Buckeye Partners, L.P. Reports 2001 First Quarter Results, Declares Quarterly Distribution and Announces Board of Directors Changes

Apr 23, 2001, 01:00 ET from Buckeye Partners, L.P.

    EMMAUS, Pa., April 23 /PRNewswire Interactive News Release/ -- Buckeye
 Pipe Line Company, the general partner of Buckeye Partners, L.P. (NYSE:   BPL)
 ("the Partnership"), today reported that the Partnership's 2001 first quarter
 income from continuing operations was $14.9 million, or $.55 per unit, an
 increase of 4.2 percent from 2000 income from continuing operations of
 $14.3 million, or $.53 per unit.  Revenue and operating income for 2001 were
 $54.4 million and $21.9 million compared with $49.9 million and $20.8 million,
 respectively, for 2000.
     The $4.5 million increase in revenue was due to a 24.2 percent increase in
 heating oil deliveries because of considerably colder winter weather across
 Buckeye's service area, additional contract services provided by Buckeye Gulf
 Coast Pipe Lines, LLC ("BGC"), and additional terminaling services provided by
 Buckeye Terminals, LLC ("BT") reflecting the acquisition of the Agway
 Terminals in June of 2000.
     Costs and expenses for the first quarter 2001 increased $3.6 million and
 is related to an increase in the use of outside services, additional operating
 power expense related to increased deliveries, and increased payroll expenses
 due to additional services provided by BGC and BT.  These cost increases were
 partially offset by declines in professional fees, payroll benefits and
 casualty loss expense.
     W. H. Shea, Jr., President and Chief Executive Officer of Buckeye, stated,
 "We are pleased to announce solid progress in Buckeye's financial performance
 during the first quarter of 2001.  Our pipeline volumes were strong due in
 part to colder winter weather temperatures.  In addition, we made substantial
 progress on a number of pipeline integrity and expansion projects during the
 quarter.  We hope to build on first quarter results during the balance of the
 year."
     The Board of Directors of Buckeye Pipe Line Company also declared a
 regular quarterly partnership cash distribution of $.60 per unit payable
 May 31, 2001, to unitholders of record on May 4, 2001.  This is the 57th
 consecutive quarterly cash distribution paid by the Partnership.
     The General Partner has accepted the resignation of Neil Hahl from the
 Board of Directors.  Mr. Hahl was a member of the Board since September 1987.
 The General Partner also elected Joseph A. LaSala, Jr. to the Board of
 Directors.
     Mr. LaSala is Senior Vice President, General Counsel and Secretary of
 Cambridge Technology Partners, a position he has held since March 2000.  Prior
 to joining Cambridge, Mr. LaSala was Vice President, General Counsel and
 Secretary of Union Pacific Resources Group Inc.  Mr. LaSala received a degree
 in Politics from The Catholic University of America in 1976, and a Juris
 Doctor from The Columbus School of Law at The Catholic University of America
 in 1981.
 
     Buckeye Partners, L.P., through its subsidiary partnerships, is one of the
 nation's largest independent pipeline common carriers of refined petroleum
 products with nearly 3,400 miles of pipeline.  The Partnership also operates
 approximately 1,200 miles of pipeline under agreement with major oil and
 chemical companies, and owns terminals in Michigan, New York and Pennsylvania.
 For more information about Buckeye Partners, L.P., visit the Partnership's
 website at www.buckeye.com.
     Buckeye will be hosting a first quarter 2001 conference call on Tuesday,
 April 24, at 11:00 a.m. Eastern Time.  Interested parties may listen via the
 Internet, on either a live or replay basis, at www.streetevents.com.
 
     This press release includes forward-looking statements within the meaning
 of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
 Exchange Act of 1934.  Although the General Partner believes that its
 expectations are based upon reasonable assumptions, it can give no assurance
 that such assumptions will materialize.
 
 
                             BUCKEYE PARTNERS, L.P.
                         CONDENSED STATEMENT OF INCOME
 
                     (In Millions, Except Per Unit Amounts)
 
                                         Three Months Ended
                                             March 31,
                                          2001       2000
     Revenue                             $54.4      $49.9
 
     Costs and Expenses
     Operating expenses                   24.7       21.4
     Depreciation and amortization         4.8        4.3
     General and administrative
      expenses                             3.0        3.4
       Total costs and expenses           32.5       29.1
 
     Operating income                     21.9       20.8
     Interest expense & other             (7.0)      (6.5)
     Income from continuing
      operations                          14.9       14.3
 
     Income from discontinued
      operations                            .0        1.3
     Net Income                          $14.9      $15.6
 
     Income per unit from
      continuing operations                .55        .53
     Income per unit from
      discontinued operations              .00        .05
     Net income per unit                  $.55       $.58
 
     Number of units                      27.1       27.0
 
     Pipeline Operating Data
     Volume (thousand
     barrels per day)                   1091.9    1,044.1
     Barrel miles (billions)              12.0       11.3
     Average tariff rate
      (cents per barrel)                  50.7       49.7
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X55072327
 
 

SOURCE Buckeye Partners, L.P.
    EMMAUS, Pa., April 23 /PRNewswire Interactive News Release/ -- Buckeye
 Pipe Line Company, the general partner of Buckeye Partners, L.P. (NYSE:   BPL)
 ("the Partnership"), today reported that the Partnership's 2001 first quarter
 income from continuing operations was $14.9 million, or $.55 per unit, an
 increase of 4.2 percent from 2000 income from continuing operations of
 $14.3 million, or $.53 per unit.  Revenue and operating income for 2001 were
 $54.4 million and $21.9 million compared with $49.9 million and $20.8 million,
 respectively, for 2000.
     The $4.5 million increase in revenue was due to a 24.2 percent increase in
 heating oil deliveries because of considerably colder winter weather across
 Buckeye's service area, additional contract services provided by Buckeye Gulf
 Coast Pipe Lines, LLC ("BGC"), and additional terminaling services provided by
 Buckeye Terminals, LLC ("BT") reflecting the acquisition of the Agway
 Terminals in June of 2000.
     Costs and expenses for the first quarter 2001 increased $3.6 million and
 is related to an increase in the use of outside services, additional operating
 power expense related to increased deliveries, and increased payroll expenses
 due to additional services provided by BGC and BT.  These cost increases were
 partially offset by declines in professional fees, payroll benefits and
 casualty loss expense.
     W. H. Shea, Jr., President and Chief Executive Officer of Buckeye, stated,
 "We are pleased to announce solid progress in Buckeye's financial performance
 during the first quarter of 2001.  Our pipeline volumes were strong due in
 part to colder winter weather temperatures.  In addition, we made substantial
 progress on a number of pipeline integrity and expansion projects during the
 quarter.  We hope to build on first quarter results during the balance of the
 year."
     The Board of Directors of Buckeye Pipe Line Company also declared a
 regular quarterly partnership cash distribution of $.60 per unit payable
 May 31, 2001, to unitholders of record on May 4, 2001.  This is the 57th
 consecutive quarterly cash distribution paid by the Partnership.
     The General Partner has accepted the resignation of Neil Hahl from the
 Board of Directors.  Mr. Hahl was a member of the Board since September 1987.
 The General Partner also elected Joseph A. LaSala, Jr. to the Board of
 Directors.
     Mr. LaSala is Senior Vice President, General Counsel and Secretary of
 Cambridge Technology Partners, a position he has held since March 2000.  Prior
 to joining Cambridge, Mr. LaSala was Vice President, General Counsel and
 Secretary of Union Pacific Resources Group Inc.  Mr. LaSala received a degree
 in Politics from The Catholic University of America in 1976, and a Juris
 Doctor from The Columbus School of Law at The Catholic University of America
 in 1981.
 
     Buckeye Partners, L.P., through its subsidiary partnerships, is one of the
 nation's largest independent pipeline common carriers of refined petroleum
 products with nearly 3,400 miles of pipeline.  The Partnership also operates
 approximately 1,200 miles of pipeline under agreement with major oil and
 chemical companies, and owns terminals in Michigan, New York and Pennsylvania.
 For more information about Buckeye Partners, L.P., visit the Partnership's
 website at www.buckeye.com.
     Buckeye will be hosting a first quarter 2001 conference call on Tuesday,
 April 24, at 11:00 a.m. Eastern Time.  Interested parties may listen via the
 Internet, on either a live or replay basis, at www.streetevents.com.
 
     This press release includes forward-looking statements within the meaning
 of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
 Exchange Act of 1934.  Although the General Partner believes that its
 expectations are based upon reasonable assumptions, it can give no assurance
 that such assumptions will materialize.
 
 
                             BUCKEYE PARTNERS, L.P.
                         CONDENSED STATEMENT OF INCOME
 
                     (In Millions, Except Per Unit Amounts)
 
                                         Three Months Ended
                                             March 31,
                                          2001       2000
     Revenue                             $54.4      $49.9
 
     Costs and Expenses
     Operating expenses                   24.7       21.4
     Depreciation and amortization         4.8        4.3
     General and administrative
      expenses                             3.0        3.4
       Total costs and expenses           32.5       29.1
 
     Operating income                     21.9       20.8
     Interest expense & other             (7.0)      (6.5)
     Income from continuing
      operations                          14.9       14.3
 
     Income from discontinued
      operations                            .0        1.3
     Net Income                          $14.9      $15.6
 
     Income per unit from
      continuing operations                .55        .53
     Income per unit from
      discontinued operations              .00        .05
     Net income per unit                  $.55       $.58
 
     Number of units                      27.1       27.0
 
     Pipeline Operating Data
     Volume (thousand
     barrels per day)                   1091.9    1,044.1
     Barrel miles (billions)              12.0       11.3
     Average tariff rate
      (cents per barrel)                  50.7       49.7
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X55072327
 
 SOURCE  Buckeye Partners, L.P.