Company Quick10K Filing
Buckeye Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-02-15 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-02 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-05 Quarter: 2014-03-31
10-K 2014-02-26 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-04 Officers, Exhibits
8-K 2019-11-01 M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-11-01 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-03 Regulation FD
8-K 2019-09-11 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-31 Shareholder Vote
8-K 2019-07-22 Other Events
8-K 2019-07-03 Other Events
8-K 2019-06-04 Regulation FD, Exhibits
8-K 2019-06-04 Shareholder Vote
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-05-10 Other Events, Exhibits
8-K 2019-05-10 Enter Agreement, Exhibits
8-K 2019-04-09 Regulation FD, Exhibits
8-K 2019-02-27 Regulation FD, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-01-17 M&A, Exhibits
8-K 2019-01-15 Regulation FD, Exhibits
8-K 2018-11-28 Regulation FD, Exhibits
8-K 2018-11-13 Regulation FD, Exhibits
8-K 2018-11-02 Earnings, Exhibits
8-K 2018-11-01 Enter Agreement, Other Events, Exhibits
8-K 2018-08-03 Earnings, Exhibits
8-K 2018-06-05 Shareholder Vote
8-K 2018-06-05 Regulation FD, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-04 Earnings, Exhibits
8-K 2018-03-02 Sale of Shares, Amend Bylaw, Other Events, Exhibits
8-K 2018-02-27 Regulation FD, Exhibits
8-K 2018-02-23 Sale of Shares, Regulation FD, Exhibits
8-K 2018-02-09 Earnings, Exhibits
8-K 2018-01-22 Other Events, Exhibits
8-K 2018-01-22 Regulation FD, Exhibits
8-K 2018-01-18 Other Events, Exhibits
BPL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 exhibit311-bplq32019.htm
EX-31.2 exhibit312-bplq32019.htm
EX-32.1 exhibit321-bplq32019.htm
EX-32.2 exhibit322-bplq32019.htm

Buckeye Partners Earnings 2019-09-30

BPL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CNXM 1,128 703 231 0 157 186 382 0% 2.1 14%
NBLX 2,499 1,000 582 428 222 314 863 74% 2.7 9%
MPLX 23,746 15,872 6,702 0 1,952 2,836 14,023 0% 4.9 8%
WES 9,236 5,705 1,944 1,204 453 980 4,750 62% 4.8 5%
NS 6,380 3,978 1,859 0 -182 120 3,432 0% 28.5 -3%
PAGP 29,033 14,691 34,206 5,120 3,078 4,230 8,706 15% 2.1 11%
BPMP 700 481 120 0 168 168 393 0% 2.3 24%
SHLX 2,004 2,771 548 0 558 558 -257 0% -0.5 28%
BPL 8,491 4,407 3,805 1,549 -91 180 3,724 41% 20.7 -1%
AMID 1,716 1,278 773 144 -7 205 451 19% 2.2 -0%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
OR 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from             to             
 Commission file number 1-9356 
 
BUCKEYE PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
 

Delaware
(State or other jurisdiction of incorporation or organization)

One Greenway Plaza
Suite 600
Houston, TX
(Address of principal executive offices)
 

23-2432497
(IRS Employer Identification number)



77046
(Zip Code)

Registrant’s telephone number, including area code: (832) 615-8600
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Limited partner units representing limited partnership interests
 
BPL
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer 
☐ 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No  
Limited partner units outstanding as of October 25, 2019: 153,923,492.
 
 
 
 
 


Table of Contents

TABLE OF CONTENTS
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.
 
 
 
2.
 
 
 
3.
 
 
 
4.
 
 
 
5.
 
 
 
6.
 
 
 
7.
 
 
 
8.

 
 
9.
 
 
 
10.
 
 
 
11.
 
 
 
12.
 
 
 
13.
 
 
 
14.
 
 
 
15.
 
 
 
16.
 
 
 
17.
 
 
 
18.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I.  FINANCIAL INFORMATION 
Item 1.  Financial Statements 
BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
(Unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenue:
 

 
 

 
 

 
 

Product sales
$
419,326

 
$
525,426

 
$
1,502,895

 
$
1,874,463

Transportation, storage and other services
392,089

 
384,122

 
1,129,194

 
1,159,029

Total revenue
811,415

 
909,548

 
2,632,089

 
3,033,492

 
 
 
 
 
 
 
 
Costs and expenses:
 

 
 

 
 

 
 

Cost of product sales
410,018

 
514,811

 
1,481,522

 
1,852,537

Operating expenses
156,936

 
159,562

 
466,388

 
470,935

Depreciation and amortization
66,896

 
68,464

 
196,639

 
199,171

General and administrative
18,691

 
21,578

 
58,647

 
66,659

Goodwill impairment

 
536,964

 

 
536,964

Other, net
49

 

 
(1,745
)
 
(16,153
)
Total costs and expenses
652,590

 
1,301,379

 
2,201,451

 
3,110,113

Operating income (loss)
158,825

 
(391,831
)
 
430,638

 
(76,621
)
 
 
 
 
 
 
 
 
Other (expense) income:
 

 
 

 
 

 
 

Earnings (loss) from equity investments
4,711

 
(292,387
)
 
10,927

 
(276,633
)
Interest and debt expense
(50,107
)
 
(60,332
)
 
(151,849
)
 
(179,003
)
Other expense, net
(120
)
 
(152
)
 
(4,037
)
 
(764
)
Total other expense, net
(45,516
)
 
(352,871
)
 
(144,959
)
 
(456,400
)
 
 
 
 
 
 
 
 
Income (loss) before taxes
113,309

 
(744,702
)
 
285,679

 
(533,021
)
Income tax expense
(464
)
 
(634
)
 
(1,059
)
 
(1,906
)
Net income (loss)
112,845

 
(745,336
)
 
284,620

 
(534,927
)
Less: Net income attributable to noncontrolling interests
(495
)
 
(499
)
 
(1,489
)
 
(6,631
)
Net income (loss) attributable to Buckeye Partners, L.P.
$
112,350

 
$
(745,835
)
 
$
283,131

 
$
(541,558
)
 
 
 
 
 
 
 
 
Earnings (loss) per unit attributable to Buckeye Partners, L.P.:
 
 

 
 

 
 

Basic
$
0.73

 
$
(4.86
)
 
$
1.83

 
$
(3.57
)
Diluted
$
0.73

 
$
(4.86
)
 
$
1.82

 
$
(3.57
)
 
 
 
 
 
 
 
 
Weighted average units outstanding:
 

 
 

 
 

 
 

Basic
153,922

 
153,512

 
153,896

 
151,908

Diluted
154,741

 
153,512

 
154,671

 
151,908

 
See Notes to Unaudited Condensed Consolidated Financial Statements.

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BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
112,845

 
$
(745,336
)
 
$
284,620

 
$
(534,927
)
Other comprehensive income:
 
 
 
 
 

 
 

Unrealized gains on derivative instruments, net
2,033

 
7,129

 
1,311

 
30,203

Reclassification of derivative losses to net income, net
2,296

 
2,296

 
6,888

 
6,928

Changes in benefit plan assets and benefit obligations

 

 
(821
)
 

Other comprehensive loss from equity method investments

 
(2,325
)
 

 
(10,082
)
Total other comprehensive income
4,329

 
7,100

 
7,378

 
27,049

Comprehensive income (loss)
117,174

 
(738,236
)
 
291,998

 
(507,878
)
Less: Comprehensive income attributable to noncontrolling interests
(495
)
 
(499
)
 
(1,489
)
 
(6,631
)
Comprehensive income (loss) attributable to Buckeye Partners, L.P.
$
116,679

 
$
(738,735
)
 
$
290,509

 
$
(514,509
)
 
See Notes to Unaudited Condensed Consolidated Financial Statements.

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BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except unit amounts)
(Unaudited)
 
September 30,
2019
 
December 31,
2018
Assets:
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
1,398

 
$
1,830

Accounts receivable, net
224,607

 
219,751

Construction and pipeline relocation receivables
8,125

 
14,259

Inventories
123,926

 
210,884

Derivative assets
5,651

 
18,019

Prepaid and other current assets
80,340

 
58,894

Total current assets
444,047

 
523,637

 
 
 
 
Property, plant and equipment
8,469,359

 
8,258,694

Less: Accumulated depreciation
(1,487,408
)
 
(1,343,898
)
Property, plant and equipment, net
6,981,951

 
6,914,796

Equity investments
199,682

 
1,111,793

Goodwill
470,875

 
470,875

Intangible assets
610,900

 
610,900

Less: Accumulated amortization
(366,168
)
 
(317,589
)
Intangible assets, net
244,732

 
293,311

Other non-current assets
168,823

 
41,138

Total assets
$
8,510,110

 
$
9,355,550

 
 
 
 
Liabilities and partners’ capital:
 

 
 

Current liabilities:
 

 
 

Line of credit
$
79,045

 
$
177,727

Current portion of long-term debt

 
525,000

Accounts payable
114,243

 
147,525

Derivative liabilities
1,045

 
1,320

Accrued and other current liabilities
263,378

 
276,193

Total current liabilities
457,711

 
1,127,765

 
 
 
 
Long-term debt
3,750,799

 
4,011,715

Other non-current liabilities
211,264

 
84,900

Total liabilities
4,419,774

 
5,224,380

 
 
 
 
Commitments and contingent liabilities (Note 4 - Commitments and Contingencies)

 

 
 
 
 
Partners’ capital:
 

 
 

Buckeye Partners, L.P. capital:
 

 
 

Limited Partners (153,923,492 and 153,755,031 units outstanding as of
September 30, 2019 and December 31, 2018, respectively)
4,112,328

 
4,160,143

Accumulated other comprehensive loss
(32,683
)
 
(40,061
)
Total Buckeye Partners, L.P. capital
4,079,645

 
4,120,082

Noncontrolling interests
10,691

 
11,088

Total partners’ capital
4,090,336

 
4,131,170

Total liabilities and partners’ capital
$
8,510,110

 
$
9,355,550

 
See Notes to Unaudited Condensed Consolidated Financial Statements.

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BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) 
 
Nine Months Ended
September 30,
 
2019
 
2018
Cash flows from operating activities:
 

 
 

Net income (loss)
$
284,620

 
$
(534,927
)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 

 
 
Depreciation and amortization
196,639

 
199,171

Amortization of debt issuance costs, discounts and terminated interest rate swaps
11,179

 
11,755

Non-cash unit-based compensation expense
21,630

 
21,710

Loss (gain) on asset impairments, disposals and recoveries, net
1,021

 
(15,655
)
Changes in fair value of derivatives, net
14,266

 
3,450

(Earnings) loss from equity investments
(10,927
)
 
276,633

Distributions of earnings from equity investments
5,870

 
19,988

Goodwill impairment

 
536,964

Other non-cash items
3,477

 
1,869

Change in assets and liabilities, net of amounts related to acquisitions:
 
 
 
Accounts receivable, net
(3,075
)
 
28,433

Construction and pipeline relocation receivables
6,134

 
(3,634
)
Inventories
86,593

 
103,923

Prepaid and other current assets
(17,355
)
 
(28,900
)
Accounts payable
(22,057
)
 
(32,126
)
Accrued and other current liabilities
(10,599
)
 
(7,563
)
Other non-current assets and liabilities
10,675

 
15,099

Net cash provided by operating activities
578,091

 
596,190

Cash flows from investing activities:
 

 
 

Capital expenditures
(271,977
)
 
(356,987
)
Proceeds from sale of VTTI and DPTS asset package
985,000

 

Contribution to equity investment
(66,248
)
 
(31,061
)
Distributions from equity investments in excess of earnings
8,195

 
52,303

Acquisition of business, net of cash acquired

 
895

Proceeds from property disposals and recoveries
11,299

 
9,388

Net cash provided by (used in) investing activities
666,269

 
(325,462
)
Cash flows from financing activities:
 

 
 

Net proceeds from issuance of Units and exercise of Unit options

 
261,958

Payment of tax withholding on vesting of LTIP awards
(2,343
)
 
(6,782
)
Proceeds from issuance of long-term debt, net of issuance costs

 
394,937

Loss on early extinguishment of debt
(3,647
)
 

Repayment of long-term debt
(525,000
)
 
(300,000
)
Borrowings under the BPL Credit Facility
677,415

 
1,656,600

Repayments under the BPL Credit Facility
(942,017
)
 
(1,428,880
)
Net repayments under the BMSC Credit Facility
(98,685
)
 
(74,003
)
Acquisition of noncontrolling interest

 
(210,000
)
Contributions from noncontrolling interests

 
7,400

Distributions paid to noncontrolling interests
(2,809
)
 
(15,342
)
Distributions to LP unitholders
(347,706
)
 
(558,135
)
Net cash used in financing activities
(1,244,792
)
 
(272,247
)
Net decrease in cash and cash equivalents
(432
)
 
(1,519
)
Cash and cash equivalents — Beginning of period
1,830

 
2,180

Cash and cash equivalents — End of period
$
1,398

 
$
661

 
See Notes to Unaudited Condensed Consolidated Financial Statements.

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BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(In thousands)
(Unaudited)

 
Limited
Partners
 
Accumulated
Other Comprehensive
(Loss) Income
 
Noncontrolling
Interests
 
Total
Partners’ capital - July 1, 2019
$
4,110,729

 
$
(37,012
)
 
$
10,904

 
$
4,084,621

Net income
112,350

 

 
495

 
112,845

Distributions paid to unitholders ($0.75 per unit)
(116,262
)
 

 
334

 
(115,928
)
Amortization of unit-based compensation awards
5,949

 

 

 
5,949

Payment of tax withholding on vesting of LTIP awards
(33
)
 

 

 
(33
)
Distributions paid to noncontrolling interest

 

 
(904
)
 
(904
)
Accrual for distribution equivalent rights
(543
)
 

 

 
(543
)
Other
138

 

 
(138
)
 

Other comprehensive income

 
4,329

 

 
4,329

Partners’ capital - September 30, 2019
$
4,112,328

 
$
(32,683
)
 
$
10,691

 
$
4,090,336

 
 
 
 
 
 
 
 
Partners’ capital - January 1, 2019
$
4,160,143

 
$
(40,061
)
 
$
11,088

 
$
4,131,170

Net income
283,131

 

 
1,489

 
284,620

Distributions paid to unitholders ($2.25 per unit)
(348,767
)
 

 
1,061

 
(347,706
)
Amortization of unit-based compensation awards
21,630

 

 

 
21,630

Payment of tax withholding on vesting of LTIP awards
(2,343
)
 

 

 
(2,343
)
Distributions paid to noncontrolling interest

 

 
(2,809
)
 
(2,809
)
Accrual for distribution equivalent rights
(1,601
)
 

 

 
(1,601
)
Other
135

 

 
(138
)
 
(3
)
Other comprehensive income

 
7,378

 

 
7,378

Partners’ capital - September 30, 2019
$
4,112,328

 
$
(32,683
)
 
$
10,691

 
$
4,090,336


See Notes to Unaudited Condensed Consolidated Financial Statements.

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BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(In thousands)
(Unaudited)

 
Limited
Partners
 
Accumulated
Other Comprehensive Income
 
Noncontrolling
Interests
 
Total
Partners’ capital - July 1, 2018
$
4,719,760

 
$
48,580

 
$
11,249

 
$
4,779,589

Net (loss) income
(745,835
)
 

 
499

 
(745,336
)
Acquisition of noncontrolling interest
(78
)
 

 
78

 

Distributions paid to unitholders ($1.2625 per unit)
(186,626
)
 

 
648

 
(185,978
)
Net proceeds from issuance of Units
(84
)
 

 

 
(84
)
Amortization of unit-based compensation awards
4,938

 

 

 
4,938

Payment of tax withholding on vesting of LTIP awards
(54
)
 

 

 
(54
)
Distributions paid to noncontrolling interests

 

 
(1,308
)
 
(1,308
)
Other comprehensive income

 
7,100

 

 
7,100

Accrual of distribution equivalent rights
1,192

 

 

 
1,192

Partners’ capital - September 30, 2018
$
3,793,213

 
$
55,680

 
$
11,166

 
$
3,860,059

 
 
 
 
 
 
 
 
Partners’ capital - January 1, 2018
$
4,562,306

 
$
28,631

 
$
277,385

 
$
4,868,322

Net (loss) income
(541,558
)
 

 
6,631

 
(534,927
)
Acquisition of noncontrolling interest
56,928

 

 
(266,928
)
 
(210,000
)
Distributions paid to unitholders ($3.7875 per unit)
(560,155
)
 

 
2,020

 
(558,135
)
Net proceeds from issuance of Units
262,002

 

 

 
262,002

Amortization of unit-based compensation awards
21,710

 

 

 
21,710

Payment of tax withholding on vesting of LTIP awards
(6,782
)
 

 

 
(6,782
)
Distributions paid to noncontrolling interests

 

 
(15,342
)
 
(15,342
)
Contributions from noncontrolling interests

 

 
7,400

 
7,400

Accrual of distribution equivalent rights
(1,194
)
 

 

 
(1,194
)
Other comprehensive income

 
27,049

 

 
27,049

Other
(44
)
 

 

 
(44
)
Partners’ capital - September 30, 2018
$
3,793,213

 
$
55,680

 
$
11,166

 
$
3,860,059


 
See Notes to Unaudited Condensed Consolidated Financial Statements.


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BUCKEYE PARTNERS, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
1. ORGANIZATION AND BASIS OF PRESENTATION
 
Organization
 
On November 1, 2019, Buckeye Partners, L.P., a Delaware limited partnership (“Buckeye”), merged with Hercules Merger Sub LLC, a Delaware limited liability company (“Merger Sub”), with Buckeye continuing as the surviving entity and a wholly owned subsidiary of Hercules Intermediate Holdings LLC, a Delaware limited liability company (“Hercules” and such merger, the “Merger”). Buckeye GP LLC (“Buckeye GP”) remains our general partner. Hercules is wholly owned by IFM Global Infrastructure Fund, a Cayman Islands Unit Trust. 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.

As previously disclosed, on May 10, 2019, we entered into the Agreement and Plan of Merger (the “Merger Agreement”) with Hercules, Merger Sub, Buckeye Pipe Line Services Company, a Pennsylvania corporation, and Buckeye GP. Under the terms and conditions set forth in the Merger Agreement, each of our issued and outstanding limited partner units representing limited partnership interests (“LP Units”) (other than LP Units owned immediately prior to the Merger by us or by Hercules or any of its subsidiaries), ceased to be outstanding and was converted into the right to receive $41.50 in cash, without interest.

Concurrent with the consummation of the Merger, we terminated our $1.5 billion credit facility with SunTrust Bank as administrative agent (the “Prior $1.5 billion Credit Facility”) and obtained new senior secured credit facilities in an aggregate principal amount of up to $2.85 billion, consisting of (a) a $600 million senior secured revolving facility (the “New Revolving Facility”) and (b) a $2.25 billion senior secured term loan facility (the “New Term Facility”).

Up to and prior to the Merger, Buckeye Partners, L.P. was a publicly traded Delaware master limited partnership (“MLP”), and its LP Units were listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BPL.” In connection with the consummation of the Merger, we requested that the NYSE delist our LP Units and, as a result, trading of our LP Units, which traded under the ticker symbol “BPL” on the NYSE, was suspended prior to the opening of the NYSE on November 1, 2019. We also requested that the NYSE file a Form 25 with the U.S. Securities and Exchange Commission (“SEC”) notifying the SEC of the delisting of our LP Units and the withdrawal of registration of our LP Units under Section 12(b) of the Exchange Act. Following the effectiveness of the Form 25, we intend to file with the SEC a Form 15 regarding the termination of registration of our LP Units under the Exchange Act and the suspension of reporting obligations with respect to our LP Units. However, we expect to continue to file periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to requirements under our existing outstanding senior note issuances.

For more information regarding the closing of the Merger, please see our Form 8-K filed with the SEC on November 1, 2019. For more information regarding the Merger and the Merger Agreement, please see our Form 8-K filed with the SEC on May 10, 2019 and our Schedule 14A filed with the SEC on June 25, 2019, as supplemented by the Form 8-K we filed with the SEC on July 22, 2019.

We own and operate a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing 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, with approximately 6,000 miles of pipeline. We also use our service expertise to operate and/or maintain third-party pipelines and terminals and perform certain engineering and construction services for our customers. Our global terminal network comprises more than 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels across our portfolio of pipelines, inland terminals and marine terminals located primarily in key petroleum logistics hubs in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean.  Our terminal assets facilitate global flows of crude oil and refined petroleum products, offering our customers connectivity between supply areas and market centers through some of the world’s most important bulk liquid storage and blending hubs.  Our wholly-owned flagship marine terminal in The Bahamas, Buckeye Bahamas Hub Limited (“BBH”), 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 the global flow of petroleum products. Our Gulf Coast regional hub, Buckeye Texas Partners LLC (“Buckeye Texas”), offers world-class marine terminalling, storage and processing capabilities. We are also a wholesale distributor of refined petroleum products in certain areas served by our pipelines and terminals.

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Table of Contents

Basis of Presentation and Principles of Consolidation
 
The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the SEC.  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 of which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty.  Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates.

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, 2018.

Recently Adopted Accounting Standards

Derivatives and Hedging. Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2017-12, which amends and simplifies the existing standard in order to improve the financial reporting of hedging relationships to better align risk management activities in financial statements and make targeted improvements to simplify the application of the current standard related to the assessment of hedge effectiveness. In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-16, which includes the Overnight Index Swap Rate based on Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging. The adoption of this standard did not have a material impact on our unaudited condensed consolidated financial statements and disclosures.

Leases. Effective January 1, 2019, we adopted ASC Topic 842, Leases (“ASC 842”), applying the modified retrospective transition method. We applied the transition provision for ASC 842 at our adoption date instead of at the earliest comparative period presented in our financial statements and, therefore, we recognized and measured leases existing at January 1, 2019, but without retrospective application. ASC 842 requires lessees to recognize a right-of-use (“ROU”) lease asset and a lease liability on the balance sheet for leases with lease terms greater than twelve months. ASC 842 also requires enhanced disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. The most significant impact was the recognition of ROU lease assets and lease liabilities for operating leases on our unaudited condensed consolidated balance sheet along with certain incremental disclosures. No impact was recorded to the income statement or beginning retained earnings upon our adoption of ASC 842. See Note 9 - Leases for further discussion.

Improvements to Nonemployee Share-Based Payment Accounting. Effective January 1, 2019, we adopted ASU 2018-07, which conformed the current nonemployee share-based accounting with employee share-based accounting. The adoption of this standard did not have a material impact on our unaudited condensed consolidated financial statements and disclosures.

Recent Accounting Standards Not Yet Adopted

Codification Improvements. In April 2019, the FASB issued ASU 2019-04, which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments clarify the scope of the credit losses standard (ASU 2016-13) and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. The amendments on recognizing and measuring financial instruments (ASU 2016-01), address the scope of the guidance, the requirement for remeasurement under ASC Topic 820, Fair Value Measurement, when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. The amendments to the credit losses and hedging standards have the same effective dates as those standards, unless an entity has already adopted the standards. The amendments to the recognition and measurement guidance are effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We adopted the amendments related to hedging and financial instruments effective June 30, 2019, which did not have an impact on our unaudited condensed consolidated financial statements. We expect to adopt the amendments related to credit losses concurrently with the adoption of ASU 2016-13.


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Table of Contents

Collaborative Arrangements. In November 2018, the FASB issued ASU 2018-18, which clarifies whether certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The new standard also provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The standard should be applied retrospectively to the date of initial application of ASC 606. We expect to adopt this standard effective January 1, 2020. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements or on our disclosures.

Targeted Improvements to Related Party Guidance for Variable Interest Entities. In October 2018, the FASB issued ASU 2018-17 that changes the standard for determining whether a decision-making fee is a variable interest. The standard provides that indirect interests held through related parties under common control will be considered on a proportional basis when determining whether certain decision-making fees are variable interests. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The standard should be applied retrospectively, with a cumulative effect adjustment to retained earnings. We expect to adopt this standard effective January 1, 2020 and are currently evaluating the impact that it will have on our consolidated financial statements and disclosures.

Cloud Computing Arrangements. In August 2018, the FASB issued ASU 2018-15, which aligns a customer’s accounting for capitalizing implementation costs in a cloud computing service arrangement that is hosted by the vendor with the requirements for capitalizing implementation costs incurred to develop or obtain an internal-use software license. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The standard can be applied prospectively or retrospectively. We expect to adopt this standard effective January 1, 2020 and are currently evaluating the impact that it will have on our consolidated financial statements and disclosures.

Changes to the Disclosure Requirements for Defined Benefit Plans. In August 2018, the FASB issued ASU 2018-14, which amends the existing standard on disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new standard is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The new standard requires retrospective application. We expect to adopt this standard effective January 1, 2021 and are currently evaluating the impact that it will have on our disclosures.

Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13, which amends the existing standard on disclosure requirements for fair value measurements. The new standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The new standard requires prospective application on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty. The effects of other amendments must be applied retrospectively to all periods presented. We expect to adopt this standard effective January 1, 2020 and are currently evaluating the impact that it will have on our disclosures.

Measurement of Credit Losses on Financial Instruments.  In June 2016, the FASB issued ASU 2016-13, which replaces the current incurred loss impairment method with a method that reflects expected credit losses on financial instruments. In November 2018, the FASB issued ASU 2018-19, which clarifies the scope of the standard in the amendments in ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides entities with an option to irrevocably elect the fair value option for certain financial instruments. The new standard is effective as of January 1, 2020, and early adoption is permitted as of January 1, 2019. We expect to adopt this standard effective January 1, 2020. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements or on our disclosures.


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2. REVENUE

The majority of our service-based revenue is derived from fee-based transportation, terminalling, and storage services that we provide to our customers. We also generate revenue from the marketing and sale of petroleum products. We recognize revenues from customer fees for services rendered or by selling petroleum products. Under ASC 606, we recognize revenue over time or at a point in time, depending on the nature of the performance obligations contained in the respective contract with our customer. A performance obligation is a promise in a contract to transfer goods or services to the customer. The contract transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In certain situations, we recognize revenue pursuant to accounting standards other than ASC 606. These situations primarily relate to leases and derivatives. We have appropriately applied the guidance in ASC Topic 340-40, Other Assets and Deferred Costs: Contracts with Customers, for determining whether to capitalize costs to fulfill a contract.

Contract Balances

At September 30, 2019 and December 31, 2018, receivables from contracts with customers was $201.4 million and $199.3 million, respectively. The following table presents the activity in our contract assets and contract liabilities (in thousands):
 
Nine Months Ended
September 30,
 
2019
 
2018
Contract Assets:
 
 
 
Balance as of January 1
$
16,989

 
$
13,999

Additions
20,292

 
23,818

Transfers to accounts receivable
(16,890
)
 
(13,875
)
Balance as of September 30
$
20,391

 
$
23,942

Contract Liabilities:
 
 
 
Balance as of January 1
$
(26,999
)
 
$
(15,778
)
Additions
(35,667
)
 
(16,035
)
Transfers to revenues(1)
14,206

 
7,427

Balance as of September 30
$
(48,460
)
 
$
(24,386
)
                                                      
(1) For the three months ended September 30, 2019 and 2018, $1.8 million and $0.8 million, respectively, related to contract liabilities were transferred to revenue.

Contract assets and liabilities are included in Prepaid and other current assets and Other non-current liabilities, respectively, with the current portion of contract liabilities included in Accrued and other current liabilities, on our unaudited condensed consolidated balance sheets.

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The following table includes estimated revenue associated with contractual commitments in place related to future performance obligations as of the end of the reporting period, which are expected to be recognized in revenue in the specified periods (in thousands):
 
Revenue from Contracts with Customers
 
Revenue from Leases
 
Total
Remainder of 2019
$