Buckeye Partners, L.P.



Buckeye Partners, L.P. is engaged in the business of transportation, terminaling and storage of refined petroleum products for major integrated oil companies, large refined product marketing companies, and major end users of petroleum products on a fee basis through facilities that it owns and operates.  Buckeye also operates pipelines owned by third parties under contracts with major integrated oil and chemical companies.  Buckeye conducts all its operations through its operating subsidiaries, Buckeye Pipe Line Company, L.P.; Laurel Pipe Line Company, L.P.; Everglades Pipe Line Company, L.P.; and Buckeye Pipe Line Holdings, L.P.  Buckeye Pipe Line Holdings in turn owns Buckeye Terminals, LLC, Norco Pipe Line Company, LLC and Buckeye Gulf Coast Pipe Lines, L.P., as well as a 75% interest in the “Wespac” entities (WesPac Pipeline-Reno Ltd., WesPac Pipeline-San Diego, Ltd. and related WesPac entities).

Refined Products Transportation

Buckeye is one of the largest independent pipeline common carriers of refined petroleum products in the United States, with approximately 3,900 miles of pipeline serving a ten state area, serving Pennsylvania, New York, New Jersey, Connecticut, and Massachusetts in the East; and Indiana, Ohio, Michigan, Illinois in the Midwest, as well as Florida.  Through the Buckeye, Laurel, Norco and Everglades Pipeline Companies it receives petroleum products including gasoline, jet fuel, diesel fuel, heating oil, and kerosene  from refineries, connecting pipelines and marine terminals, and transports those products to industry-owned terminals and airports located within major end-use markets.   Buckeye also transports other refined products, such as propane and butane, refinery feedstocks and blending components. Transportation is typically on a common carrier basis under published tariffs. In 2003, refined petroleum products transportation accounted for approximately 83.8% of Buckeye’s consolidated revenues.  Buckeye transported an average of approximately 1,136,400 barrels per day of refined products in 2002.  

Other Business Activities

Buckeye Pipe Line Holdings, through facilities it owns in Taylor, Michigan, provides bulk storage service with an aggregate capacity of 260,000 barrels of refined petroleum products.  Buckeye Terminals, with 14 terminal facilities located in New York, Pennsylvania, Ohio, Indiana and Illinois, provides bulk storage services and throughput services with an aggregate capacity of 4,848,000 barrels of refined petroleum products.  Together, these terminaling and storage activities provided approximately 9.7% of the Buckeye’s revenue in 2002. 

Buckeye Gulf Coast Pipe Lines owns and operates petrochemical pipelines in the Gulf Coast area.  Buckeye Gulf Coast Pipe Lines also provides engineering and construction management services to major chemical companies in the Gulf Coast area.  WesPac provides turbine fuel transportation services to the Reno/Tahoe International Airport through a 3.0-mile pipeline and to the San Diego International Airport through a 4.3-mile pipeline.

Buckeye does not own the petroleum products it transports, and its system serves end-use demand markets from several origination points, which helps insulate it from such factors as supply disruptions at a single source, changing supply patterns, petroleum price fluctuations. Buckeye’s business philosophy is to continue to explore opportunities to expand its pipeline system and acquire quality pipeline and terminal assets without changing the risk profile of its business.

For further information, contact Director of Investor Relations Thomas Dornblaser at 484-232-4000, or visit Buckeye Partners' website at http://www.buckeye.com/


Financial Information from 2003 10-K

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*As of June 28, 2003 and June 28, 2002



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