March 22, 2017 11:08 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Buckeye Partners, L.P.

Company Overview

Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, diesel fuel, heating oil, and kerosene; refined petroleum products, such as propane and butane, refinery feedstock, and blending components; and crude oil. This segment also provides crude oil services, including train loading/unloading, storage, and throughput; and turn-key operations and maintenance, asset development, and construction services for third-party ...

One Greenway Plaza

Suite 600

Houston, TX 77046

United States

Founded in 1886

275 Employees

Phone:

832-615-8600

Key Executives for Buckeye Partners, L.P.

Chairman of Buckeye GP LLC, Chief Executive Officer of Buckeye GP LLC and President of Buckeye GP LLC
Age: 62
Total Annual Compensation: $1.3M
Chief Financial Officer of Buckeye Gp Llc and Executive Vice President of Buckeye Gp Llc
Age: 59
Total Annual Compensation: $718.7K
Senior Vice President of Buckeye GP LLC and President of Global Marine Terminals - Buckeye GP LLC
Age: 44
Total Annual Compensation: $757.1K
Senior Vice President of Buckeye GP LLC and President of Domestic Pipelines & Terminals Business Unit of Buckeye GP LLC
Age: 52
Total Annual Compensation: $682.1K
Senior Vice President of Buckeye GP LLC and President of Buckeye Services - Buckeye GP LLC
Age: 53
Total Annual Compensation: $581.9K
Compensation as of Fiscal Year 2015.

Buckeye Partners, L.P. Key Developments

Buckeye Partners, L.P. Presents at Barclays Select Series: MLP Corporate Access Day, Feb-28-2017

Buckeye Partners, L.P. Presents at Barclays Select Series: MLP Corporate Access Day, Feb-28-2017 . Venue: Crowne Plaza Times Square Manhattan, 1605 Broadway, New York, New York, United States.

Buckeye Partners, L.P. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016; Provides Capital Spending Guidance for the Year 2017

Buckeye Partners, L.P. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenue of $508,060,000, operating income of $156,964,000, income from continuing operations before taxes of $109,493,000, net income attributable to the company of $107,665,000, diluted earnings per unit of $0.78, adjusted EBITDA from continuing operations of $255,142,000, maintenance capital expenditures of $45,150,000 compared to the total revenue of $840,167,000, operating income of $177,735,000, income from continuing operations before taxes of $135,251,000, net income attributable to the company of $133,992,000, diluted earnings per unit of $1.03, adjusted EBITDA from continuing operations of $244,507,000, maintenance capital expenditures of $27,474,000 for the same quarter a year ago. Total capital expenditures was $106,244,000 against $161,368,000 a year ago. Diluted earnings per unit attributable to the company from continuing operations was $0.78 against $1.03 a year ago. Distributable cash flow for the fourth quarter was $170.7 million compared to $176.2 million a year ago. Income from continuing operations was $108.9 million for the compared to $135.1 million for the same period last year. This decrease was primarily driven by the $16.8 million impact from Hurricane Matthew, incurred in the fourth quarter, as well as $7.7 million of acquisition and transition expenses related to its investment in VTTI. Adjusted EBITDA was $255.1 million compared to $244.5 million a year ago. Maintenance capital for the excluding the impact related to Hurricane Matthew was $39.1 million compared to $27.5 million for the same period last year. Return capital spending was $74.9 million. For the year, the company reported total revenue of $3,248,376,000, operating income of $733,342,000, income from continuing operations before taxes of $550,135,000, net income attributable to the company of $535,608,000, diluted earnings per unit of $4.03, adjusted EBITDA from continuing operations of $1,028,006,000, maintenance capital expenditures of $129,691,000 compared to the total revenue of $3,453,434,000, operating income of $604,116,000, income from continuing operations before taxes of $439,265,000, net income attributable to the company of $437,223,000, diluted earnings per unit of $3.40, adjusted EBITDA from continuing operations of $868,062,000, maintenance capital expenditures of $99,617,000 for the previous year. Total capital expenditures was $486,316,000 against $594,520,000 a year ago. Diluted earnings per unit attributable to the company from continuing operations was $4.03 against $3.41 a year ago. Maintenance capital spending was $120.6 million for the entire year compared to $99.6 million a year ago. Return capital spending was $74.9 million for the quarter and $327.7 million for the full year. For the year of 2017, the company anticipates maintenance capital spending to be in the range of $110 million to $130 million and return capital spend is expected to be between $280 million and $330 million.

Buckeye Partners, L.P. Declares Cash Distribution for the Quarter Ended December 31, 2016, Payable on February 28, 2017

Buckeye Partners, L.P. announced that its general partner declared a cash distribution of $1.2375 per limited partner unit for the quarter ended December 31, 2016. The distribution will be payable on February 28, 2017 to unitholders of record on February 21, 2017.  This cash distribution represents a 4.2% increase over the $1.1875 per LP Unit distribution declared for the fourth quarter of 2015.

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