Buckeye Partners (BPL) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 27, 2015
Document and Entity Information
Entity Registrant Name	BUCKEYE PARTNERS, L.P.
Entity Central Index Key	805022
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		127,285,323
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Product sales	$740,218	$1,677,742
Transportation, storage and other services	347,882	314,087
Total revenue	1,088,100	1,991,829
Costs and expenses:
Cost of product sales	717,539	1,665,379
Operating expenses	142,365	124,829
Depreciation and amortization	53,776	42,991
General and administrative	22,618	17,357
Total costs and expenses	936,298	1,850,556
Operating income	151,802	141,273
Other income (expense):
Earnings from equity investments	2,134	1,266
Interest and debt expense	-41,709	-41,213
Other (expense) income	33	136
Total other expense, net	-39,542	-39,811
Income from continuing operations before taxes	112,260	101,462
Income tax (expense) benefit	-239	77
Income from continuing operations	112,021	101,539
Loss from discontinued operations	-857	-10,042
Net income	111,164	91,497
Less: Net loss (income) attributable to noncontrolling interests	447	-1,029
Net income attributable to Buckeye Partners, L.P.	$111,611	$90,468
Basic earnings (loss) per unit attributable to Buckeye Partners, L.P.:
Continuing operations (in dollars per unit)	$0.89	$0.87
Discontinued operations (in dollars per unit)	($0.01)	($0.09)
Total	$0.88	$0.78
Diluted earnings (loss) per unit attributable to Buckeye Partners, L.P.:
Continuing operations (in dollars per unit)	$0.88	$0.87
Discontinued operations (in dollars per unit)	($0.01)	($0.09)
Total	$0.87	$0.78
Weighted average units outstanding:
Weighted average units outstanding - basic	127,175	115,319
Weighted average units outstanding - diluted	127,607	115,796

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$111,164	$91,497
Other comprehensive income (loss):
Unrealized losses on derivative instruments		-9,604
Reclassification of derivative losses to net income	3,037	1,779
Recognition of costs related to benefit plans to net income	261	393
Total other comprehensive income (loss)	3,298	-7,432
Comprehensive income	114,462	84,065
Less: Comprehensive loss (income) attributable to noncontrolling interests	447	-1,029
Comprehensive income attributable to Buckeye Partners, L.P.	$114,909	$83,036

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$2,203	$8,208
Accounts receivable, net	270,433	265,830
Construction and pipeline relocation receivables	16,646	20,542
Inventories	156,070	243,475
Derivative assets	21,734	69,189
Prepaid and other current assets	39,812	25,055
Total current assets	506,898	632,299
Property, plant and equipment, net	5,843,592	5,735,787
Equity investments	84,409	82,849
Goodwill	988,062	993,375
Intangible assets, net	537,344	553,924
Other non-current assets	88,188	87,854
Total assets	8,048,493	8,086,088
Current liabilities:
Line of credit	95,800	166,000
Accounts payable	152,089	159,129
Derivative liabilities	8,219	1,802
Accrued and other current liabilities	253,099	295,024
Total current liabilities	509,207	621,955
Total long-term debt	3,489,268	3,388,986
Other non-current liabilities	128,012	134,551
Total liabilities	4,126,487	4,145,492
Commitments and contingencies (Note 3)
Buckeye Partners, L.P. capital:
Accumulated other comprehensive loss	-111,990	-115,288
Total Buckeye Partners, L.P. capital	3,674,327	3,702,628
Noncontrolling interests	247,679	237,968
Total partners' capital	3,922,006	3,940,596
Total liabilities and partners' capital	8,048,493	8,086,088
LP Units
Buckeye Partners, L.P. capital:
Limited Partners	$3,786,317	$3,817,916

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP Units)	Mar. 31, 2015	Dec. 31, 2014
LP Units
Limited Partners, units outstanding	127,285,171	127,043,317

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$111,164	$91,497
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	53,776	42,991
Net changes in fair value of derivatives	54,387	-12,684
Non-cash deferred lease expense		909
Amortization of unfavorable storage contracts	-2,768	-2,768
Earnings from equity investments	-2,134	-1,266
Distributions from equity investments	500	125
Other non-cash items	12,463	6,585
Change in assets and liabilities, net of amounts related to acquisitions:
Accounts receivables	-7,477	-91,810
Construction and pipeline relocation receivables	3,539	1,219
Inventories	87,405	-104,980
Prepaid and other current assets	-14,752	2,071
Accounts payable	-12,638	60,777
Accrued and other current liabilities	-41,891	-36,867
Other non-current assets	-1,898	1,141
Other non-current liabilities	-2,053	-4,558
Net cash provided by (used in) operating activities	237,623	-47,618
Cash flows from investing activities:
Capital expenditures	-134,024	-109,864
Acquisitions, net of working capital settlement	-2,812
Proceeds from disposal of property, plant and equipment	17	21
Net cash used in investing activities	-136,819	-109,843
Cash flows from financing activities:
Net proceeds from issuance of units	3,682	52,217
Net proceeds from exercise of unit options	136	269
Payment of tax withholding on issuance of LTIP awards	-6,465	-4,744
Debt issuance costs	-360	-10
Borrowings under BPL Credit Facility	392,000	405,000
Repayments under BPL Credit Facility	-292,000	-264,000
Net (repayments) borrowings under BMSC Credit Facility	-70,200	122,000
Contributions from noncontrolling interests	12,600
Distributions paid to noncontrolling interests	-1,908	-1,953
Distributions paid to unitholders	-144,294	-124,954
Net cash (used in) provided by financing activities	-106,809	183,825
Net (decrease) increase in cash and cash equivalents	-6,005	26,364
Cash and cash equivalents - Beginning of period	8,208	4,950
Cash and cash equivalents - End of period	$2,203	$31,314

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (USD $)	LP Units	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
In Thousands
Beginning balance at Dec. 31, 2013	$3,169,217	($103,552)	$15,171	$3,080,836
Net income	90,468		1,029	91,497
Distributions paid to unit holders	-125,806		852	-124,954
Net proceeds from issuance of units	52,217			52,217
Amortization of unit-based compensation awards	3,252			3,252
Net proceeds from exercise of unit options	269			269
Payment of tax withholding on issuance of LTIP awards	-4,744			-4,744
Distributions paid to noncontrolling interests			-1,953	-1,953
Other comprehensive income		-7,432		-7,432
Noncash accrual for distribution equivalent rights	-300			-300
Other	13		-74	-61
Ending balance at Mar. 31, 2014	3,184,586	-110,984	15,025	3,088,627
Beginning balance at Dec. 31, 2014	3,817,916	-115,288	237,968	3,940,596
Net income	111,611		-447	111,164
Adjustment to value of noncontrolling equity interest in acquisition			-1,220	-1,220
Distributions paid to unit holders	-145,382		1,088	-144,294
Contributions from noncontrolling interests			12,600	12,600
Net proceeds from issuance of units	3,682			3,682
Amortization of unit-based compensation awards	5,213			5,213
Net proceeds from exercise of unit options	136			136
Payment of tax withholding on issuance of LTIP awards	-6,465			-6,465
Distributions paid to noncontrolling interests			-1,908	-1,908
Other comprehensive income		3,298		3,298
Noncash accrual for distribution equivalent rights	-794			-794
Other	400		-402	-2
Ending balance at Mar. 31, 2015	$3,786,317	($111,990)	$247,679	$3,922,006

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION
	1.  ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	Buckeye Partners, L.P. is a publicly traded Delaware master limited partnership and its limited partnership units representing limited partner interests (“LP Units”) are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BPL.”  Buckeye GP LLC (“Buckeye GP”) is our general partner.  As used in these Notes to Unaudited Condensed Consolidated Financial Statements, “we,” “us,” “our” and “Buckeye” mean Buckeye Partners, L.P. and, where the context requires, includes our subsidiaries.
	Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products.  We are one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, miles of pipeline and active products terminals across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast and Gulf Coast regions of the United States and in the Caribbean.  Our flagship marine terminal in The Bahamas, Bahamas Oil Refining Company International Limited (“BORCO”), is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for petroleum products.  Our network of marine terminals enables us to facilitate global flows of crude oil, refined petroleum products, and other commodities, and to offer our customers connectivity to some of the world’s most important bulk storage and blending hubs.  In September 2014, we expanded our network of marine midstream assets by acquiring a controlling interest in a company with assets located in Corpus Christi and the Eagle Ford play in Texas.  We are also a wholesale distributor of refined petroleum products in certain areas served by our pipelines and terminals.  Finally, Buckeye operates and/or maintains third party pipelines under agreements with major oil and gas, petrochemical and chemical companies, and performs certain engineering and construction management services for third parties.
	On December 31, 2014, we completed the sale of our Natural Gas Storage disposal group and have reported the final working capital adjustments as discontinued operations for the three months ended March 31, 2015.  For additional information, see our Annual Report on Form 10-K for the year ended December 31, 2014.
	Basis of Presentation and Principles of Consolidation
	The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles and the rules of the U.S. Securities and Exchange Commission.  Accordingly, our financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of our results of operations for the interim periods.  The unaudited condensed consolidated financial statements include the accounts of our subsidiaries controlled by us and variable interest entities (“VIE”) of which we are the primary beneficiary. We have eliminated all intercompany transactions in consolidation.
	We believe that the disclosures in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading.  These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2014.
	Recent Accounting Developments
	Debt Issuance Costs.  In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance to simplify the presentation of debt issuance costs. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements.
	Consolidations.  In February 2015, the FASB issued guidance changing the criteria for reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments require additional testing to determine if a legal entity qualifies as a VIE and whether the entity should be consolidated. These provisions are effective prospectively for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements.

ACQUISITION

ACQUISITION	3 Months Ended
	Mar. 31, 2015
ACQUISITION
ACQUISITION
	2.  ACQUISITION
	In September 2014, we acquired an 80% interest in Buckeye Texas LLC (“Buckeye Texas”), a newly-formed entity, for $816.1 million, net of cash acquired of $15.0 million and settlement of working capital and capital expenditure adjustments of $4.9 million required by the contribution agreement with Trafigura Corpus Christi Holdings, Inc. (the “Buckeye Texas Partners Transaction”).  Buckeye Texas and its subsidiaries, which are owned jointly with Trafigura Trading LLC, formerly known as Trafigura AG (“Trafigura”), are constructing a vertically integrated system of midstream assets, including a deep-water, high volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter and liquefied petroleum gas storage complex in Corpus Christi, Texas and three crude oil and condensate gathering facilities in the Eagle Ford play.  The initial build-out of these facilities has been and continues to be funded through additional partnership contributions by us and Trafigura based on our respective ownership interests. Concurrent with this acquisition, we entered into multi-year storage and throughput commitments with Trafigura that support substantially all the capacity and cash flows expected from these assets. Buckeye Texas does not have sufficient resources to complete its initial build-out and activities without financial support of its joint owners. Accordingly, we concluded Buckeye Texas is a VIE of which we are the primary beneficiary. In making this conclusion, we evaluated the activities that significantly impact the economics of the VIE, including our role to perform all services reasonably required to construct, operate and maintain the assets. We consolidated Buckeye Texas due to our conclusion that Buckeye Texas is a VIE of which we are the primary beneficiary. The operations of these assets are reported in the Global Marine Terminals segment.
	The acquisition cost has been allocated on a preliminary basis to assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with amounts exceeding the fair value recorded as goodwill, which represents both expected synergies from combining the Buckeye Texas operations with our existing operations and the economic value attributable to future expansion projects resulting from this acquisition.  Fair values have been developed using recognized business valuation techniques.  The estimates of fair value reflected as of March 31, 2015 are subject to change pending final valuation analysis.  The purchase price has been allocated to tangible and intangible assets acquired and liabilities assumed as follows (in thousands):
	Current assets	$	23,461
	Property, plant and equipment	527,390
	Intangible assets	376,000
	Goodwill	167,319
	Current liabilities	(55,283		)
	Noncontrolling interests	(207,778		)
	Allocated purchase price	$	831,109
	The pro forma impact of this acquisition was not significant to our results for the three months ended March 31, 2015 or 2014, as significant assets are still under construction.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	3.  COMMITMENTS AND CONTINGENCIES
	Claims and Legal Proceedings
	In the ordinary course of business, we are involved in various claims and legal proceedings, some of which are covered by insurance.  We are generally unable to predict the timing or outcome of these claims and proceedings.  Based upon our evaluation of existing claims and proceedings and the probability of losses relating to such contingencies, we have accrued certain amounts relating to such claims and proceedings, none of which are considered material.
	Pennsauken Allisions.  Our terminal located in Pennsauken, New Jersey suffered two allisions in the second half of 2014.  The first occurred on August 5, 2014, when a vessel allided with our terminal’s ship dock.  Repairs and rebuild have commenced and are expected to cost between $5 million and $10 million.  Security for our claim has been provided by the vessel owner’s insurers, in the amount of $17 million, reserving all of their defenses.  We have commenced litigation against the vessel and her owner.  They have stipulated to liability, so the only issue is the amount of Buckeye’s damages.  The second incident occurred on October 5, 2014, when a tug and barge struck and damaged a second dock operated at the Pennsauken facility.  The tug and barge owners have commenced proceedings to limit their liability to $1 million and $5 million, respectively.  We have put the tug and barge owners on notice of our intent to pursue them for reimbursement.  Repairs are expected to cost between $10 million and $12 million for the October incident.  We also are suffering loss-of-use damages as a result of the above allisions as the two incidents together have impacted the ability of vessels to call at the terminal.  We are in the process of making modifications to two other berths, which we expect to cost between $4 million and $5 million, to offset the loss of revenue impact of the allisions on access to the terminal.  Investigations of the incidents as well as our rights to recover our losses are ongoing.  We are insured for all property damage losses with respect to the allisions, subject to a $10.0 million deductible per occurrence.  We also are insured for loss of use, subject to a 30 day deductible.  The loss of use insurers are involved in the recovery efforts.  As of March 31, 2015 we had a $6.0 million receivable included in “Other non-current assets” in our unaudited condensed consolidated balance sheet, representing expected reimbursement of third party expenses.
	BORCO Jetty.  On May 25, 2012, a ship, Cape Bari, allided with a jetty at our BORCO facility while berthing, causing damage to portions of the jetty.  Buckeye has insurance to cover this loss, subject to a $5.0 million deductible.  On May 26, 2012, we commenced legal proceedings in The Bahamas against the vessel’s owner and the vessel to obtain security for the cost of repairs and other losses incurred as a result of the incident.  Full security for our claim has been provided by the vessel owner’s insurers, reserving all of their defenses.  We also have notified the customer on whose behalf the vessel was at the BORCO facility that we intend to hold them responsible for all damages and losses resulting from the incident pursuant to the terms of an agreement between the parties.  Any disputes between us and our customer on this matter are subject to arbitration in Houston, Texas.
	The vessel owner has claimed that it is entitled to limit its liability to $17.0 million, but we are contesting the right of the vessel owner to such limitation.  The Bahamas court of first instance denied the vessel owner the right to limit its liability for the incident, leaving the vessel owner responsible for all provable damages.  The vessel owner appealed, and The Bahamas Court of Appeals reversed, holding that the vessel owner may limit its liability.  Our application for leave to appeal the Court of Appeals’ decision to the Privy Council was granted, and the appeal has been filed.  We can express no view on whether The Bahamas Court of Appeals decision ultimately will be affirmed or reversed.
	We experienced no material interruption of service at the BORCO facility as a result of the incident, and the repairs and reconstruction of the damaged sections are complete.
	The aggregate cost to repair and reconstruct the damaged portions of the jetty and pursue recovery in court has been $23.0 million.  We recorded a loss on disposal due to the assets destroyed in the incident and other related costs incurred; however, since we believe recovery of our losses is probable, we recorded a corresponding receivable.  As of March 31, 2015, we had a $6.2 million receivable included in “Other non-current assets” in our unaudited condensed consolidated balance sheet, representing reimbursement of the deductible and other third party expenses.  Additionally, we have received insurance reimbursements of $16.0 million, and to the extent the aggregate proceeds from the recovery of our losses is in excess of the carrying value of the destroyed assets or other costs incurred, we will recognize a gain when such proceeds are received and are not refundable.  Our insurers have paid most of the claim and are now parties in The Bahamas litigation.  As of March 31, 2015, no gain had been recognized; however, we recorded a $14.1 million deferred gain in “Accrued and other current liabilities” in our unaudited condensed consolidated balance sheet, representing excess proceeds received over the loss on disposal and other costs incurred.
	On May 12, 2014, the vessel owner filed a third-party complaint against BORCO and a BORCO subsidiary, Borco Towing Company Limited, alleging negligence by the pilots and tugs that assisted the Cape Bari berth.  We are investigating those allegations, but, at this time, we believe that we have defenses and intend to defend ourselves and pursue our claims against the vessel owner.  BORCO and Borco Towing Company Limited are insured for the alleged liability, subject to an applicable deductible, and the liability insurers are participating in the defense.
	Federal Energy Regulatory Commission (“FERC”) Proceedings
	FERC Docket No. OR12-28-000 — Airlines Complaint against Buckeye Pipe Line Company, L.P. (“BPLC”) New York City Jet Fuel Rates.  On September 20, 2012, a complaint was filed with FERC by Delta Air Lines, JetBlue Airways, United/Continental Air Lines, and US Airways challenging BPLC’s rates for transportation of jet fuel from New Jersey to three New York City airports.  The complaint was not directed at BPLC’s rates for service to other destinations and does not involve pipeline systems and terminals owned by Buckeye’s other operating subsidiaries.  The complaint challenges these jet fuel transportation rates as generating revenues in excess of costs and thus being “unjust and unreasonable” under the Interstate Commerce Act.  On October 10, 2012, BPLC filed its answer to the complaint, contending that the airlines’ allegations are based on inappropriate adjustments to the pipeline’s costs and revenues, and that, in any event, any revenue recovery by BPLC in excess of costs would be irrelevant because BPLC’s rates are set under a FERC-approved program that ties rates to competitive levels.  BPLC also sought dismissal of the complaint to the extent it seeks to challenge the portion of BPLC’s rates that were deemed just and reasonable, or “grandfathered,” under Section 1803 of the Energy Policy Act of 1992.  BPLC further contested the airlines’ ability to seek relief as to past charges where the rates are lawful under BPLC’s FERC-approved rate program.  On October 25, 2012, the complainants filed their answer to BPLC’s motion to dismiss and answer.  On November 9, 2012, BPLC filed a response addressing newly raised arguments in the complainants’ October 25th answer.  On February 22, 2013, FERC issued an order setting the airline complaint in Docket (“Dkt.”) No. OR12-28-000 for hearing, but holding the hearing in abeyance and setting the dispute for settlement procedures before a settlement judge.  If FERC were to find these challenged rates to be in excess of costs and not otherwise protected by law, it could order BPLC to reduce these rates prospectively and could order repayment to the complaining airlines of any past charges found to be in excess of just and reasonable levels for up to two years prior to the filing date of the complaint.  BPLC intends to vigorously defend its rates.  On March 8, 2013, an order was issued consolidating, for settlement purposes, this complaint proceeding with the proceeding regarding BPLC’s application for market-based rates in the New York City market in Dkt. No. OR13-3-000 (discussed below), and settlement discussions under the supervision of the FERC settlement judge continued until April 2014.  On April 1, 2014, the FERC settlement judge issued a status report stating that the parties had been unable to reach a settlement, and recommending that both Dkt. Nos. OR12-28-000 and OR13-3-000 be set for hearing.  The settlement judge further recommended that settlement procedures under the supervision of the settlement judge continue concurrently because the parties hope to continue settlement talks after the commencement of litigation.  On April 17, 2014, the FERC Chief Administrative Law Judge (the “ALJ”) ruled in favor of separate proceedings and of continuing the existing settlement procedures concurrently with litigation.  In May 2014, a procedural schedule was established for this matter, providing for a hearing in March 2015, which occurred, and an initial decision by August 2015.  The hearing was conducted on April 1, 2015, and the parties are proceeding with briefing.  As a result of developments in ongoing settlement talks regarding Dkt. Nos. OR12-28-000, OR13-3-000 (discussed below) and OR 14-41-000 (discussed below), we recorded an accrual and a corresponding reduction in revenue in the amount of $40.0 million in the quarter ended December 31, 2014 in our Pipelines & Terminals segment.  While we continue to pursue settlement of this matter, we are not able to predict with certainty the timing or final outcome of the proceeding, should it be carried through to its conclusion, or whether we can reach a satisfactory settlement and, if so, whether or not it will be on more or less favorable terms.
	FERC Docket No. OR14-41-000 — American Airlines Complaint against BPLC New York City Jet Fuel Rates.  On September 17, 2014, a complaint was filed with FERC by American Airlines.  It is similar to the Dkt. No. OR12-28-000 complaint (see above) in that it challenges BPLC’s rates for transportation of jet fuel from New Jersey to the three New York City airports, is not directed at BPLC’s rates for service to other destinations, and does not involve pipeline systems and terminals owned by Buckeye’s other operating subsidiaries.  The complaint’s allegations are virtually identical to those in the other airline complaint proceeding.  On October 7, 2014, BPLC filed its answer to the complaint, contesting the airline’s allegations and presenting certain legal defenses to relief sought by the airline.  On December 18, 2014, FERC issued an order setting the complaint for hearing, but holding the hearing in abeyance and setting the dispute for settlement procedures before a settlement judge.  If FERC were to find these challenged rates to be in excess of costs and not otherwise protected by law, it could order BPLC to reduce these rates prospectively and could order repayment to the complaining airline of any past charges found to be in excess of just and reasonable levels for up to two years prior to the filing date of the complaint.  BPLC intends to vigorously defend its rates.
	FERC Docket No. OR13-3-000 — BPLC’s Market-Based Rate Application.  On October 15, 2012, BPLC filed an application with FERC seeking authority to charge market-based rates for deliveries of liquid petroleum products to the New York City-area market (the “Application”).  In the Application, BPLC seeks to charge market-based rates from its three origin points in northeastern New Jersey to its five destinations on its Long Island System, including deliveries of jet fuel to the Newark, LaGuardia, and JFK airports.  The jet fuel rates were also the subject of the airlines’ Dkt. No. OR12-28-000 complaint discussed above.  On December 14, 2012, Delta Air Lines, JetBlue Airways, United/Continental Air Lines, and US Airways filed a joint intervention and protest challenging the Application and requesting its rejection.  On January 14, 2013, BPLC filed its answer to the protest and requested summary disposition as to those non-jet-fuel rates that were not challenged in the protest.  On January 29, 2013, the protestants responded to BPLC’s answer, and on February 13, 2013, BPLC filed a further answer to the protestants’ January 29, 2013 pleading.  On February 28, 2013, FERC issued an order setting the Application for hearing, holding the hearing in abeyance and setting the dispute for settlement procedures before a settlement judge.  As discussed above, the Application has been consolidated with the complaint proceeding in Dkt. No. OR12-28-000 for settlement purposes and the settlement judge has reported to the FERC and the Chief ALJ that the application should be set for hearing.  The settlement judge also recommended that settlement procedures under the supervision of the settlement judge continue concurrently because the parties hope to continue settlement talks after the commencement of litigation.  As noted above, the FERC Chief ALJ ruled that Dkt. No. OR13-3-000 will proceed separately from the Dkt. No. OR12-28-000 proceeding and that the existing settlement procedures will continue concurrently with litigation.  If FERC were to approve the Application, BPLC would be permitted prospectively to set these rates in response to competitive forces, and the basis for the airlines’ claim for relief in their Dkt. No. OR12-28-000 complaint as to BPLC’s future rates would be irrelevant prospectively.  The timing or outcome of FERC’s review of the Application cannot reasonably be determined at this time.
	Environmental Contingencies
	We recorded operating expenses, net of insurance recoveries, of $1.4 million and $0.6 million during the three months ended March 31, 2015 and 2014, respectively, related to environmental remediation liabilities unrelated to claims and legal proceedings.  As of each of March 31, 2015 and December 31, 2014, we recorded environmental remediation liabilities of $52.3 million.  Costs incurred may be in excess of our estimate, which may have a material impact on our financial condition, results of operations or cash flows.  At March 31, 2015 and December 31, 2014, we had $18.5 million and $13.6 million, respectively, of receivables related to these environmental remediation liabilities covered by insurance or third party claims.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2015
INVENTORIES
INVENTORIES
	4.  INVENTORIES
	Our inventory amounts were as follows at the dates indicated (in thousands):
			March 31,		December 31,
			2015		2014
	Liquid petroleum products (1)		$	139,267	$	226,898
	Materials and supplies		16,803		16,577
	Total inventories		$	156,070	$	243,475
		-1		Ending inventory was 85.4 million and 140.3 million gallons of liquid petroleum products at March 31, 2015 and December 31, 2014, respectively.
	At March 31, 2015 and at December 31, 2014, approximately 90% of our liquid petroleum products inventory volumes were designated in a fair value hedge relationship.  Because we generally designate inventory as a hedged item upon purchase, hedged inventory is valued at current market prices with the change in value of the inventory reflected in our unaudited condensed consolidated statements of operations.  Our inventory volumes that are not designated as the hedged item in a fair value hedge relationship are economically hedged to reduce our commodity price exposure.  Inventory not accounted for as a fair value hedge is accounted for at the lower of cost or market using the weighted average cost method.

PREPAID_AND_OTHER_CURRENT_ASSE

PREPAID AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2015
PREPAID AND OTHER CURRENT ASSETS
PREPAID AND OTHER CURRENT ASSETS
	5.  PREPAID AND OTHER CURRENT ASSETS
	Prepaid and other current assets consist of the following at the dates indicated (in thousands):
		March 31,		December 31,
		2015		2014
	Prepaid insurance	$	4,574	$	9,918
	Margin deposits	15,281		—
	Unbilled revenue	3,385		3,556
	Prepaid taxes	2,050		2,492
	Vendor prepayments	84		136
	Other	14,438		8,953
	Total prepaid and other current assets	$	39,812	$	25,055

EQUITY_INVESTMENTS

EQUITY INVESTMENTS	3 Months Ended
	Mar. 31, 2015
EQUITY INVESTMENTS
EQUITY INVESTMENTS
	6.  EQUITY INVESTMENTS
	The following table presents earnings from equity investments for the periods indicated (in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Muskegon Pipeline LLC	$	87		$	249
	Transport4, LLC	(32		)	67
	West Shore Pipe Line Company	1,778			660
	South Portland Terminal LLC	301			290
	Total earnings from equity investments	$	2,134		$	1,266
	Summarized combined income statement data for our equity method investments are as follows for the periods indicated (amounts represent 100% of investee income statement data in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Revenue	$	21,472		$	19,694
	Costs and expenses	(9,738		)	(11,422		)
	Non-operating expense	(4,296		)	(2,721		)
	Net income	$	7,438		$	5,551

DERIVATIVE_INSTRUMENTS_AND_HED

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
	7.  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
	We are exposed to financial market risks, including changes in interest rates and commodity prices, in the course of our normal business operations.  We use derivative instruments to manage risks.
	Interest Rate Derivatives
	From time to time, we utilize forward-starting interest rate swaps to hedge the variability of the forecasted interest payments on anticipated debt issuances that may result from changes in the benchmark interest rate until the expected debt is issued.  During 2014, we settled our remaining interest rate swaps relating to the forecasted refinancing of the $275.0 million of 5.300% Notes due on October 15, 2014.  The losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized into interest expense over the remaining term of the debt covered by the interest rate swaps.  Over the next twelve months, we expect to reclassify $12.2 million of net losses from accumulated other comprehensive loss to interest and debt expense.  The losses consist of settled forward-starting interest rate swaps, partially offset by a gain attributable to the settlement of a treasury lock agreement.
	Commodity Derivatives
	Our Merchant Services segment primarily uses exchange-traded refined petroleum product futures contracts to manage the risk of market price volatility on its refined petroleum product inventories and its physical derivative contracts.  The futures contracts used to hedge refined petroleum product inventories are designated as fair value hedges with changes in fair value of both the futures contracts and physical inventory reflected in earnings.  Physical contracts and futures contracts that have not been designated in a hedge relationship are marked-to-market.
	The following table summarizes our commodity derivative instruments outstanding at March 31, 2015 (amounts in thousands of gallons):
			Volume (1)				Accounting
	Derivative Purpose		Current		Long-Term		Treatment
	Derivatives NOT designated as hedging instruments:
	Physical fixed price derivative contracts		4,058		2,759		Mark-to-market
	Physical index derivative contracts		43,300		—		Mark-to-market
	Futures contracts for refined petroleum products		6,952		4,704		Mark-to-market
	Derivatives designated as hedging instruments:
	Futures contracts for refined petroleum products		76,670		—		Fair Value Hedge
		-1		Volume represents absolute value of net notional volume position.
	The following table sets forth the fair value of each classification of derivative instruments and the locations of the derivative instruments on our unaudited condensed consolidated balance sheets at the dates indicated (in thousands):
			March 31, 2015
			Derivatives			Derivatives						Netting
			NOT Designated			Designated			Derivative			Balance
			as Hedging			as Hedging			Carrying			Sheet
			Instruments			Instruments			Value			Adjustment (1)			Net Total
	Physical fixed price derivative contracts		$	20,628		$	—		$	20,628		$	1,066		$	21,694
	Physical index derivative contracts		95			—			95			(55		)	40
	Futures contracts for refined products		44,463			1,630			46,093			(46,093		)	—
	Total current derivative assets		65,186			1,630			66,816			(45,082		)	21,734
	Physical fixed price derivative contracts		621			—			621			(32		)	589
	Futures contracts for refined products		26			—			26			(26		)	—
	Total non-current derivative assets		647			—			647			(58		)	589
	Physical fixed price derivative contracts		(2,319		)	—			(2,319		)	(1,066		)	(3,385		)
	Physical index derivative contracts		(107		)	—			(107		)	55			(52		)
	Futures contracts for refined products		(50,870		)	(5		)	(50,875		)	46,093			(4,782		)
	Total current derivative liabilities		(53,296		)	(5		)	(53,301		)	45,082			(8,219		)
	Physical fixed price derivative contracts		(34		)	—			(34		)	32			(2		)
	Futures contracts for refined products		(829		)	—			(829		)	26			(803		)
	Total non-current derivative liabilities		(863		)	—			(863		)	58			(805		)
	Net derivative assets		$	11,674		$	1,625		$	13,299		$	—		$	13,299
		-1		Amounts represent the netting of physical fixed and index contracts’ assets and liabilities when a legal right of offset exists.  Futures contracts are subject to settlement through margin requirements and are additionally presented on a net basis.
			December 31, 2014
			Derivatives			Derivatives						Netting
			NOT Designated			Designated			Derivative			Balance
			as Hedging			as Hedging			Carrying			Sheet
			Instruments			Instruments			Value			Adjustment (1)			Net Total
	Physical fixed price derivative contracts		$	42,005		$	—		$	42,005		$	(12	)	$	41,993
	Physical index derivative contracts		112			—			112			(59		)	53
	Futures contracts for refined products		150,352			30,702			181,054			(153,911		)	27,143
	Total current derivative assets		192,469			30,702			223,171			(153,982		)	69,189
	Physical fixed price derivative contracts		2,919			—			2,919			—			2,919
	Total non-current derivative assets		2,919			—			2,919			—			2,919
	Physical fixed price derivative contracts		(1,502		)	—			(1,502		)	12			(1,490		)
	Physical index derivative contracts		(371		)	—			(371		)	59			(312		)
	Futures contracts for refined products		(153,911		)	—			(153,911		)	153,911			—
	Total current derivative liabilities		(155,784		)	—			(155,784		)	153,982			(1,802		)
	Physical fixed price derivative contracts		(5		)	—			(5		)	—			(5		)
	Futures contracts for refined products		(2,615		)	—			(2,615		)	—			(2,615		)
	Total non-current derivative liabilities		(2,620		)	—			(2,620		)	—			(2,620		)
	Net derivative assets		$	36,984		$	30,702		$	67,686		$	—		$	67,686
		-1		Amounts represent the netting of physical fixed and index contracts’ assets and liabilities when a legal right of offset exists.  Futures contracts are subject to settlement through margin requirements and are additionally presented on a net basis.
	Our hedged inventory portfolio extends to the fourth quarter of 2015.  The majority of the unrealized gain at March 31, 2015 for inventory hedges represented by futures contracts of $1.6 million will be realized by the second quarter of 2015 as the related inventory is sold.  At March 31, 2015, open refined petroleum product derivative contracts (represented by the physical fixed-price contracts, physical index contracts, and futures contracts for fixed-price sales contracts noted above) varied in duration in the overall portfolio, but did not extend beyond September 2016.  In addition, at March 31, 2015, we had refined petroleum product inventories that we intend to use to satisfy a portion of the physical derivative contracts.
	The gains and losses on our derivative instruments recognized in income were as follows for the periods indicated (in thousands):
					Three Months Ended
					March 31,
			Location		2015			2014
Derivatives NOT designated as hedging instruments:
Physical fixed price derivative contracts		Product sales		$	7,055		$	(3,372	)
Physical index derivative contracts		Product sales		(5		)	6
Physical fixed price derivative contracts		Cost of product sales		2,639			1,411
Physical index derivative contracts		Cost of product sales		(156		)	(192		)
Futures contracts for refined products		Cost of product sales		8,705			6,488
Derivatives designated as fair value hedging instruments:
Futures contracts for refined products		Cost of product sales		(17,847		)	1,279
Physical inventory - hedged items		Cost of product sales		9,424			(6,225		)
Ineffectiveness excluding the time value component on fair value hedging instruments:
Fair value hedge ineffectiveness (excluding time value)		Cost of product sales		$	1,066		$	4,732
Time value excluded from hedge assessment		Cost of product sales		(9,489		)	(9,678		)
Net loss in income				$	(8,423	)	$	(4,946	)
The losses reclassified from accumulated other comprehensive income (“AOCI”) to income and the change in value recognized in other comprehensive income (“OCI”) on our derivatives were as follows for the periods indicated (in thousands):
				Loss Reclassified
				from AOCI to Income for the
				Three Months Ended
				March 31,
		Location		2015			2014
Derivatives designated as cash flow hedging instruments:
Interest rate contracts		Interest and debt expense		$	(3,037	)	$	(1,779	)
		Loss Recognized
		in OCI on Derivatives for the
		Three Months Ended
		March 31,
		2015			2014
Derivatives designated as cash flow hedging instruments:
Interest rate contracts		$	—		$	(9,604	)

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
	8.  FAIR VALUE MEASUREMENTS
	We categorize our financial assets and liabilities using the three-tier hierarchy as follows:
	Recurring
	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis, as of the measurement dates indicated, and the basis for that measurement, by level within the fair value hierarchy (in thousands):
		March 31, 2015						December 31, 2014
		Level 1			Level 2			Level 1			Level 2
	Financial assets:
	Physical fixed price derivative contracts	$	—		$	22,283		$	—		$	44,912
	Physical index derivative contracts	—			40			—			53
	Futures contracts for refined products	—			—			27,143			—
	Financial liabilities:
	Physical fixed price derivative contracts	—			(3,387		)	—			(1,495		)
	Physical index derivative contracts	—			(52		)	—			(312		)
	Futures contracts for refined products	(5,585		)	—			(2,615		)	—
	Fair value	$	(5,585	)	$	18,884		$	24,528		$	43,158
	The values of the Level 1 derivative assets and liabilities were based on quoted market prices obtained from the New York Mercantile Exchange.
	The values of the Level 2 interest rate derivatives were determined using expected cash flow models, which incorporated market inputs including the implied forward London Interbank Offered Rate yield curve for the same period as the future interest rate swap settlements.
	The values of the Level 2 commodity derivative contracts were calculated using market approaches based on observable market data inputs, including published commodity pricing data, which is verified against other available market data, and market interest rate and volatility data.  Level 2 fixed price derivative assets are net of credit value adjustments (“CVAs”) determined using an expected cash flow model, which incorporates assumptions about the credit risk of the derivative contracts based on the historical and expected payment history of each customer, the amount of product contracted for under the agreement and the customer’s historical and expected purchase performance under each contract.  The Merchant Services segment determined CVAs are appropriate because few of the Merchant Services segment’s customers entering into these derivative contracts are large organizations with nationally-recognized credit ratings.  The Level 2 fixed price derivative assets of $22.3 million and $44.9 million as of March 31, 2015 and December 31, 2014, respectively, are net of CVAs of ($0.1) million for both periods, respectively.  As of March 31, 2015, the Merchant Services segment did not hold any net liability derivative position containing credit contingent features.
	Financial instruments included in current assets and current liabilities are reported in the unaudited condensed consolidated balance sheets at amounts which approximate fair value due to the relatively short period to maturity of these financial instruments.  The fair values of our fixed-rate debt were estimated by observing market trading prices and by comparing the historic market prices of our publicly issued debt with the market prices of the publicly-issued debt of other master limited partnerships with similar credit ratings and terms.  The fair values of our variable-rate debt are their carrying amounts, as the carrying amount reasonably approximates fair value due to the variability of the interest rates.  The carrying value and fair value, using Level 2 input values, of our debt were as follows at the dates indicated (in thousands):
		March 31, 2015						December 31, 2014
		Carrying			Fair Value			Carrying			Fair Value
		Amount						Amount
	Fixed-rate debt	$	3,389,268		$	3,510,848		$	3,388,986		$	3,465,973
	Variable-rate debt	195,800			195,800			166,000			166,000
	Total debt	$	3,585,068		$	3,706,648		$	3,554,986		$	3,631,973
	We recognize transfers between levels within the fair value hierarchy as of the beginning of the reporting period.  We did not have any transfers between Level 1 and Level 2 during the three months ended March 31, 2015 and 2014, respectively.
	Non-Recurring
	Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. For the three months ended March 31, 2015 and 2014, there were no fair value adjustments related to such assets or liabilities reflected in our unaudited condensed consolidated financial statements.

PENSIONS_AND_OTHER_POSTRETIREM

PENSIONS AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2015
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
	9.PENSIONS AND OTHER POSTRETIREMENT BENEFITS
	Buckeye Pipe Line Services Company, which employs the majority of our workforce, sponsors a defined benefit plan, the Retirement Income Guarantee Plan (the “RIGP”), and an unfunded post-retirement benefit plan (the “Retiree Medical Plan”).  The components of the net periodic benefit cost for the RIGP and Retiree Medical Plan were as follows for the three months ended March 31, 2015 and 2014 (in thousands):
		RIGP						Retiree Medical Plan
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2015			2014			2015		2014
	Service cost	$	3		$	54		$	91	$	108
	Interest cost	138			134			333		352
	Expected return on plan assets	(84		)	(98		)	—		—
	Amortization of prior service credit	—			—			—		(406		)
	Amortization of unrecognized losses	211			308			50		298
	Actuarial loss due to settlements	—			193			—		—
	Net periodic benefit cost	$	268		$	591		$	474	$	352
	During the three months ended March 31, 2015 and 2014, we contributed $0.2 million and $0.9 million, respectively, in aggregate to the RIGP and Retiree Medical Plan.

UNITBASED_COMPENSATION_PLANS

UNIT-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2015
UNIT-BASED COMPENSATION PLANS
UNIT-BASED COMPENSATION PLANS
	10.  UNIT-BASED COMPENSATION PLANS
	We award unit-based compensation to employees and directors primarily under the Buckeye Partners, L.P. 2013 Long-Term Incentive Plan (the “LTIP”).  We formerly awarded options to acquire LP Units to employees pursuant to the Buckeye Partners, L.P. Unit Option and Distribution Equivalent Plan (the “Option Plan”).  These compensation plans are further discussed below.
	We recognized compensation expense from continuing operations related to the LTIP and the Option Plan of $5.2 million and $3.1 million for the three months ended March 31, 2015 and 2014, respectively.
	LTIP
	As of March 31, 2015, there were 2,591,300 LP Units available for issuance under the LTIP.
	Deferral Plan under the LTIP
	We also maintain the Buckeye Partners, L.P. Unit Deferral and Incentive Plan, as amended and restated effective February 4, 2015 (the “Deferral Plan”), pursuant to which we issue phantom and matching units under the LTIP to certain employees in lieu of a portion of the cash payments such employees would be entitled to receive under the Buckeye Partners, L.P. Annual Incentive Compensation Plan, as amended and restated, effective January 1, 2012.  At December 31, 2014 and 2013,  actual compensation awards deferred under the Deferral Plan were $1.7 million and $2.7 million, for which 54,592 and 75,870 phantom units (including matching units) were granted during the three months ended March 31, 2015,  and the year ended 2014, respectively.  These grants are included as granted in the LTIP activity table below.
	Awards under the LTIP
	During the three months ended March 31, 2015, the Compensation Committee of the Board granted 194,441 phantom units to employees (including the 54,592 phantom units granted pursuant to the Deferral Plan, as discussed above), 22,001 phantom units to independent directors of Buckeye GP and 201,874 performance units to employees.
	The following table sets forth the LTIP activity for the periods indicated (in thousands, except per unit amounts):
					Weighted
					Average
					Grant Date
			Number of		Fair Value
			LP Units		per LP Unit
	Unvested at January 1, 2015		906		$	63.56
	Granted		418		73.33
	Vested		(251	)	63.59
	Forfeited		(4	)	67.27
	Unvested at March 31, 2015		1,069		$	67.33
	At March 31, 2015, $46.7 million of compensation expense related to the LTIP is expected to be recognized over a weighted average period of 2.2 years.
	Option Plan
	The following is a summary of the changes in the options outstanding (all of which are vested) under the Option Plan for the periods indicated (in thousands, except per unit amounts):
							Weighted
					Weighted		Average
					Average		Remaining	Aggregate
			Number of		Strike Price		Contractual	Intrinsic
			LP Units		per LP Unit		Term (in years)	Value (1)
	Outstanding at January 1, 2015		26		$	48.18	1.6	$	703
	Exercised		(2	)	45.88
	Outstanding at March 31, 2015		24		48.36		1.4	$	647
	Exercisable at March 31, 2015		24		$	48.36	1.4	$	647
		-1		Aggregate intrinsic value reflects fully vested LP Unit options at the date indicated. Intrinsic value is determined by calculating the difference between our closing LP Unit price on the last trading day in March 2015 and the exercise price, multiplied by the number of exercisable, in-the-money options.
	The total intrinsic value of options exercised was $0.1 million during each of the three months ended March 31, 2015 and 2014.

PARTNERS_CAPITAL_AND_DISTRIBUT

PARTNERS' CAPITAL AND DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2015
PARTNERS' CAPITAL AND DISTRIBUTIONS
PARTNERS' CAPITAL AND DISTRIBUTIONS
	11.  PARTNERS’ CAPITAL AND DISTRIBUTIONS
	During the three months ended March 31, 2015, we sold approximately 49,000 LP Units in aggregate under the equity distribution agreements entered into in May 2013 with each of Wells Fargo Securities, LLC, Barclays Capital Inc., SunTrust Robinson Humphrey, Inc. and UBS Securities LLC (each an “Equity Distribution Agreement” and collectively the “Equity Distribution Agreements”).  We received $3.7 million in net proceeds after deducting commissions and other related expenses and paid $0.1 million of compensation in aggregate to the agents under the Equity Distribution Agreements.
	Summary of Changes in Outstanding Units
	The following is a summary of changes in LP Units outstanding for the periods indicated (in thousands):
	Outstanding at January 1, 2015		127,043
	LP Units issued pursuant to the Option Plan (1)		2
	LP Units issued pursuant to the LTIP (1)		191
	Issuance of LP Units through Equity Distribution Agreements		49
	Outstanding at March 31, 2015		127,285
		-1		The number of units issued represents issuance net of tax withholding.
	Distributions
	We generally make quarterly cash distributions to unitholders of substantially all of our available cash, generally defined in our partnership agreement as consolidated cash receipts less consolidated cash expenditures and such retentions for working capital, anticipated cash expenditures and contingencies as our general partner deems appropriate.  Actual cash distributions on our LP Units totaled $145.4 million and $125.8 million during the three months ended March 31, 2015 and 2014, respectively.
	On May 1, 2015, we announced a quarterly distribution of $1.15 per LP Unit that will be paid on May 18, 2015, to unitholders of record on May 11, 2015.  Based on the LP Units outstanding as of March 31, 2015, cash distributed to unitholders on May 18, 2015 will total $147.0 million.

EARNINGS_PER_UNIT

EARNINGS PER UNIT	3 Months Ended
	Mar. 31, 2015
EARNINGS PER UNIT
EARNINGS PER UNIT
	12.  EARNINGS PER UNIT
	The following table is a reconciliation of the weighted average units outstanding used in computing the basic and diluted earnings per unit for the periods indicated (in thousands, except per unit amounts):
		Three Months Ended
		March 31,
		2015		2014
	Net income attributable to Buckeye Partners, L.P.	$	111,611	$	90,468
	Basic:
	Weighted average units outstanding - basic	127,175		115,319
	Earnings per unit - basic	$	0.88	$	0.78
	Diluted:
	Weighted average units outstanding - basic	127,175		115,319
	Dilutive effect of LP Unit options and LTIP awards granted	432		477
	Weighted average units outstanding - diluted	127,607		115,796
	Earnings per unit - diluted	$	0.87	$	0.78

BUSINESS_SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2015
BUSINESS SEGMENTS
BUSINESS SEGMENTS
	13.  BUSINESS SEGMENTS
	We operate and report in four business segments: (i) Pipelines & Terminals; (ii) Global Marine Terminals; (iii) Merchant Services; and (iv) Development & Logistics.  Each segment uses the same accounting policies as those used in the preparation of our unaudited condensed consolidated financial statements.  All inter-segment revenues, operating income and assets have been eliminated.
	Pipelines & Terminals
	The Pipelines & Terminals segment receives liquid petroleum products from refineries, connecting pipelines, vessels, and bulk and marine terminals and transports those products to other locations for a fee and provides bulk storage and terminal throughput services in the continental United States.  This segment owns and operates pipeline systems and liquid petroleum products terminals in the continental United States, including five terminals owned by the Merchant Services segment but operated by the Pipelines & Terminals segment.  In addition, the segment has butane blending capabilities and provides crude oil services, including train off-loading, storage and throughput.
	Global Marine Terminals
	The Global Marine Terminals segment provides marine bulk storage and marine terminal throughput services in the East Coast and Gulf Coast regions of the United States and in the Caribbean.  The segment has liquid petroleum product terminals located in The Bahamas, Puerto Rico and St. Lucia in the Caribbean, Corpus Christi and the New York Harbor.
	Merchant Services
	The Merchant Services segment is a wholesale distributor of refined petroleum products in the United States and in the Caribbean. This segment recognizes revenues when products are delivered.  The segment’s products include gasoline, propane, ethanol, biodiesel and petroleum distillates such as heating oil, diesel fuel, kerosene and fuel oil.  The segment owns five terminals which are operated by the Pipelines & Terminals segment.  The segment’s customers consist principally of product wholesalers as well as major commercial users of these refined petroleum products.
	Development & Logistics
	The Development & Logistics segment consists primarily of our contract operations of third-party pipelines, which are owned principally by major oil and gas, petrochemical and chemical companies and are located primarily in Texas and Louisiana.  Additionally, this segment performs pipeline construction management services, typically for cost plus a fixed fee.  This segment also owns and operates two underground propane storage caverns in Indiana and Illinois and an ammonia pipeline, as well as our majority ownership of the Sabina Pipeline, located in Texas.
	The following table summarizes revenue by each segment for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Revenue:
	Pipelines & Terminals		$	225,256		$	218,539
	Global Marine Terminals		120,984			88,769
	Merchant Services		740,160			1,678,302
	Development & Logistics		18,849			16,832
	Intersegment		(17,149		)	(10,613		)
	Total revenue		$	1,088,100		$	1,991,829
	For the three months ended March 31, 2015 and 2014, no customer contributed 10% or more of consolidated revenue.
	The following table summarizes revenue for our continuing operations, by major geographic area, for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Revenue:
	United States		$	1,005,061		$	1,907,352
	International		83,039			84,477
	Total revenue		$	1,088,100		$	1,991,829
	Adjusted EBITDA
	Adjusted EBITDA is the primary measure used by our senior management, including our Chief Executive Officer, to: (i) evaluate our consolidated operating performance and the operating performance of our business segments; (ii) allocate resources and capital to business segments; (iii) evaluate the viability of proposed projects; and (iv) determine overall rates of return on alternative investment opportunities. Adjusted EBITDA eliminates: (i) non-cash expenses, including but not limited to, depreciation and amortization expense resulting from the significant capital investments we make in our businesses and from intangible assets recognized in business combinations; (ii) charges for obligations expected to be settled with the issuance of equity instruments; and (iii) items that are not indicative of our core operating performance results and business outlook.
	We believe that investors benefit from having access to the same financial measures that we use and that these measures are useful to investors because they aid in comparing our operating performance with that of other companies with similar operations.  The Adjusted EBITDA data presented by us may not be comparable to similarly titled measures at other companies because these items may be defined differently by other companies.
	The following tables present Adjusted EBITDA from continuing operations by segment and on a consolidated basis and a reconciliation of income from continuing operations to Adjusted EBITDA for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Adjusted EBITDA from continuing operations:
	Pipelines & Terminals		$	125,551		$	126,720
	Global Marine Terminals		74,418			53,703
	Merchant Services		8,442			3,133
	Development & Logistics		4,499			5,068
	Total Adjusted EBITDA from continuing operations		$	212,910		$	188,624
	Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
	Income from continuing operations		$	112,021		$	101,539
	Less: Net loss (income) attributable to noncontrolling interests		447			(1,029		)
	Income from continuing operations attributable to Buckeye Partners, L.P.		112,468			100,510
	Add:    Interest and debt expense		41,709			41,213
	Income tax expense (benefit)		239			(77		)
	Depreciation and amortization (1)		53,776			42,991
	Non-cash unit-based compensation expense		5,086			3,122
	Acquisition and transition expense		2,400			3,633
	Less:   Amortization of unfavorable storage contracts (2)		(2,768		)	(2,768		)
	Adjusted EBITDA from continuing operations		$	212,910		$	188,624
		-1		Includes 100% of the depreciation and amortization expense of $11.7 million for Buckeye Texas for the three months ended March 31, 2015.
		-2		Represents amortization of negative fair values allocated to certain unfavorable storage contracts acquired in connection with the BORCO acquisition.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2015
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION
	14.  SUPPLEMENTAL CASH FLOW INFORMATION
	Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Cash paid for interest (net of capitalized interest)	$	46,316	$	52,703
	Cash paid for income taxes	232		127
	Capitalized interest	5,924		2,042
	Non-cash investing activities:
	Increase (decrease) in accounts payable and accrued and other current liabilities related to capital expenditures	$	4,353	$	(20,741	)

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION
Organization
	Organization
	Buckeye Partners, L.P. is a publicly traded Delaware master limited partnership and its limited partnership units representing limited partner interests (“LP Units”) are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BPL.”  Buckeye GP LLC (“Buckeye GP”) is our general partner.  As used in these Notes to Unaudited Condensed Consolidated Financial Statements, “we,” “us,” “our” and “Buckeye” mean Buckeye Partners, L.P. and, where the context requires, includes our subsidiaries.
	Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products.  We are one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, miles of pipeline and active products terminals across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast and Gulf Coast regions of the United States and in the Caribbean.  Our flagship marine terminal in The Bahamas, Bahamas Oil Refining Company International Limited (“BORCO”), is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for petroleum products.  Our network of marine terminals enables us to facilitate global flows of crude oil, refined petroleum products, and other commodities, and to offer our customers connectivity to some of the world’s most important bulk storage and blending hubs.  In September 2014, we expanded our network of marine midstream assets by acquiring a controlling interest in a company with assets located in Corpus Christi and the Eagle Ford play in Texas.  We are also a wholesale distributor of refined petroleum products in certain areas served by our pipelines and terminals.  Finally, Buckeye operates and/or maintains third party pipelines under agreements with major oil and gas, petrochemical and chemical companies, and performs certain engineering and construction management services for third parties.
	On December 31, 2014, we completed the sale of our Natural Gas Storage disposal group and have reported the final working capital adjustments as discontinued operations for the three months ended March 31, 2015.  For additional information, see our Annual Report on Form 10-K for the year ended December 31, 2014.
Basis of Presentation and Principles of Consolidation
	Basis of Presentation and Principles of Consolidation
	The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles and the rules of the U.S. Securities and Exchange Commission.  Accordingly, our financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of our results of operations for the interim periods.  The unaudited condensed consolidated financial statements include the accounts of our subsidiaries controlled by us and variable interest entities (“VIE”) of which we are the primary beneficiary. We have eliminated all intercompany transactions in consolidation.
	We believe that the disclosures in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading.  These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2014.
Recent Accounting Developments
	Recent Accounting Developments
	Debt Issuance Costs.  In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance to simplify the presentation of debt issuance costs. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements.
	Consolidations.  In February 2015, the FASB issued guidance changing the criteria for reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments require additional testing to determine if a legal entity qualifies as a VIE and whether the entity should be consolidated. These provisions are effective prospectively for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements.

ACQUISITION_Tables

ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2015
ACQUISITION
Schedule of purchase price allocated to tangible and intangible assets acquired and liabilities assumed	The purchase price has been allocated to tangible and intangible assets acquired and liabilities assumed as follows (in thousands):
	Current assets	$	23,461
	Property, plant and equipment	527,390
	Intangible assets	376,000
	Goodwill	167,319
	Current liabilities	(55,283		)
	Noncontrolling interests	(207,778		)
	Allocated purchase price	$	831,109

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORIES
Inventories
	Our inventory amounts were as follows at the dates indicated (in thousands):
			March 31,		December 31,
			2015		2014
	Liquid petroleum products (1)		$	139,267	$	226,898
	Materials and supplies		16,803		16,577
	Total inventories		$	156,070	$	243,475
		-1		Ending inventory was 85.4 million and 140.3 million gallons of liquid petroleum products at March 31, 2015 and December 31, 2014, respectively.

PREPAID_AND_OTHER_CURRENT_ASSE1

PREPAID AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
PREPAID AND OTHER CURRENT ASSETS
Prepaid and Other Current Assets
	Prepaid and other current assets consist of the following at the dates indicated (in thousands):
		March 31,		December 31,
		2015		2014
	Prepaid insurance	$	4,574	$	9,918
	Margin deposits	15,281		—
	Unbilled revenue	3,385		3,556
	Prepaid taxes	2,050		2,492
	Vendor prepayments	84		136
	Other	14,438		8,953
	Total prepaid and other current assets	$	39,812	$	25,055

EQUITY_INVESTMENTS_Tables

EQUITY INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
EQUITY INVESTMENTS
Earnings from equity investments
	The following table presents earnings from equity investments for the periods indicated (in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Muskegon Pipeline LLC	$	87		$	249
	Transport4, LLC	(32		)	67
	West Shore Pipe Line Company	1,778			660
	South Portland Terminal LLC	301			290
	Total earnings from equity investments	$	2,134		$	1,266
Summary of combined financial information for equity method investments
	Summarized combined income statement data for our equity method investments are as follows for the periods indicated (amounts represent 100% of investee income statement data in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Revenue	$	21,472		$	19,694
	Costs and expenses	(9,738		)	(11,422		)
	Non-operating expense	(4,296		)	(2,721		)
	Net income	$	7,438		$	5,551

DERIVATIVE_INSTRUMENTS_AND_HED1

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Commodity Derivative Instruments Outstanding	The following table summarizes our commodity derivative instruments outstanding at March 31, 2015 (amounts in thousands of gallons):
			Volume (1)				Accounting
	Derivative Purpose		Current		Long-Term		Treatment
	Derivatives NOT designated as hedging instruments:
	Physical fixed price derivative contracts		4,058		2,759		Mark-to-market
	Physical index derivative contracts		43,300		—		Mark-to-market
	Futures contracts for refined petroleum products		6,952		4,704		Mark-to-market
	Derivatives designated as hedging instruments:
	Futures contracts for refined petroleum products		76,670		—		Fair Value Hedge
		-1		Volume represents absolute value of net notional volume position.
Fair Value of Each Classification of Derivative Instruments
	The following table sets forth the fair value of each classification of derivative instruments and the locations of the derivative instruments on our unaudited condensed consolidated balance sheets at the dates indicated (in thousands):
			March 31, 2015
			Derivatives			Derivatives						Netting
			NOT Designated			Designated			Derivative			Balance
			as Hedging			as Hedging			Carrying			Sheet
			Instruments			Instruments			Value			Adjustment (1)			Net Total
	Physical fixed price derivative contracts		$	20,628		$	—		$	20,628		$	1,066		$	21,694
	Physical index derivative contracts		95			—			95			(55		)	40
	Futures contracts for refined products		44,463			1,630			46,093			(46,093		)	—
	Total current derivative assets		65,186			1,630			66,816			(45,082		)	21,734
	Physical fixed price derivative contracts		621			—			621			(32		)	589
	Futures contracts for refined products		26			—			26			(26		)	—
	Total non-current derivative assets		647			—			647			(58		)	589
	Physical fixed price derivative contracts		(2,319		)	—			(2,319		)	(1,066		)	(3,385		)
	Physical index derivative contracts		(107		)	—			(107		)	55			(52		)
	Futures contracts for refined products		(50,870		)	(5		)	(50,875		)	46,093			(4,782		)
	Total current derivative liabilities		(53,296		)	(5		)	(53,301		)	45,082			(8,219		)
	Physical fixed price derivative contracts		(34		)	—			(34		)	32			(2		)
	Futures contracts for refined products		(829		)	—			(829		)	26			(803		)
	Total non-current derivative liabilities		(863		)	—			(863		)	58			(805		)
	Net derivative assets		$	11,674		$	1,625		$	13,299		$	—		$	13,299
		-1		Amounts represent the netting of physical fixed and index contracts’ assets and liabilities when a legal right of offset exists.  Futures contracts are subject to settlement through margin requirements and are additionally presented on a net basis.
			December 31, 2014
			Derivatives			Derivatives						Netting
			NOT Designated			Designated			Derivative			Balance
			as Hedging			as Hedging			Carrying			Sheet
			Instruments			Instruments			Value			Adjustment (1)			Net Total
	Physical fixed price derivative contracts		$	42,005		$	—		$	42,005		$	(12	)	$	41,993
	Physical index derivative contracts		112			—			112			(59		)	53
	Futures contracts for refined products		150,352			30,702			181,054			(153,911		)	27,143
	Total current derivative assets		192,469			30,702			223,171			(153,982		)	69,189
	Physical fixed price derivative contracts		2,919			—			2,919			—			2,919
	Total non-current derivative assets		2,919			—			2,919			—			2,919
	Physical fixed price derivative contracts		(1,502		)	—			(1,502		)	12			(1,490		)
	Physical index derivative contracts		(371		)	—			(371		)	59			(312		)
	Futures contracts for refined products		(153,911		)	—			(153,911		)	153,911			—
	Total current derivative liabilities		(155,784		)	—			(155,784		)	153,982			(1,802		)
	Physical fixed price derivative contracts		(5		)	—			(5		)	—			(5		)
	Futures contracts for refined products		(2,615		)	—			(2,615		)	—			(2,615		)
	Total non-current derivative liabilities		(2,620		)	—			(2,620		)	—			(2,620		)
	Net derivative assets		$	36,984		$	30,702		$	67,686		$	—		$	67,686
		-1		Amounts represent the netting of physical fixed and index contracts’ assets and liabilities when a legal right of offset exists.  Futures contracts are subject to settlement through margin requirements and are additionally presented on a net basis.
Gains and Losses on Derivative Instruments Recognized in Income
	The gains and losses on our derivative instruments recognized in income were as follows for the periods indicated (in thousands):
					Three Months Ended
					March 31,
			Location		2015			2014
	Derivatives NOT designated as hedging instruments:
	Physical fixed price derivative contracts		Product sales		$	7,055		$	(3,372	)
	Physical index derivative contracts		Product sales		(5		)	6
	Physical fixed price derivative contracts		Cost of product sales		2,639			1,411
	Physical index derivative contracts		Cost of product sales		(156		)	(192		)
	Futures contracts for refined products		Cost of product sales		8,705			6,488
	Derivatives designated as fair value hedging instruments:
	Futures contracts for refined products		Cost of product sales		(17,847		)	1,279
	Physical inventory - hedged items		Cost of product sales		9,424			(6,225		)
	Ineffectiveness excluding the time value component on fair value hedging instruments:
	Fair value hedge ineffectiveness (excluding time value)		Cost of product sales		$	1,066		$	4,732
	Time value excluded from hedge assessment		Cost of product sales		(9,489		)	(9,678		)
	Net loss in income				$	(8,423	)	$	(4,946	)
Losses reclassified from accumulated other comprehensive income
	The losses reclassified from accumulated other comprehensive income (“AOCI”) to income and the change in value recognized in other comprehensive income (“OCI”) on our derivatives were as follows for the periods indicated (in thousands):
					Loss Reclassified
					from AOCI to Income for the
					Three Months Ended
					March 31,
			Location		2015			2014
	Derivatives designated as cash flow hedging instruments:
	Interest rate contracts		Interest and debt expense		$	(3,037	)	$	(1,779	)
Gains and Losses Reclassified from accumulated other comprehensive income (AOCI) to Income and Change in Value Recognized in other comprehensive income (OCI) on Derivatives
			Loss Recognized
			in OCI on Derivatives for the
			Three Months Ended
			March 31,
			2015			2014
	Derivatives designated as cash flow hedging instruments:
	Interest rate contracts		$	—		$	(9,604	)

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENTS
Financial Assets and Liabilities, Measured at Fair Value on Recurring Basis
	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis, as of the measurement dates indicated, and the basis for that measurement, by level within the fair value hierarchy (in thousands):
		March 31, 2015						December 31, 2014
		Level 1			Level 2			Level 1			Level 2
	Financial assets:
	Physical fixed price derivative contracts	$	—		$	22,283		$	—		$	44,912
	Physical index derivative contracts	—			40			—			53
	Futures contracts for refined products	—			—			27,143			—
	Financial liabilities:
	Physical fixed price derivative contracts	—			(3,387		)	—			(1,495		)
	Physical index derivative contracts	—			(52		)	—			(312		)
	Futures contracts for refined products	(5,585		)	—			(2,615		)	—
	Fair value	$	(5,585	)	$	18,884		$	24,528		$	43,158
Carrying Value and Fair Value using Level 2 Input Values of Debt	The carrying value and fair value, using Level 2 input values, of our debt were as follows at the dates indicated (in thousands):
		March 31, 2015						December 31, 2014
		Carrying			Fair Value			Carrying			Fair Value
		Amount						Amount
	Fixed-rate debt	$	3,389,268		$	3,510,848		$	3,388,986		$	3,465,973
	Variable-rate debt	195,800			195,800			166,000			166,000
	Total debt	$	3,585,068		$	3,706,648		$	3,554,986		$	3,631,973

PENSIONS_AND_OTHER_POSTRETIREM1

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2015
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
Components of Net Periodic Benefit Cost for RIGP and Retiree Medical Plan	The components of the net periodic benefit cost for the RIGP and Retiree Medical Plan were as follows for the three months ended March 31, 2015 and 2014 (in thousands):
		RIGP						Retiree Medical Plan
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2015			2014			2015		2014
	Service cost	$	3		$	54		$	91	$	108
	Interest cost	138			134			333		352
	Expected return on plan assets	(84		)	(98		)	—		—
	Amortization of prior service credit	—			—			—		(406		)
	Amortization of unrecognized losses	211			308			50		298
	Actuarial loss due to settlements	—			193			—		—
	Net periodic benefit cost	$	268		$	591		$	474	$	352

UNITBASED_COMPENSATION_PLANS_T

UNIT-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
UNIT-BASED COMPENSATION PLANS
Awards activity under the LTIP
	The following table sets forth the LTIP activity for the periods indicated (in thousands, except per unit amounts):
					Weighted
					Average
					Grant Date
			Number of		Fair Value
			LP Units		per LP Unit
	Unvested at January 1, 2015		906		$	63.56
	Granted		418		73.33
	Vested		(251	)	63.59
	Forfeited		(4	)	67.27
	Unvested at March 31, 2015		1,069		$	67.33
Summary of Changes in LP Unit Options Outstanding, All of Which are Vested
	The following is a summary of the changes in the options outstanding (all of which are vested) under the Option Plan for the periods indicated (in thousands, except per unit amounts):
							Weighted
					Weighted		Average
					Average		Remaining	Aggregate
			Number of		Strike Price		Contractual	Intrinsic
			LP Units		per LP Unit		Term (in years)	Value (1)
	Outstanding at January 1, 2015		26		$	48.18	1.6	$	703
	Exercised		(2	)	45.88
	Outstanding at March 31, 2015		24		48.36		1.4	$	647
	Exercisable at March 31, 2015		24		$	48.36	1.4	$	647
		-1		Aggregate intrinsic value reflects fully vested LP Unit options at the date indicated. Intrinsic value is determined by calculating the difference between our closing LP Unit price on the last trading day in March 2015 and the exercise price, multiplied by the number of exercisable, in-the-money options.

PARTNERS_CAPITAL_AND_DISTRIBUT1

PARTNERS' CAPITAL AND DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2015
PARTNERS' CAPITAL AND DISTRIBUTIONS
Reconciliation of LP Units Outstanding
	The following is a summary of changes in LP Units outstanding for the periods indicated (in thousands):
	Outstanding at January 1, 2015		127,043
	LP Units issued pursuant to the Option Plan (1)		2
	LP Units issued pursuant to the LTIP (1)		191
	Issuance of LP Units through Equity Distribution Agreements		49
	Outstanding at March 31, 2015		127,285
		-1		The number of units issued represents issuance net of tax withholding.

EARNINGS_PER_UNIT_Tables

EARNINGS PER UNIT (Tables)	3 Months Ended
	Mar. 31, 2015
EARNINGS PER UNIT
Reconciliation of Weighted Average Number of LP Units Used in Basic and Diluted Earnings Per LP Unit Calculations
	The following table is a reconciliation of the weighted average units outstanding used in computing the basic and diluted earnings per unit for the periods indicated (in thousands, except per unit amounts):
		Three Months Ended
		March 31,
		2015		2014
	Net income attributable to Buckeye Partners, L.P.	$	111,611	$	90,468
	Basic:
	Weighted average units outstanding - basic	127,175		115,319
	Earnings per unit - basic	$	0.88	$	0.78
	Diluted:
	Weighted average units outstanding - basic	127,175		115,319
	Dilutive effect of LP Unit options and LTIP awards granted	432		477
	Weighted average units outstanding - diluted	127,607		115,796
	Earnings per unit - diluted	$	0.87	$	0.78

BUSINESS_SEGMENTS_Tables

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
BUSINESS SEGMENTS
Financial information by segment
	The following table summarizes revenue by each segment for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Revenue:
	Pipelines & Terminals		$	225,256		$	218,539
	Global Marine Terminals		120,984			88,769
	Merchant Services		740,160			1,678,302
	Development & Logistics		18,849			16,832
	Intersegment		(17,149		)	(10,613		)
	Total revenue		$	1,088,100		$	1,991,829
Summary of financial information for continuing operations by geographical area
	The following table summarizes revenue for our continuing operations, by major geographic area, for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Revenue:
	United States		$	1,005,061		$	1,907,352
	International		83,039			84,477
	Total revenue		$	1,088,100		$	1,991,829
Adjusted EBITDA by segment and reconciliation of income from continuing operations to Adjusted EBITDA
	The following tables present Adjusted EBITDA from continuing operations by segment and on a consolidated basis and a reconciliation of income from continuing operations to Adjusted EBITDA for the periods indicated (in thousands):
			Three Months Ended
			March 31,
			2015			2014
	Adjusted EBITDA from continuing operations:
	Pipelines & Terminals		$	125,551		$	126,720
	Global Marine Terminals		74,418			53,703
	Merchant Services		8,442			3,133
	Development & Logistics		4,499			5,068
	Total Adjusted EBITDA from continuing operations		$	212,910		$	188,624
	Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
	Income from continuing operations		$	112,021		$	101,539
	Less: Net loss (income) attributable to noncontrolling interests		447			(1,029		)
	Income from continuing operations attributable to Buckeye Partners, L.P.		112,468			100,510
	Add:    Interest and debt expense		41,709			41,213
	Income tax expense (benefit)		239			(77		)
	Depreciation and amortization (1)		53,776			42,991
	Non-cash unit-based compensation expense		5,086			3,122
	Acquisition and transition expense		2,400			3,633
	Less:   Amortization of unfavorable storage contracts (2)		(2,768		)	(2,768		)
	Adjusted EBITDA from continuing operations		$	212,910		$	188,624
		-1		Includes 100% of the depreciation and amortization expense of $11.7 million for Buckeye Texas for the three months ended March 31, 2015.
		-2		Represents amortization of negative fair values allocated to certain unfavorable storage contracts acquired in connection with the BORCO acquisition.

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2015
SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental Cash Flows and Non-Cash Transactions
	Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Cash paid for interest (net of capitalized interest)	$	46,316	$	52,703
	Cash paid for income taxes	232		127
	Capitalized interest	5,924		2,042
	Non-cash investing activities:
	Increase (decrease) in accounts payable and accrued and other current liabilities related to capital expenditures	$	4,353	$	(20,741	)

ACQUISITION_Details

ACQUISITION (Details) (USD $)	3 Months Ended		1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2014
			item
Business Acquisition
Purchase price, net of cash acquired	$2,812,000
Transition expenses	2,400,000	3,633,000
Assets acquired and liabilities assumed
Goodwill	988,062,000				993,375,000
Buckeye Texas Partners
Business Acquisition
Cash acquired in acquisition			15,000,000
Acquisition cost and other information
Non-cash working capital adjustment				4,900,000
Consideration transferred			816,100,000
Number of crude oil and condensate gathering facilities			3
Ownership interest (as a percent)			80.00%	80.00%
Assets acquired and liabilities assumed
Ownership interest (as a percent)			80.00%	80.00%
Current assets	23,461,000
Property, plant and equipment	527,390,000
Intangible assets	376,000,000
Goodwill	167,319,000
Current liabilities	-55,283,000
Noncontrolling interests	-207,778,000
Allocated purchase price	$831,109,000

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	0 Months Ended				3 Months Ended	0 Months Ended	2 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Feb. 22, 2013	Sep. 20, 2012	Sep. 17, 2014	Oct. 15, 2012	Mar. 31, 2015	Aug. 05, 2014	Oct. 05, 2014	Oct. 05, 2014	Dec. 31, 2014
		item	item	item			item
Pipelines & Terminals
Commitments and Contingencies Disclosure
Litigation contingency reserve									$40
FERC Docket No. OR12-28 - Airlines Complaint against Buckeye Pipe Line Company, L.P. ("BPLC") New York City Jet Fuel Rates
Commitments and Contingencies Disclosure
New York City airports included in legal action		3
Past charges, maximum potential look-back period for repayment	2 years
FERC Docket No OR14-41-New York City Jet Fuel Rates
Commitments and Contingencies Disclosure
New York City airports included in legal action			3
FERC Docket No OR14-41-New York City Jet Fuel Rates | Maximum
Commitments and Contingencies Disclosure
Number of years prior to the filing date of the complaint			2 years
FERC Docket No. OR13-3 - BPLC's Market-Based Rate Application
Commitments and Contingencies Disclosure
Number of origin points				3
Number of destinations				5
BORCO facility jetty collision damage
Commitments and Contingencies Disclosure
Insurance deductible					5
Limitation claimed by defendant to damages sought in legal proceedings					17
Cost of repairs					23
Loss on disposal to assets destroyed, recorded receivable for loss on disposal					6.2
Proceeds from insurance reimbursements					16
Deferred gain representing excess proceeds received over loss on disposal and other costs incurred					14.1
Gain recognized during the period					0
Pennsauken Allisions
Commitments and Contingencies Disclosure
Insurance deductible						10	10	10
Limitation claimed by defendant to damages sought in legal proceedings						17
Loss on disposal to assets destroyed, recorded receivable for loss on disposal					6
Number of allisions							2
Number of berths being modified					2
Loss of use number of days deductible					30 days
Pennsauken Allisions | Minimum
Commitments and Contingencies Disclosure
Cost of repairs					4	5		10
Pennsauken Allisions | Maximum
Commitments and Contingencies Disclosure
Cost of repairs					5	10		12
Pennsauken Allisions Tug Owner
Commitments and Contingencies Disclosure
Limitation claimed by defendant to damages sought in legal proceedings								1
Pennsauken Allisions Barge Owner
Commitments and Contingencies Disclosure
Limitation claimed by defendant to damages sought in legal proceedings								$5

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Detail 2) (Environmental remediation unrelated to claims and legal proceedings, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Environmental remediation unrelated to claims and legal proceedings
Commitments and Contingencies Disclosure
Operating expenses, net of insurance recoveries related to environmental liabilities	$1.40	$0.60
Environmental remediation liabilities	52.3		52.3
Receivables related to environmental remediation expenditures covered by insurance or third party claims	$18.50		$13.60

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	gal	gal
INVENTORIES
Liquid petroleum products	$139,267	$226,898
Materials and supplies	16,803	16,577
Total inventories	$156,070	$243,475
Refined petroleum products (in gallons)	85,400,000	140,300,000
Percentage of hedged refined petroleum products inventory	90.00%	90.00%

PREPAID_AND_OTHER_CURRENT_ASSE2

PREPAID AND OTHER CURRENT ASSETS (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
PREPAID AND OTHER CURRENT ASSETS
Prepaid insurance	$4,574	$9,918
Margin deposits	15,281
Unbilled revenue	3,385	3,556
Prepaid taxes	2,050	2,492
Vendor prepayments	84	136
Other	14,438	8,953
Total prepaid and other current assets	$39,812	$25,055

EQUITY_INVESTMENTS_Details

EQUITY INVESTMENTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity investments
Total earnings from equity investments	$2,134	$1,266
Muskegon Pipeline LLC
Equity investments
Total earnings from equity investments	87	249
Transport4, LLC
Equity investments
Total earnings from equity investments	-32	67
West Shore Pipe Line Company
Equity investments
Total earnings from equity investments	1,778	660
South Portland Terminal LLC
Equity investments
Total earnings from equity investments	$301	$290

EQUITY_INVESTMENTS_Detail_2

EQUITY INVESTMENTS (Detail 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
EQUITY INVESTMENTS
Representation of investee financial information in the summarized equity method investments (as a percent)	100.00%
INCOME STATEMENT DATA:
Revenue	$21,472	$19,694
Costs and expenses	-9,738	-11,422
Non-operating expenses	-4,296	-2,721
Net income	$7,438	$5,551

DERIVATIVE_INSTRUMENTS_AND_HED2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Derivative Instruments And Hedging Activities
Forward-starting interest rate swaps, unrealized gains (losses)	($9,604,000)
Interest rate Swap | 5.300% Notes due October 15, 2014
Derivative Instruments And Hedging Activities
Derivative liability, notional amount			275,000,000
Interest rate swaps, expected net losses reclassified from accumulated other comprehensive loss to earnings over the next twelve months		$12,200,000

DERIVATIVE_INSTRUMENTS_AND_HED3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Detail 2)	3 Months Ended
	Mar. 31, 2015
	gal
Derivative Instruments And Hedging Activities
Volume	2,759,000
Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts | Current Derivative Contract
Derivative Instruments And Hedging Activities
Volume	4,058,000
Derivatives NOT Designated as Hedging Instruments | Physical Index Derivative Contracts | Current Derivative Contract
Derivative Instruments And Hedging Activities
Volume	43,300,000
Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts | Current Derivative Contract
Derivative Instruments And Hedging Activities
Volume	6,952,000
Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts | Noncurrent Derivative Contract
Derivative Instruments And Hedging Activities
Volume	4,704,000
Derivatives Designated as Hedging Instruments | Refined petroleum products | Futures Contracts | Current Derivative Contract
Derivative Instruments And Hedging Activities
Volume	76,670,000

DERIVATIVE_INSTRUMENTS_AND_HED4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Detail 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	($58)
Futures Contracts
Derivatives, Fair Value
Unrealized gain (loss) on inventory hedges	1,600
Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	32
Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	-26
Derivative Carrying Value
Derivatives, Fair Value
Net derivative assets	13,299	67,686
Derivative Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-34
Carrying Value
Derivatives, Fair Value
Net derivative assets	13,299	67,686
Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-2
Derivatives NOT Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	11,674
Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-34
Derivatives NOT Designated as Hedging Instruments | Carrying Value
Derivatives, Fair Value
Net derivative assets		36,984
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	1,625
Derivatives Designated as Hedging Instruments | Carrying Value
Derivatives, Fair Value
Net derivative assets		30,702
Current derivative assets
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	-45,082	-153,982
Current derivative assets | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	1,066	-12
Current derivative assets | Physical Index Derivative Contracts
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	-55	-59
Current derivative assets | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Derivative Asset, Collateral, Obligation to Return Cash, Offset	-46,093	-153,911
Current derivative assets | Derivative Carrying Value
Derivatives, Fair Value
Net derivative assets	66,816	223,171
Current derivative assets | Derivative Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	20,628	42,005
Current derivative assets | Derivative Carrying Value | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	95	112
Current derivative assets | Derivative Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	46,093	181,054
Current derivative assets | Carrying Value
Derivatives, Fair Value
Net derivative assets	21,734	69,189
Current derivative assets | Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	21,694	41,993
Current derivative assets | Carrying Value | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	40	53
Current derivative assets | Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets		27,143
Current derivative assets | Derivatives NOT Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	65,186	192,469
Current derivative assets | Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	20,628	42,005
Current derivative assets | Derivatives NOT Designated as Hedging Instruments | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	95	112
Current derivative assets | Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	44,463	150,352
Current derivative assets | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	1,630	30,702
Current derivative assets | Derivatives Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	1,630	30,702
Non-current derivative assets | Derivative Carrying Value
Derivatives, Fair Value
Net derivative assets	647	2,919
Non-current derivative assets | Derivative Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	621	2,919
Non-current derivative assets | Derivative Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	26
Non-current derivative assets | Carrying Value
Derivatives, Fair Value
Net derivative assets	589	2,919
Non-current derivative assets | Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	589	2,919
Non-current derivative assets | Derivatives NOT Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	647	2,919
Non-current derivative assets | Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	621	2,919
Non-current derivative assets | Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	26
Current derivative liabilities
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	45,082	153,982
Current derivative liabilities | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets		12
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	-1,066
Current derivative liabilities | Physical Index Derivative Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	55	59
Current derivative liabilities | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	46,093	153,911
Current derivative liabilities | Derivative Carrying Value
Derivatives, Fair Value
Net derivative assets	-53,301	-155,784
Current derivative liabilities | Derivative Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-2,319	-1,502
Current derivative liabilities | Derivative Carrying Value | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-107	-371
Current derivative liabilities | Derivative Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-50,875	-153,911
Current derivative liabilities | Carrying Value
Derivatives, Fair Value
Net derivative assets	-8,219	-1,802
Current derivative liabilities | Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-3,385	-1,490
Current derivative liabilities | Carrying Value | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-52	-312
Current derivative liabilities | Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-4,782
Current derivative liabilities | Derivatives NOT Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	-53,296	-155,784
Current derivative liabilities | Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-2,319	-1,502
Current derivative liabilities | Derivatives NOT Designated as Hedging Instruments | Physical Index Derivative Contracts
Derivatives, Fair Value
Net derivative assets	-107	-371
Current derivative liabilities | Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-50,870	-153,911
Current derivative liabilities | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	-5
Current derivative liabilities | Derivatives Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-5
Non-current derivative liabilities
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	58
Non-current derivative liabilities | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	26
Non-current derivative liabilities | Derivative Carrying Value
Derivatives, Fair Value
Net derivative assets	-863	-2,620
Non-current derivative liabilities | Derivative Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets		-5
Non-current derivative liabilities | Derivative Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-829	-2,615
Non-current derivative liabilities | Carrying Value
Derivatives, Fair Value
Net derivative assets	-805	-2,620
Non-current derivative liabilities | Carrying Value | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets		-5
Non-current derivative liabilities | Carrying Value | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	-803	-2,615
Non-current derivative liabilities | Derivatives NOT Designated as Hedging Instruments
Derivatives, Fair Value
Net derivative assets	-863	-2,620
Non-current derivative liabilities | Derivatives NOT Designated as Hedging Instruments | Physical Fixed Price Derivative Contracts
Derivatives, Fair Value
Net derivative assets		-5
Non-current derivative liabilities | Derivatives NOT Designated as Hedging Instruments | Refined petroleum products | Futures Contracts
Derivatives, Fair Value
Net derivative assets	($829)	($2,615)

DERIVATIVE_INSTRUMENTS_AND_HED5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Detail 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Hedge Ineffectiveness
Ineffectiveness excluding the time value component on fair value hedging instruments:
Net loss in income	($8,423)	($4,946)
Futures Contracts
Derivatives designated as fair value hedging instruments:
Unrealized loss on inventory hedges	-1,600
Derivatives NOT Designated as Hedging Instruments | Product sales | Physical Fixed Price Derivative Contracts
Gains (losses), derivative instruments
Gains (losses) on derivative instruments recognized in income	7,055	-3,372
Derivatives NOT Designated as Hedging Instruments | Product sales | Physical Index Derivative Contracts
Gains (losses), derivative instruments
Gains (losses) on derivative instruments recognized in income	-5	6
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Physical Fixed Price Derivative Contracts
Gains (losses), derivative instruments
Gains (losses) on derivative instruments recognized in income	2,639	1,411
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Physical Index Derivative Contracts
Gains (losses), derivative instruments
Gains (losses) on derivative instruments recognized in income	-156	-192
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Refined petroleum products | Futures Contracts
Gains (losses), derivative instruments
Gains (losses) on derivative instruments recognized in income	8,705	6,488
Derivatives Designated as Hedging Instruments | Cost of product sales | Hedge Ineffectiveness
Ineffectiveness excluding the time value component on fair value hedging instruments:
Fair value hedge ineffectiveness (excluding time value)	1,066	4,732
Time value excluded from hedge assessment	-9,489	-9,678
Derivatives Designated as Hedging Instruments | Cost of product sales | Refined petroleum products
Derivatives designated as fair value hedging instruments:
Physical inventory - hedged items	9,424	-6,225
Derivatives Designated as Hedging Instruments | Cost of product sales | Refined petroleum products | Futures Contracts
Derivatives designated as fair value hedging instruments:
Unrealized loss on inventory hedges	$17,847	($1,279)

DERIVATIVE_INSTRUMENTS_AND_HED6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Detail 5) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Losses reclassified from AOCI to income
Interest and debt expense	($41,709)	($41,213)
Interest rate contracts
Gain (Loss) Recognized in OCI on Derivatives
Change in Value Recognized in OCI on Derivatives		-9,604
Accumulated net gain (loss) from derivatives designated as cash flow hedging instruments | Interest rate contracts | Loss Reclassified From AOCI to Income
Losses reclassified from AOCI to income
Interest and debt expense	($3,037)	($1,779)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Detail) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2015	Dec. 31, 2014
Level 1
Fair value measurements
Fair value	($5,585,000)	$24,528,000
Level 1 | Refined petroleum products | Futures Contracts
Fair value measurements
Financial assets		27,143,000
Financial liabilities	-5,585,000	-2,615,000
Level 2
Fair value measurements
Fair value	18,884,000	43,158,000
Level 2 | Physical Fixed Price Derivative Contracts
Fair value measurements
Financial assets	22,283,000	44,912,000
Financial liabilities	-3,387,000	-1,495,000
Level 2 fixed-price contracts assets, CVA	-100,000	-100,000
Level 2 | Physical Index Derivative Contracts
Fair value measurements
Financial assets	40,000	53,000
Financial liabilities	($52,000)	($312,000)

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Detail 2) (Level 2, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Carrying Value
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	$3,585,068	$3,554,986
Carrying Value | Fixed Rate Debt
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	3,389,268	3,388,986
Carrying Value | Variable Rate Debt
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	195,800	166,000
Fair Value
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	3,706,648	3,631,973
Fair Value | Fixed Rate Debt
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	3,510,848	3,465,973
Fair Value | Variable Rate Debt
Fair Value And Carrying Value By Balance Sheet Grouping
Total debt	$195,800	$166,000

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Detail 3) (Fair Value, Measurements, Non-Recurring, USD $)	Mar. 31, 2015	Mar. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Measurements, Non-Recurring
Fair value measurements
Non-recurring fair value adjustments	$0	$0

PENSIONS_AND_OTHER_POSTRETIREM2

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Components of net periodic benefit cost:
Defined benefit plan contributions	$200,000	$900,000
RIGP
Components of net periodic benefit cost:
Service cost	3,000	54,000
Interest cost	138,000	134,000
Expected return on plan assets	-84,000	-98,000
Amortization of unrecognized losses	211,000	308,000
Actuarial loss due to settlements		193,000
Net periodic benefit cost	268,000	591,000
Retiree Medical Plan
Components of net periodic benefit cost:
Service cost	91,000	108,000
Interest cost	333,000	352,000
Amortization of prior service credit		-406,000
Amortization of unrecognized losses	50,000	298,000
Net periodic benefit cost	$474,000	$352,000

UNITBASED_COMPENSATION_PLANS_D

UNIT-BASED COMPENSATION PLANS (Detail) (USD $)	3 Months Ended		12 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Awards granted	418,000
LTIP and Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	5.2	$3.10
LTIP and Option Plan | Phantom Stock Units | Employee
Share-based Compensation Arrangement by Share-based Payment Award
Awards granted	194,441
Long Term Incentive Plan 2009 | Phantom Stock Units | Independent directors
Share-based Compensation Arrangement by Share-based Payment Award
Awards granted	22,001
Long Term Incentive Plan 2009 | Performance Shares | Employee
Share-based Compensation Arrangement by Share-based Payment Award
Awards granted	201,874
Unit Deferral and Incentive Plan 2012 | Phantom Stock Units | Employee | 2014 and 2013 Deferred Awards
Share-based Compensation Arrangement by Share-based Payment Award
Compensation awards deferred			$1.70	$2.70
Awards granted	54,592		75,870
LTIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
LP Units, available for issuance	2,591,300

UNITBASED_COMPENSATION_PLANS_D1

UNIT-BASED COMPENSATION PLANS (Detail 2) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015
Number of LP Units
Beginning Balance	906,000
Granted	418,000
Vested	-251,000
Forfeited	-4,000
Ending Balance	1,069,000
Weighted Average Grant Date Fair Value per LP Unit
Beginning Balance	$63.56
Granted	$73.33
Vested	$63.59
Forfeited	$67.27
Ending Balance	$67.33
Long Term Incentive Plan 2009
Additional disclosures
Compensation expense expected to be recognized	$46.70
Unrecognized compensation cost, weighted average period of recognition (in years)	2 years 2 months 12 days

UNITBASED_COMPENSATION_PLANS_D2

UNIT-BASED COMPENSATION PLANS (Detail 3) (Option Plan, LP Units, USD $)	3 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Option Plan | LP Units
Change in the options outstanding
Beginning Balance	26
Exercised	-2
Ending Balance	24	26
Exercisable at March 31, 2015	24
Weighted-Average Strike Price LP Unit
Beginning Balance	$48.18
Exercised	$45.88
Ending Balance	$48.36	$48.18
Exercisable at March 31, 2015	$48.36
Weighted-Average Remaining Contractual Term (in years)
Beginning Balance	1 year 4 months 24 days	1 year 7 months 6 days
Ending Balance	1 year 4 months 24 days	1 year 7 months 6 days
Exercisable at March 31, 2015	1 year 4 months 24 days
Aggregate Intrinsic Value
Outstanding at period beginning	$703,000
Outstanding at period end	647,000	703,000
Exercisable at March 31, 2015	647,000
Additional disclosures
Total intrinsic value of options exercised	$100,000		$100,000

PARTNERS_CAPITAL_AND_DISTRIBUT2

PARTNERS' CAPITAL AND DISTRIBUTIONS (Detail) (LP Units, Equity Distribution Agreements, USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015
LP Units | Equity Distribution Agreements
Partner's capital and distributions
Public offering, LP units issued	49,000
Proceeds from issuance of units	$3.70
Aggregate compensation expense paid to the agents under the Equity Distribution Agreements	$0.10

PARTNERS_CAPITAL_AND_DISTRIBUT3

PARTNERS' CAPITAL AND DISTRIBUTIONS (Detail 2) (Limited Partners)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Partner's capital and distributions
Beginning Balance		127,043
Ending Balance	127,285	127,043
Equity Distribution Agreements
Partner's capital and distributions
Issuance of LP Units through Equity Distribution Agreements	49
Option Plan
Partner's capital and distributions
LP Units issued	2
Long Term Incentive Plan 2009
Partner's capital and distributions
LP Units issued	191

PARTNERS_CAPITAL_AND_DISTRIBUT4

PARTNERS' CAPITAL AND DISTRIBUTIONS (Detail 3) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	1-May-15
Distributions to unitholders
Actual cash distributions	$144,294	$124,954
LP Units
Distributions to unitholders
Actual cash distributions	145,400	125,800
LP Units | Subsequent event
Distributions to unitholders
Actual cash distributions			$147,000
Distribution declaration date			1-May-15
Cash distributions declared			$1.15
Distribution date			18-May-15
Distribution record date			11-May-15

EARNINGS_PER_UNIT_Detail

EARNINGS PER UNIT (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
EARNINGS PER UNIT
Net income (loss) attributable to Buckeye Partners, L.P.	$111,611	$90,468
Basic:
Weighted average units outstanding - basic	127,175	115,319
Earnings per unit - basic	$0.88	$0.78
Diluted:
Weighted average units outstanding - basic	127,175	115,319
Dilutive effect of LP Unit options and LTIP awards granted	432	477
Weighted average units outstanding - diluted	127,607	115,796
Earnings per unit - diluted	$0.87	$0.78

BUSINESS_SEGMENTS_Detail

BUSINESS SEGMENTS (Detail) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
	item	item	item
Segment information
Number of business segments	4
Assets acquired and liabilities assumed
Payments to Acquire Businesses, Net of Cash Acquired	$2,812,000
Acquisition cost and other information
Number of customers contributing 10% or more of consolidated revenue	0	0
Buckeye Texas Partners
Assets acquired and liabilities assumed
Ownership interest (as a percent)			80.00%
Consideration for business acquisition			816,100,000
Cash acquired in acquisition			$15,000,000
Acquisition cost and other information
Number of crude oil and condensate gathering facilities			3
Pipelines & Terminals
Segment information
Number of liquid petroleum products terminals operated	5
Development & Logistics | Indiana and Illinois
Segment information
Number of underground propane storage caverns	2
Merchant Services
Segment information
Number of liquid petroleum products terminals owned	5

BUSINESS_SEGMENTS_Detail_2

BUSINESS SEGMENTS (Detail 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Revenue	$1,088,100	$1,991,829
Operating Segments | Pipelines & Terminals
Revenue:
Revenue	225,256	218,539
Operating Segments | Global Marine Terminals
Revenue:
Revenue	120,984	88,769
Operating Segments | Merchant Services
Revenue:
Revenue	740,160	1,678,302
Operating Segments | Development & Logistics
Revenue:
Revenue	18,849	16,832
Intersegment Eliminations
Revenue:
Revenue	($17,149)	($10,613)

BUSINESS_SEGMENTS_Detail_3

BUSINESS SEGMENTS (Detail 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment information
Total revenue	$1,088,100	$1,991,829
Total Adjusted EBITDA from continuing operations	212,910	188,624
United States
Segment information
Total revenue	1,005,061	1,907,352
International
Segment information
Total revenue	83,039	84,477
Pipelines & Terminals
Segment information
Total Adjusted EBITDA from continuing operations	125,551	126,720
Global Marine Terminals
Segment information
Total Adjusted EBITDA from continuing operations	74,418	53,703
Merchant Services
Segment information
Total Adjusted EBITDA from continuing operations	8,442	3,133
Development & Logistics
Segment information
Total Adjusted EBITDA from continuing operations	$4,499	$5,068

BUSINESS_SEGMENTS_Detail_4

BUSINESS SEGMENTS (Detail 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
Income from continuing operations	$112,021	$101,539
Less: Net loss (income) attributable to noncontrolling interests	447	-1,029
Income from continuing operations attributable to Buckeye Partners, L.P	112,468	100,510
Add: Interest and debt expense	41,709	41,213
Income tax expense (benefit)	239	-77
Depreciation and amortization	53,776	42,991
Non-cash unit-based compensation expense	5,086	3,122
Acquisition and transition expense	2,400	3,633
Less: Amortization of unfavorable storage contracts	-2,768	-2,768
Adjusted EBITDA from continuing operations	212,910	188,624
Buckeye Texas Partners
Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
Depreciation and amortization	$11,700
Ownership interest (as a percent)			80.00%

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest)	$46,316	$52,703
Cash paid for income taxes	232	127
Capitalized interest	5,924	2,042
Non-cash investing activities:
Increase (decrease) in accounts payable and accrued and other current liabilities related to capital expenditures	$4,353	($20,741)