SOURCE: Buckeye Partners, L.P.

Buckeye Partners, L.P.

December 10, 2010 13:36 ET

Buckeye Partners, L.P. Completes Purchase of Refined Petroleum Products Terminal in Puerto Rico

HOUSTON, TX--(Marketwire - December 10, 2010) -  Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) confirmed today that it has completed the acquisition of a refined petroleum products terminal on the southeast coast of Puerto Rico from an affiliate of Royal Dutch Shell plc ("Shell"). Shell has made a multi-year commitment to remain a key customer at the terminal. The terminal, located in Yabucoa, Puerto Rico, includes 44 storage tanks with approximately 4.6 million barrels of gasoline, jet fuel, diesel, fuel oil, and crude storage capacity. This acquisition brings Buckeye's total system-wide storage capacity to over 30 million barrels.

"As Buckeye's first acquisition outside the continental United States, this transaction represents an important step in Buckeye's growth objectives. It provides geographic diversity with strong local demand and potential regional growth opportunities," said Forrest E. Wylie, Chairman and CEO of Buckeye's general partner. "While this acquisition is expected to immediately increase distributable cash flow, we will look to continue to optimize the terminal under our best practices model."

Buckeye 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 also owns 69 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. More information concerning Buckeye is available at

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 our 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, (8) nonpayment or nonperformance by our customers, (9) our ability to realize efficiencies expected to result from our previously announced reorganization, and (10) our ability to integrate acquired assets with our existing assets and to realize anticipated cost savings and other efficiencies. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009 and our most recently filed 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.