FERC Confirms Buckeye's Current Tariff Rates and Authorizes Future Changes Under FERC Standard Ratemaking Methods, Sending NYC

FERC Confirms Buckeye's Current Tariff Rates and Authorizes Future Changes
Under FERC Standard Ratemaking Methods, Sending NYC Airport Rates to
Settlement Process

HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (NYSE:BPL)
("Buckeye") announced that, on February 22, 2013, the Federal Energy
Regulatory Commission ("FERC") issued two orders related to previously
announced proceedings pending before FERC involving one of Buckeye's operating
subsidiaries, Buckeye Pipe Line Company, L.P. ("Buckeye Pipe Line"). The first
order (the "Ratemaking Methodology Order") permits Buckeye Pipe Line to
continue charging its current tariff rates and gives Buckeye Pipe Line full
market-based-rate authority in markets FERC previously found to be
competitive. This change allows Buckeye Pipe Line to set future rates in these
markets based solely on competitive forces, without the limits that had been
imposed under its previous unique ratemaking program. The order, which
discontinues that earlier program, also authorizes Buckeye Pipe Line to file
future rates in its remaining markets pursuant to any of the methodologies
permitted by FERC regulations, including in accordance with the generic FERC
index. The second order (the "Airline Complaint Order") relates to the
complaint filed by several airlines challenging Buckeye Pipe Line's rates for
transportation of jet fuel to three New York City area airports.This order
sets the matter for hearing, but orders that such hearing be held in abeyance
pending the outcome of FERC-ordered settlement discussions between the
parties, which are to be facilitated by a FERC-appointed settlement judge.

The Ratemaking Methodology Order

In 1991, Buckeye Pipe Line sought and received FERC permission to determine
rate changes on its system using a unique methodology that constrained rates
in markets that FERC had not found to be competitive based on rate changes in
markets that FERC had found to be competitive, as well as through certain
other limits on rate increases. FERC ordered the continuation of this
methodology in 1994, subject to FERC's authority to cause Buckeye Pipe Line to
terminate the program in the future. On March 1, 2012, Buckeye Pipe Line filed
to increase its rates under the program.The rate increases for deliveries of
jet fuel to three New York City area airports were protested.On March 30,
2012, FERC issued an order rejecting all of the rate increases, stating that
FERC would review the continued efficacy of Buckeye Pipe Line's unique
program, and directing Buckeye Pipe Line to show cause why it should not be
required to discontinue its unique program and avail itself of the generic
ratemaking methodologies that FERC had promulgated after approval of the
Buckeye program and that are now used by all other oil pipelines.

The Ratemaking Methodology Order affirms FERC's decision to reject the rate
increases Buckeye Pipe Line filed in March 2012 and discontinues Buckeye Pipe
Line's unique ratemaking program. It holds that Buckeye Pipe Line may continue
to charge its current rates in all markets (subject to the pending complaint
against rates for jet fuel transportation to the New York City market and
Buckeye Pipe Line's pending application for market-based-rate authority as to
all rates in that market, which are discussed below), but requires that future
changes to these rates be made pursuant to the generic ratemaking
methodologies available to all other oil pipelines under FERC's regulations.
In Buckeye Pipe Line's markets that previously were found to be competitive by
FERC, Buckeye Pipe Line will not have to re-qualify for market-based rates and
will be allowed to continue to charge market-based rates, without the limits
that had been imposed under its previous ratemaking program. In markets where
Buckeye Pipe Line does not currently have market-based-rate authority, it may
file future rates pursuant to any of the methodologies permitted by FERC
regulations, including in accordance with the generic FERC index.

In 2012, Buckeye Pipe Line generated $137 million of revenue from interstate
transportation service to the markets FERC previously found to be competitive
and $126 million of revenue from interstate transportation service to Buckeye
Pipe Line's remaining markets.

The Airline Complaint Order

Concurrently on February 22, 2013, FERC issued an order addressing the
complaint filed with FERC by Delta Air Lines, JetBlue Airways,
United/Continental Air Lines, and US Airways challenging Buckeye Pipe Line's
rates for transportation of jet fuel from New Jersey to three New York City
area airports. The complaint challenges these jet fuel transportation rates as
generating revenues in excess of costs and thus being "unjust and
unreasonable" under the Interstate Commerce Act. The Airline Complaint Order
sets the issues raised by the complaint for hearing, but orders that such
hearing be held in abeyance pending the outcome of FERC-ordered settlement
discussions between the parties, which are to be facilitated by a
FERC-appointed settlement judge. In 2012, deliveries of jet fuel to the New
York City area airports generated $32 million of revenue. Buckeye continues to
prefer to reach a commercial resolution to this dispute, but remains prepared
to vigorously defend its rates.Buckeye cannot reasonably determine the timing
or terms of any final resolution of this matter at this time.

Buckeye's Application to Charge Market-Based Rates in the New York City Market

On October 15, 2012, Buckeye Pipe Line filed an application with FERC seeking
authority to charge market-based rates for deliveries of refined petroleum
products to the New York City area market (the "Application"). The airlines
that filed the complaint discussed above protested the Application.Although
neither the Ratemaking Methodology Order nor the Airline Complaint Order
address the merits of the Application, the Ratemaking Methodology Order
acknowledges the Application and states that FERC will address it at a later
date. If FERC were to approve the Application, Buckeye Pipe Line would be
permitted prospectively to set these rates in response to competitive forces,
and the basis for the airlines' claim for relief in the complaint would be
irrelevant prospectively.Buckeye believes that the New York City area market
is robust and highly competitive.The New York Harbor is one of the world's
most active refined petroleum products markets and, within this market,
Buckeye Pipe Line's customers have access to numerous existing alternatives,
including other pipelines, barges, and trucks, for transporting refined
products.Furthermore, the three airports at issue are located near other
active refined products pipelines or barge docks, and Buckeye believes that,
with reasonable investment, they should be able to access alternative jet fuel
supplies efficiently and economically. Buckeye cannot reasonably determine the
timing or terms of any final resolution of the Application at this time.

The Ratemaking Methodology Order is available via the FERC's "eLibrary" at the
following internet
address:http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20130222-3048.

The Airline Complaint Order is available via the FERC's "eLibrary" at the
following internet
address:http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20130222-3049.

Buckeye Pipe Line's Application is available via the FERC's "eLibrary" at the
following internet address:
http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20121015-5197.

Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited
partnership that owns and operates one of the largest independent liquid
petroleum products pipeline systems in the United States in terms of volumes
delivered, with approximately 6,000 miles of pipeline.Buckeye also owns
approximately 100 liquid petroleum products terminals with aggregate storage
capacity of over 70 million barrels. In addition, Buckeye operates and/or
maintains third-party pipelines under agreements with major oil and gas and
chemical companies, owns a high-performance natural gas storage facility in
Northern California, and markets liquid petroleum products in certain regions
served by its pipeline and terminal operations.Buckeye's flagship marine
terminal in The Bahamas, BORCO, is one of the largest crude oil and petroleum
products storage facilities in the world, serving the international markets as
a premier global logistics hub.More information concerning Buckeye can be
found at www.buckeye.com.

This press release includes forward-looking statements that we believe to be
reasonable as of today's date.Such statements are identified by use of the
words "anticipates," "believes," "estimates," "expects," "intends," "plans,"
"predicts," "projects," "should," and similar expressions.Actual results may
differ significantly because of risks and uncertainties that are difficult to
predict and that may be beyond our control.Among them are (i)changes in
federal, state, local, and foreign laws or regulations to which we are
subject, including those governing pipeline tariff rates and those that permit
the treatment of us as a partnership for federal income tax purposes,
(ii)terrorism, adverse weather conditions (including hurricanes),
environmental releases, and natural disasters, (iii)changes in the
marketplace for our products or services, such as increased competition,
better energy efficiency, or general reductions in demand, (iv)adverse
regional, national, or international economic conditions, adverse capital
market conditions, and adverse political developments, (v)shutdowns or
interruptions at our pipeline, terminal, and storage assets or at the source
points for the products we transport, store, or sell, (vi)unanticipated
capital expenditures in connection with the construction, repair, or
replacement of our assets, (vii)volatility in the price of refined petroleum
products and the value of natural gas storage services, (viii)nonpayment or
nonperformance by our customers, (ix)our ability to integrate acquired assets
with our existing assets and to realize anticipated cost savings and other
efficiencies and benefits, (x)our ability to successfully complete our
organic growth projects and to realize the anticipated financial benefits, and
(xi)an unfavorable outcome with respect to the proceedings pending before
FERC regarding Buckeye Pipe Line's tariff rates.You should read our filings
with the U.S. Securities and Exchange Commission, including our Annual Report
on Form 10-K for the year ended December 31, 2011 and our most recently filed
Quarterly Report on Form 10-Q, for a more extensive list of factors that could
affect results.We undertake no obligation to revise our forward-looking
statements to reflect events or circumstances occurring after today's date.

CONTACT: Kevin J. Goodwin
         Senior Director, Investor Relations
         Irelations@buckeye.com
         (800) 422-2825