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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." 

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