Profile: Buckeye Partners LP (BPL.N)

BPL.N on New York Stock Exchange

71.35USD
1 Aug 2013
Price Change (% chg)

$0.22 (+0.31%)
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Buckeye Partners, L.P. (Buckeye) is a master limited partnership. The Company owns and operates independent refined petroleum products pipeline systems in the United States, with approximately 6,100 miles of pipeline and 100 active products terminals that provide aggregate storage capacity of over 64 million barrels. The Company operates in five segments: Pipelines & Terminals, International Operations, Natural Gas Storage, Energy Services and Development & Logistics. On July 19, 2011, it acquired a terminal in Bangor, Maine (Bangor Terminal) with approximately 140,000 barrels of storage capacity. On May 11, 2011, the Company sold its 20% interest in West Texas LPG Pipeline Limited Partnership (WT LPG). On January 18, 2011, the Company completed the purchase of First Reserve’s interest in BORCO. In July 2012, it acquired a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A. Inc.

On June 1, 2011, the Company acquired 33 refined petroleum products terminals with total storage capacity of over 10 million barrels and approximately 650 miles of refined petroleum products pipelines from BP Products North America Inc. It operates and maintains approximately 2,800 miles of third-party pipelines under agreements with oil and gas, petrochemical and chemical companies, and performs certain engineering and construction management services for third parties. It also owns and operates a natural gas storage facility in northern California, and is a wholesale distributor of refined petroleum products in the United States in areas also served by its pipelines and terminals.

Pipelines & Terminals Segment

The Pipelines & Terminals segment owns and operates approximately 6,100 miles of pipeline located primarily in the northeastern and upper midwestern portions of the United States and services approximately 110 delivery locations. This segment transports refined petroleum products, including gasoline, jet fuel, diesel fuel, heating oil and kerosene, from major supply sources to terminals and airports located within end-use markets. The pipelines within this segment also transport other refined petroleum products, such as propane and butane, refinery feedstock and blending components. The segment also includes approximately 100 active terminals that provide bulk storage and throughput services with respect to refined petroleum products and renewable fuels, including ethanol, and have an aggregate storage capacity of approximately 37.4 million barrels.

The Pipelines & Terminals segment generally operates as a common carrier, providing transportation services at posted tariffs and without long-term contracts. The Company provides pipeline transportation services in the states, such as California, Connecticut, Florida, Illinois, Indiana, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania and Tennessee.

The Company’s operating subsidiary Buckeye Pipe Line Company, L.P (Buckeye Pipe Line) serves population centers in Pennsylvania, New York and New Jersey through approximately 925 miles of pipeline. Refined petroleum products are received at Linden, New Jersey from 17 source points, including two refineries, six connecting pipelines and nine storage and terminalling facilities. Its operating subsidiary Buckeye Pipe Line Transportation LLC (BPL Transportation) pipeline system delivers refined petroleum products from a refinery located in Paulsboro, New Jersey to destinations in New Jersey, Pennsylvania and New York. The Laurel pipeline system transports refined petroleum products through a 350-mile pipeline extending westward from four refineries and a connection to the Colonial pipeline system in the Philadelphia area to Reading, Harrisburg, Altoona/Johnstown and Pittsburgh, Pennsylvania.

Buckeye Pipe Line and NORCO Pipe Line Company, LLC (NORCO), a subsidiary of Buckeye Pipe Line Holdings, L.P. (BPH), transport refined petroleum products through approximately 2,100 miles of pipeline in northern Illinois, central Indiana, eastern Michigan, western and northern Ohio, and western Pennsylvania. Its operating subsidiary Wood River Pipe Lines LLC (Wood River) owns eight refined petroleum products pipelines with aggregate mileage of approximately 1,250 miles located in the midwestern United States. Buckeye Pipe Line serves Connecticut and Massachusetts through an approximately 100-mile pipeline that carries refined petroleum products from New Haven, Connecticut to Hartford, Connecticut and Springfield, Massachusetts. This pipeline also serves Bradley International Airport in Windsor Locks, Connecticut.

The Company’s operating subsidiary Everglades Pipe Line Company, L.P. (Everglades) transports primarily jet fuel through an approximately 40-mile pipeline from Port Everglades, Florida to Ft. Lauderdale-Hollywood International Airport and Miami International Airport. Its operating subsidiary WesPac Pipelines Reno LLC (WesPac Reno) owns an approximately 3-mile pipeline serving the Reno/Tahoe International Airport. Its operating subsidiary WesPac Pipelines San Diego LLC (WesPac San Diego) owns an approximately 4-mile pipeline serving the San Diego International Airport. WesPac Pipelines Memphis LLC (WesPac Memphis) owns an approximately 15-mile pipeline and a related terminal facility that primarily serves Federal Express Corporation at the Memphis International Airport.

The Pipelines & Terminals segment’s terminals receive products from pipelines and, in certain cases, barges, ships or railroads, and distribute them to third parties, who in turn deliver them to end-users and retail outlets. The Pipelines & Terminals segment’s terminal facilities consist of multiple storage tanks and are equipped with automated truck loading equipment that is available around-the-clock a day. The Company owns a 34.6% equity interest in West Shore Pipe Line Company. It also owns a 40% interest in Muskegon Pipeline LLC. Additionally, it owns a 25% interest in Transport4, LLC. It also owns a 50% interest in South Portland Terminal LLC.

International Operations Segment

The International Operations segment includes two marine terminals that provide storage and throughput services with respect to crude oil and petroleum products with an aggregate storage capacity of approximately 26.1 million barrels. The BORCO terminal facility and the Yabucoa terminal facility represent its entry into international marine terminal operations. It owns the property on which the BORCO terminal facility is located and lease properties for both the jetty and inland dock operations.

BORCO owns a terminal facility located along the Northwest Providence Channel of The Grand Bahama Island, which it uses to operate a fully integrated terminalling business and offers customers storage, berthing, heating, transshipment, blending, treating, bunkering and other ancillary services. Ancillary services provided by BORCO facilitate customer activities within the tank farm and at the jetties. BORCO’s terminal facility includes 80 aboveground storage tanks with a storage capacity of approximately 21.4 million barrels. BORCO’s terminal facility also includes an inland dock located in Freeport Harbor with two berths. The Yabucoa terminal includes 44 storage tanks with approximately 4.6 million barrels of gasoline, jet fuel, diesel, fuel oil and crude oil storage capacity. Access to the Yabucoa terminal is provided through one ship dock and two barge docks, as well as an 8-bay truck rack.

Natural Gas Storage Segment

The Company’s operating subsidiary Buckeye Gas Storage LLC, through its subsidiary Lodi Gas Storage, L.L.C. (Lodi Gas) owns a natural gas facility in Northern California. The natural gas facility has approximately 30 billion cubic feet (Bcf) of working natural gas storage and is connected to Pacific Gas and Electric’s (PG&E) intrastate gas pipeline system that services natural gas demand in the San Francisco and Sacramento, California areas. The Kirby Hills facility is located approximately 30 miles west of Lodi in the Montezuma Hills, nine miles southeast of Fairfield, California. The Natural Gas Storage segment’s revenues primarily consist of lease revenues and hub services revenues.

Energy Services Segment

The Energy Services segment is a wholesale distributor of refined petroleum products in the United States in areas also served by its pipelines and terminals. The Energy Services segment markets gasoline, propane, ethanol, biodiesel and petroleum distillates, such as heating oil, diesel fuel and kerosene. The Energy Services segment owns five terminals with aggregate storage capacity of approximately 1.0 million barrels. The Energy Services segment’s operations are segregated into three separate categories based on the type of fuel delivered and the delivery method. It includes Wholesale Rack, Wholesale Delivered and Branded Gasoline.

Development & Logistics Segment

The Development & Logistics segment operates and maintains approximately 2,800 miles of third-party pipelines under agreements with oil and gas, petrochemical and chemical companies, which are primarily located in Texas and Louisiana, and perform certain engineering and construction management services for third parties. Development & Logistics also owns and operates two underground propane storage caverns in Huntington, Indiana and Tuscola, Illinois with approximately 800,000 barrels of throughput and storage capability. This segment also owns approximately 25 miles of pipeline located in Texas, a portion of which it leases to a third-party. The Development & Logistics segment also owns an approximate 63% interest in a crude butadiene pipeline in Texas and owns and operates an ammonia pipeline located in Texas. In addition, the Development & Logistics segment provides engineering and construction management services and asset development services to energy companies in the United States and internationally.

Company Address

Buckeye Partners LP

One Greenway Plaza
Suite 600
Houston   TX   77046
P: +1832.6158600
F: +1302.6365454

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