Exhibit 99.1
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News Release Buckeye Partners, L.P. [GRAPHIC OMITTED]
NYSE: BPL 5 Radnor Corp. Center-Suite 500
100 Matsonford Road
Radnor, PA 19087
(800) 422-2825
Contact: Stephen R. Milbourne, 03-03
Manager, Investor Relations
smilbourne@buckeye.com
BUCKEYE PARTNERS, L.P. REPORTS 2003 FIRST QUARTER RESULTS
AND INCREASES QUARTERLY DISTRIBUTION
Radnor, PA - April 24, 2003 . . . Buckeye Pipe Line Company, the
general partner of Buckeye Partners, L.P. (the "Partnership"), today reported
that the Partnership's net income for the first quarter of 2003 was $16.7
million, or $0.60 per unit, an increase of 16.0 percent compared with net income
of $14.4 million, or $0.53 per unit in 2002. Revenue in 2003 was $65.8 million
compared with revenue of $56.9 million in 2002. Operating income in 2003 was
$24.8 million compared with $22.0 million in 2002.
Pipeline volume for the first quarter of 2003 was 1,119,800 barrels per
day, a 5.9 percent increase over the first quarter of 2002. Increased first
quarter 2003 revenue reflects increased pipeline volumes as well as expanded
Gulf Coast operations. Costs and expenses for the first quarter 2003 were $41.0
million compared to $34.9 million for the first quarter 2002. First quarter 2003
operating costs increased compared to last year as a result of increased power
costs related to additional pipeline volumes, additional costs associated with
expanded Gulf Coast operations, and general wage and benefit increases.
The Board of Directors of Buckeye Pipe Line Company also declared a
regular quarterly partnership cash distribution of $0.6375 per unit payable May
30, 2003, to unitholders of record on May 6, 2003. This cash distribution
represents a quarterly increase in the distribution of $0.0125 per unit to an
indicated annual cash distribution level of $2.55 per unit. This is the 65th
consecutive quarterly cash distribution paid by the Partnership.
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Buckeye - 2003 First Quarter Page 2
"We are pleased to announce strong first quarter earnings and an
increase of our cash distribution to limited partners," said W. H. Shea, Jr.,
President and Chief Executive Officer of the general partner. "The distribution
increase is supported by Buckeye's strong cash flow from operations, and our
confidence in the strength of our overall business operations. Since 1997, we
have increased the level of cash distributions to unitholders by 70 percent."
Buckeye Partners, L.P., through its subsidiary partnerships, is one of
the nation's largest independent pipeline common carriers of refined petroleum
products with nearly 3,800 miles of pipeline. The Partnership also operates
approximately 1,440 miles of pipeline under agreements with major oil and
chemical companies, and owns terminals in Illinois, Indiana, Michigan, New York,
Ohio and Pennsylvania. For more information about Buckeye Partners, L.P., visit
the Partnership's website at www.buckeye.com.
Buckeye will host the 2003 fourth quarter conference call on Friday,
April 25, at 3:00 p.m. Eastern Time. Interested parties may listen via the
Internet, on either a live or replay basis at
http://www.firstcallevents.com/service/ajwz378922268gf12.html. A replay will
also be available from April 26, 2003 to April 30, 2003 by dialing (800)
642-1687 Code: 9573759.
* * * * *
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 that the General Partner believes to be reasonable as of
today's date. Actual results may differ significantly because of risks and
uncertainties that are difficult to predict and many of which are beyond the
control of the Partnership. You should read the Partnership's Annual Report on
Form 10-K, and its most recently filed Form 10-Q, for a more extensive list of
factors that could affect results. Among them are the demand for petroleum
products in the market areas served by the Partnership, government regulation,
adverse weather conditions, interest rates, liability for environmental claims,
and general economic conditions. The Partnership undertakes no obligation to
revise its forward-looking statements to reflect events or circumstances
occurring after today's date.
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Buckeye - 2003 First Quarter Page 3
BUCKEYE PARTNERS, L.P.
CONDENSED STATEMENT OF INCOME
(In Millions, Except Per Unit Amounts)
Three Months
Ended
March 31
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2003 2002
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Revenue $ 65.8 $ 56.9
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Costs and Expenses
Operating expenses 31.1 25.9
Depreciation and amortization 5.5 5.2
General and administrative 4.4 3.8
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Total costs and expenses 41.0 34.9
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Operating Income 24.8 22.0
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Other income (expenses)
Investment income 0.5 0.5
Interest and debt expense (5.2) (5.2)
Minority interest and other (3.4) (2.9)
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Total other income (expenses) (8.1) (7.6)
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Net Income $ 16.7 $ 14.4
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Net Income per unit $ 0.60 $ 0.53
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Average Number of units 27.8 27.1
Pipeline Operating Data
Volume (thousand barrels / day) 1,119.8 1,057.2
Barrel-miles (billions) 12.1 11.9
Average tariff rate (cents / barrel) 53.2 52.3
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