Company Quick10K Filing
Buckeye Partners
Price1.00 EPS-767,632,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt3,749 EBIT769
TEV3,749 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
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 2019-10-21 Regulation FD, 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 Shareholder Vote
8-K 2019-06-04 Regulation FD, Exhibits
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 Regulation FD, Exhibits
8-K 2018-06-05 Shareholder Vote
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 Regulation FD, Exhibits
8-K 2018-01-22 Other Events, Exhibits
8-K 2018-01-18 Other Events, Exhibits

BPL 10Q Quarterly Report

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

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.41.00.50.1-0.4-0.82012201420172020
Rev, G Profit, Net Income
0.90.50.0-0.4-0.9-1.32012201420172020
Ops, Inv, Fin

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.

1

Table of Contents

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.

2

Table of Contents

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.

3

Table of Contents

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.

4

Table of Contents

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.

5

Table of Contents


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
<