail capabilities, increased our butane blending capacity across new locations, and improved our service offerings around propylene and diluent storage and logistics. Operations were also initiated at the newly refurbished truck rack as part of our ongoing transformation of our Perth Amboy terminal. We enjoyed the first full quarter of contribution from the most recent phase of expansion at our BORCO facility, which added over 1 million barrels of heavy crude oil storage that is fully contracted.  In addition, we saw significant volume improvement compared to prior year, as pipeline volumes and terminal throughout volumes increased by 5.8% and 6.8%, respectively," continued Mr. Smith. "We also are continuing the integration of the recently acquired Hess terminals and realized a meaningful contribution, excluding transaction- and transition-related costs, from these assets for the short period of time we have owned them." 

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs