Buckeye Partners, L.P. has reported net income attributable to Buckeye’s unitholders for the fourth quarter of 2017 of $126.3m compared to $107.7m in 2016. Adjusted EBITDA for the fourth quarter of 2017 was $289.9m compared to $255.1m for the fourth quarter of 2016.
Chairman, President and Chief Executive Officer, Clark C. Smith said: “Buckeye’s strong results for the fourth quarter continue to highlight the benefit of our diversified portfolio of global assets. The improved performance of our Domestic Pipelines & Terminals segment resulted primarily from increased pipeline and terminal throughput volumes during the quarter, with incremental revenue contributions from the first phase of our Michigan/Ohio expansion project as well as strong heating oil volumes due to colder weather in the markets we serve. Increasing petroleum product prices also drove improved settlement revenues for this segment.
“Results from our Global Marine Terminals segment increased in comparison to the fourth quarter of 2016 as a result of our investment in VTTI and improved operating performance from our Buckeye Texas Partners joint venture. Lower capacity utilization during the quarter, driven by the departure of a long-term customer at one of our facilities earlier in the year and weaker overall storage market conditions, partially offset these improvements. We have undertaken certain tank conversion projects that we expect will better align our product storage capabilities with evolving customer demand, and our commercial teams continue to advance our recontracting efforts. Our Buckeye Merchant Services business delivered strong and stable returns, while driving a record contribution to the other segments during the quarter.”
Distributable cash flow for the fourth quarter of 2017 was $188.9m compared to $170.7m for the fourth quarter of 2016.
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13th Feb 2018