Apr 25, 2013 [Nasdaq] - On Apr 22, 2013, Petroleum products and pipeline system owner Buckeye Partners L.P. reached a new 52-week high of $62.48. Successful operations at the partnership's storage and pipeline units steered the stock to a new high.
Buckeye Partners’ Bahamas Oil Refining Company International Limited (“BORCO”) marine facility was the primary growth driver.
Buckeye’s Perth Amboy Terminal has been another significant addition to the partnership’s asset portfolio.
The partnership ensured solid returns by acquiring a 20% stake in the pipeline and terminal operator WesPac Pipelines – Memphis LLC in 2012.
Buckeye’s revenue share from the terminal and storage division rose to 23.5% in 2012 from 19.2% in 2011.
Moreover, completion of the Louisiana Terminal and operational start-up of the propylene storage project in Chicago have further strengthened the partnership’s prospects.
Meanwhile, Buckeye’s healthy financials have well supported its multiple terminal ventures. In addition, consistent cash distribution has managed to retain the confidence of its unitholders.
