November 06, 2012 [Equities] - Buckeye, a master limited partnership which owns and operates independent refined petroleum products pipeline systems, has reported net income attributable to the company of $85.12 million, for the third quarter ended September 30, 2012, compared to net loss attributable to the company of $109.7 million, for the same quarter ended September 30, 2011.
“We benefited from higher volumes and rates for our domestic pipelines and terminals and increased cash flows from our international segment as a result of the 1.1 million barrel expansion at BORCO that became operational July 1.
Additionally, our Perth Amboy marine terminal in the New York Harbor, acquired in late July, contributed positively to third quarter results,” stated Clark Smith, President and CEO.
“Improving business conditions and the continued execution of our growth strategy contributed to very strong results for the third quarter of 2012,”.
Total revenue for the third quarter ended September 30, 2012 was $965.97 million, compared to $1.12 billion for the same quarter ended September 30, 2011.
Net income attributable to the company for the nine months ended September 30, 2012 was $191.45 million, compared to $48.81 million, for the same period ended September 30, 2011.
Total revenue for the nine months ended September 30, 2012 was $3.21 billion compared to $3.45 billion for the same period ended September 30, 2011.
