The company’s will sell its 50pc interest in VTTI to Vitol and global funds manager IFM Investors for $975mn, roughly two years after it acquired its share of the global storage operation. Buckeye will separately sell for $450mn jet fuel pipelines supplying Florida, Nevada, California and Tennessee airports and refined product terminals in northern California.

Deep losses in Buckeye’s global marine terminals businesses overwhelmed stable results in the company’s domestic pipelines and terminals operations during the third quarter. Segregated storage, particularly in the Caribbean, continued to struggle in the quarter, chief executive Clark Smith said. Buckeye had disclosed a review of its assets and operations in an August quarterly earnings call.

“I am confident that the actions taken as a result of our strategic review will not only strengthen our balance sheet and solidify our investment grade rating but also meaningfully improve distribution coverage,” Smith said.

Buckeye will sell its Florida jet fuel pipeline connecting Port Everglades to the Fort Lauderdale and Miami airports. The company will also sell pipelines and terminals supplying Reno, Nevada, San Diego, California and Memphis, Tennessee airports, and refined products terminals in Sacramento and Stockton, California.

Buckeye disclosed its planned $1.15bn purchase of 50pc of VTTI in October 2016 and closed on the deal the following January. VTTI at the time operated 54mn bl of storage in Europe, the United Arab Emirates, Singapore and the US.

Buckeye reported a $745.8mn loss for the quarter, including a $537mn impairment on its Caribbean assets and a $300mn non-cash loss on the sale to VTTI.

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