SOURCE: Buckeye Partners, L.P.

Buckeye Partners, L.P.

April 06, 2010 18:39 ET

Buckeye Partners, L.P. Announces Favorable Results of Non-Binding Open Season and Potential Addition of Midwest Destination on Proposed Marcellus NGL Feedstock System

HOUSTON, TX--(Marketwire - April 6, 2010) -  Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) announced today that it has received favorable responses from potential customers to transport natural gas liquids ("NGLs") produced in the Marcellus Shale Basin in Pennsylvania to the market in Sarnia, Ontario on its proposed Union Pipeline project. Buckeye conducted its previously announced non-binding open season for the Union Pipeline during March 2010 to better define the potential demand for the proposed pipeline. The expressions of interest received by Buckeye during the non-binding open season support continued development of engineering designs for the Union Pipeline.

"The initial interest we received during the open season exceeded our expectations," stated Forrest E. Wylie, Chairman and Chief Executive Officer of Buckeye's general partner. "Based on this level of interest, Buckeye is now considering the possibility of adding a destination near Chicago, which has existing NGL pipeline infrastructure, in addition to the Sarnia, Ontario market. We believe the Union Pipeline would provide a comprehensive solution for producers of NGLs in the Marcellus Shale Basin and would provide customers with competitively priced alternative distribution options," continued Wylie. Buckeye expects to continue discussions with potential customers regarding the Union Pipeline project and to hold a binding open season in mid-2010. 

This press release includes forward-looking statements that Buckeye believes 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. You should read Buckeye's Annual Report on Form 10-K for the year ended December 31, 2009 for a more extensive list of factors that could affect results. Buckeye undertakes no obligation to revise any forward-looking statements to reflect events or circumstances occurring after today's date.