Buckeye Partners L.P. L.P. Units (BPL, Financial) filed Quarterly Report for the period ended 2009-03-31.
Buckeye Partners L.P. conducts all its operations through subsidiary entities including Buckeye Pipe Line Company L.P. Laurel Pipe Line Company L.P. Everglades Pipe Line Company L.P. and Buckeye Tank Terminals Company L.P. The company receives petroleum products from refineries connecting pipelines and marine terminals and transports those products to other locations. Buckeye Partners also provides bulk storage services through leased facilities. Buckeye Partners L.P. L.P. Units has a market cap of $2.11 billion; its shares were traded at around $41.39 with a P/E ratio of 12.7 and P/S ratio of 1.1. The dividend yield of Buckeye Partners L.P. L.P. Units stocks is 8.6%. Buckeye Partners L.P. L.P. Units had an annual average earning growth of 4.5% over the past 10 years. GuruFocus rated Buckeye Partners L.P. L.P. Units the business predictability rank of 4-star.
The improvement in results of operations resulted from significant increases in operating income and Adjusted EBITDA in Buckeyes Pipeline Operations, Energy Services and Natural Gas Storage segments, partially offset by decreases in operating income and Adjusted EBITDA in Buckeyes Terminalling and Storage and Other Operations segments. Consolidated revenues were $416.8 million, an increase of $36.5 million from $380.3 million in 2008, as revenues expanded at all operating segments except Other Operations. Total costs and expenses were $346.7 million in the first quarter of 2009, an increase of $24.6 million from $322.1 million in the first quarter of 2008. Investment and other income was $2.2 million in the first three months of 2009, compared to $2.6 million in the first three months of 2008. Interest and debt expense was $17.2 million in the first quarter of 2009, a decrease of $0.7 million from the first quarter of 2008. The decrease in interest expense reflected lower average borrowing rates on Buckeyes two revolving lines of credit (discussed under Liquidity and Capital Resources below). In addition, revolving credit borrowings in Buckeyes Energy Services segment were significantly lower in the first quarter of 2009 compared to 2008, which offset the fact that such working capital borrowings were outstanding for the entire quarter in 2009, compared to only a partial quarter in 2008.
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Buckeye Partners L.P. conducts all its operations through subsidiary entities including Buckeye Pipe Line Company L.P. Laurel Pipe Line Company L.P. Everglades Pipe Line Company L.P. and Buckeye Tank Terminals Company L.P. The company receives petroleum products from refineries connecting pipelines and marine terminals and transports those products to other locations. Buckeye Partners also provides bulk storage services through leased facilities. Buckeye Partners L.P. L.P. Units has a market cap of $2.11 billion; its shares were traded at around $41.39 with a P/E ratio of 12.7 and P/S ratio of 1.1. The dividend yield of Buckeye Partners L.P. L.P. Units stocks is 8.6%. Buckeye Partners L.P. L.P. Units had an annual average earning growth of 4.5% over the past 10 years. GuruFocus rated Buckeye Partners L.P. L.P. Units the business predictability rank of 4-star.
Highlight of Business Operations:
Consolidated income from continuing operations attributable to Buckeye unitholders was $53.8 million in the first quarter of 2009 compared to $41.4 million in the first quarter of 2008. Results of operations in the first quarter of 2009 include three months of operations of the Energy Services segment, compared to just over 1½ months in the first quarter of 2008, resulting from Buckeyes acquisition of Farm & Home Oil Company (Farm & Home) on February 8, 2008. Operations in the first quarter of 2009 also include three months of operations of the Natural Gas Storage segment, compared to approximately 2½ months in the first quarter of 2008, resulting from Buckeyes acquisition of Lodi Gas Storage, LLC (Lodi Gas) on January 18, 2008.The improvement in results of operations resulted from significant increases in operating income and Adjusted EBITDA in Buckeyes Pipeline Operations, Energy Services and Natural Gas Storage segments, partially offset by decreases in operating income and Adjusted EBITDA in Buckeyes Terminalling and Storage and Other Operations segments. Consolidated revenues were $416.8 million, an increase of $36.5 million from $380.3 million in 2008, as revenues expanded at all operating segments except Other Operations. Total costs and expenses were $346.7 million in the first quarter of 2009, an increase of $24.6 million from $322.1 million in the first quarter of 2008. Investment and other income was $2.2 million in the first three months of 2009, compared to $2.6 million in the first three months of 2008. Interest and debt expense was $17.2 million in the first quarter of 2009, a decrease of $0.7 million from the first quarter of 2008. The decrease in interest expense reflected lower average borrowing rates on Buckeyes two revolving lines of credit (discussed under Liquidity and Capital Resources below). In addition, revolving credit borrowings in Buckeyes Energy Services segment were significantly lower in the first quarter of 2009 compared to 2008, which offset the fact that such working capital borrowings were outstanding for the entire quarter in 2009, compared to only a partial quarter in 2008.
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