These new projects will help Buckeye generate strong financial results in the fourth quarter of 2013, said Clark Smith, CEO at Buckeye.

Buckeye reported net income attributable to Buckeye’s unitholders for the third quarter of 2013 of $77.3 million, or $0.72 per diluted unit, compared to net income attributable to Buckeye’s unitholders for the third quarter of 2012 of $85.1 million, or $0.87 per diluted unit.

Operating income for the third quarter of 2013 was $111.4 million, compared to $113.9 million for the third quarter of 2012.

“We continued to benefit from the strong performance of our two largest business segments during this quarter. Investments in organic growth projects, including crude oil diversification and additional service capabilities in our pipelines and terminals segment contributed to our strong results. We generated incremental cash flows from higher throughput volumes at our terminals,
including crude oil services at our Albany terminal, propylene and diluent services at our Chicago Complex, and increased butane blending activities,” said Smith.

“In addition, our results reflect contributions from our expansion activities at our BORCO facility, including the completion of the last phase of the expansion that placed into service 1.2 million barrels of fully leased crude oil storage capacity,” he added.

Buckeye announced in October that it had signed a definitive agreement with Hess Corporation to acquire a premier network of liquid petroleum products terminals with 39 million barrels of storage capacity. In connection with this announcement, Buckeye issued 8.6 million limited partner units (“LP Units”) with the intent to utilize the net proceeds from this offering to fund indirectly a
portion of the purchase price.”

Maintenance capital expenditures for the third quarter of 2013 were $26.1 million compared with $11.9 million for the third quarter of 2012.