Buckeye Partners, L.P. Announces Condensate Splitter Facility in South Texas is Commissioned and Generating Revenue
HOUSTON, Dec. 07, 2015 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that the 50,000 barrel per day condensate splitter facility at Buckeye Texas Partners LLC is commissioned and in commercial service under a long-term take-or-pay tolling agreement. “The completion of commissioning and start-up of our condensate splitters represents a significant milestone in the first phase of the expansion at our South Texas facilities,” stated Clark C. Smith, Chairman, President and Chief Executive Officer. “I would like to recognize the hard work and commitment of the Buckeye employees and contractors who worked tirelessly to complete this complex project safely and successfully. The completion of the condensate splitters and the liquid petroleum gas (“LPG”) refrigerated storage, as previously announced, represent substantial progress towards completion of Buckeye’s planned build-out of the South Texas assets.” In addition to the splitter capabilities, these facilities will offer five marine docks, over 6 million barrels of petroleum storage capacity with rail and truck loading/unloading capability and three field gathering facilities with pipeline connectivity to the condensate splitters and docks. All aspects of this expansion are fully contracted under long-term agreements with Trafigura Trading LLC. “These initiatives are the largest growth capital projects in Buckeye’s long history and are expected to contribute significant incremental cash flows. The completion of these splitting units further bolsters our South Texas assets as a leading export hub on the Gulf Coast, with the ability to aggregate, store, process and distribute many different petroleum products,” continued Mr. Smith.
About Buckeye Partners, L.P.
Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited partnership and owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, and marketing of liquid petroleum products. Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered with approximately 6,000 miles of pipeline and more than 120 liquid petroleum products terminals with aggregate storage capacity of over 110 million barrels across our portfolio of pipelines, inland terminals and an integrated network of marine terminals located primarily in the East Coast and Gulf Coast regions of the United States and in the Caribbean. Buckeye has a controlling interest in a company with a vertically integrated system of marine midstream assets in Corpus Christi and the Eagle Ford play in Texas. Buckeye’s flagship marine terminal, BORCO, is in The Bahamas and is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products. Buckeye’s network of marine terminals enables it to facilitate global flows of crude oil, refined petroleum products, and other commodities, and to offer its customers connectivity to some of the world’s most important bulk storage and blending hubs. Buckeye is also a wholesale distributor of refined petroleum products in areas served by its pipelines and terminals. Finally, Buckeye also operates and/or maintains third-party pipelines under agreements with major oil and gas, petrochemical and chemical companies, and performs certain engineering and construction management services for third parties. 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 and other security risks, including cyber risk, 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 liquid petroleum products, (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 inability to realize the expected benefits of the Buckeye Texas Partners transaction, and (xi) our ability to successfully complete our organic growth projects and to realize the anticipated financial benefits. 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, 2014 and our most recent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015, 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.
Kevin J. Goodwin
Vice President & Treasurer
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