SOURCE: Buckeye Partners, L.P.

Buckeye Partners, L.P.

January 28, 2010 09:00 ET

Buckeye Partners Completes Sale of NGL Pipeline System

HOUSTON, TX--(Marketwire - January 28, 2010) - Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) announced today that it has completed the sale of its natural gas liquids (NGL) pipeline system to DCP Midstream Partners for $22 million in cash. The system transports NGLs from natural gas processing plants located in the Denver-Julesberg producing basin of northern Colorado to central Kansas.

"We are pleased to complete the disposition of the NGL pipeline system, which was placed for sale after completion of a strategic review of our portfolio of operating assets," said Forrest E. Wylie, Chairman and CEO of Buckeye's general partner. "The proceeds from the sale will be used to reduce the balance outstanding on our revolving credit facility."

Buckeye Partners, L.P. ( is a publicly traded partnership that owns and operates one of the largest independent refined-petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline. Buckeye Partners, L.P. also owns 67 refined-petroleum products terminals, operates and maintains approximately 2,400 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined-petroleum products in certain of the geographic areas served by its pipeline and terminal operations. The general partner of Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P. (NYSE: BGH).

DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, processes, transports and markets natural gas, transports and markets natural gas liquids, and is a leading wholesale distributor of propane. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips.

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 Buckeye's control. Among them are (1) changes in laws or regulations to which we are subject, including those that permit the treatment of us as a partnership for federal income tax purposes, (2) terrorism, adverse weather conditions, environmental releases, and natural disasters, (3) changes in the marketplace for our products or services, such as increased competition, better energy efficiency, or general reductions in demand, (4) adverse regional or national economic conditions or adverse capital market conditions, (5) shutdowns or interruptions at the source points for the products we transport, store, or sell, (6) unanticipated capital expenditures in connection with the construction, repair, or replacement of our assets, (7) volatility in the price of refined petroleum products and the value of natural gas storage services, and (8) nonpayment or nonperformance by our customers. You should read our Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q 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.