Buckeye Partners, L.P.
NYSE: BPL
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
(in thousands, except per
unit amounts)
|
|
2003 |
2002 |
|
Market
value* |
$1,060,000 |
$888,000 |
|
Current
assets |
$66,581 |
$43,842 |
|
Net
property, plant & equipment |
$752,818 |
$727,450 |
|
Total Assets |
$940,046 |
$856,171 |
|
Current
liabilities |
$48,861 |
$30,750 |
|
Long term
debt |
$450,200 |
$405,000 |
|
Partners’
capital |
$337,412 |
$357,432 |
|
Revenue |
$272,947 |
$247,345 |
|
Operating
Income |
$109,335 |
$102,362 |
|
Net Income |
$30,154 |
$71,902 |
|
Net
Income/Unit |
$1.05 |
$2.65 |
|
Distribution/Unit |
$2.54 |
$2.50 |
|
High Unit
Price |
$45.55 |
$40.20 |
|
Low Unit
Price |
$33.60 |
$26.50 |
*As of June 28, 2003 and June 28, 2002 |
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