Buckeye Partners, L.P. Reports 2013 Second Quarter Results And Declares Cash Distribution

HOUSTON, Aug. 2, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) today reported net income attributable to Buckeye's unitholders for the second quarter of 2013 of $76.4 million, or $0.72 per diluted unit, compared to net income attributable to Buckeye's unitholders for the second quarter of 2012 of $54.4 million, or $0.55 per diluted unit. Buckeye's Adjusted EBITDA (as defined below) for the second quarter of 2013 was $148.5 million compared with Adjusted EBITDA of $119.9 million for the second quarter of 2012. Operating income for the second quarter of 2013 was $105.7 million compared to $82.1 million for the second quarter of 2012.

"Growth capital investments and strong business conditions contributed to our excellent financial results for the quarter," stated Clark C. Smith, President and Chief Executive Officer. "We continued to benefit from increased throughput volumes on our domestic pipeline and terminal systems this quarter. In addition, our capital investments in our International Operations segment as well as improved rack margins and continued success in executing our risk management strategy in our Energy Services segment were solid contributors to our results."

"We also capitalized on significant business development opportunities during the quarter at our Chicago Complex, where we signed long-term contracts to support a large crude oil storage expansion and a crude oil rail project," continued Mr. Smith. "These projects are representative of the return capital investment opportunities across our domestic assets that Buckeye expects to contribute to our growth in 2014."

The Company announced the progress of its Perth Amboy terminal transformation and the recent signing of a long-term contract for approximately 1.0 million barrels of refined petroleum product storage with a gasoline blender. "Our product handling and blending flexibility combined with the multiple distribution capabilities planned for this asset were key factors in this new customer's selection of the Perth Amboy terminal," said Mr. Smith. "This commercial development is indicative of the market demand for the service capabilities we are developing at Perth."  

If you liked this article you might like

Florida Drivers Will Suffer Higher Gas Prices Long After Hurricane Irma Is Gone

Hurricane Irma Set to Shut Down Major Florida Ports

Why Buckeye Partners (BPL) Stock Is Sliding Today

EIA Reports Big U.S. Crude Draw as Hurricane Matthew Is Set to Hit Bahamas

Seaport Initiates Coverage of Magellan Midstream as a Buy