Company Quick10K Filing
Buckeye Partners
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

Buckeye Partners Financials

BPL Metrics, Comps, Filings

Quarterly | Annual

Business

The original Buckeye Pipe Line Company was founded in 1886 as part of the Standard Oil Company ("Standard Oil") and became a publicly owned, independent company after the dissolution of Standard Oil in 1911. Expansion into petroleum products transportation after World War II and subsequent acquisitions thereafter ultimately led to Buckeye Pipe Line Company becoming a leading independent common carrier pipeline. In 1964, Buckeye Pipe Line Company was acquired by a subsidiary of the Pennsylvania Railroad, which later became the Penn Central Corporation. In 1986, Buckeye Pipe Line Company was reorganized into a master limited partnership ("MLP"), Buckeye Partners, L.P. We are a publicly traded Delaware master limited partnership, and our 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. Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" or "Buckeye" are intended to mean the business and operations of Buckeye Partners, L.P. and its consolidated subsidiaries.

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 the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean. Our global network of marine terminals enables us to 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 storage and blending hubs. Our 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.

In November 2018, we announced the completion of a comprehensive review of the Partnership's near and long-term strategy (the "Strategic Review"), conducted with oversight from the Board of Directors of Buckeye GP (the "Board"). The Strategic Review included an evaluation of various alternatives designed to maximize long-term value for our unitholders by:


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Blueknight Energy Partners (BKEP) 0% -51.5 -12% 314 332 403 0 -37 -5 256
NuStar Energy (NS) 0% 89.6 -3% 6,136 3,789 1,746 0 -182 37 3,272
Shell Midstream Partners (SHLX) 0% 4.6 27% 2,019 2,776 519 0 550 550 2,525
Magellan Midstream Partners (MMP) 79% 4.9 9% 8,392 5,718 2,012 1,582 734 918 4,514
American Midstream Partners (AMID) 13% 2.9 -0% 1,716 1,278 773 97 -7 157 451
USA Compression Partners (USAC) 33% 6.2 1% 3,751 2,040 692 230 28 296 1,843
Western Gas Partners (WES) 56% 6.6 4% 9,236 5,705 1,385 774 344 717 4,750
Summit Midstream Partners (SMLP) 60% 10.4 -0% 2,901 1,827 465 280 -4 134 1,388
TC Pipelines (TCP) 7.0 8% 2,822 2,096 0 0 216 275 1,913
Plains GP Holdings (PAGP) 10% 2.3 10% 29,690 15,267 33,300 3,296 2,833 3,724 8,503
Western Gas Equity Partners (WGP) 55% 6.8 4% 12,178 8,843 2,023 1,120 518 1,118 7,613
DCP Midstream (DCP) 15% 11.7 1% 14,034 7,219 8,303 1,228 114 494 5,799
MPLX (MPLX) 0% 6.6 5% 41,281 22,421 7,270 0 2,125 2,884 19,149
Southcross Energy Partners (SXE) 7% -15.7 -18% 632 1 275 18 -114 -37 578
Andeavor Logistics (ANDX) 46% 5.6 6% 10,550 6,016 2,496 1,139 658 949 5,275
Buckeye Partners (BPL) 31% 3.9 9% 8,510 4,420 3,707 1,151 768 966 3,749
CNX Midstream Partners (CNXM) 0% 2.6 11% 1,181 743 224 0 126 148 392
Energy Transfer (ET) 27% 5.9 4% 91,856 70,938 40,493 10,886 3,549 7,853 46,639
BP Midstream Partners (BPMP) 0% 2.2 24% 713 484 122 0 174 174 376
Noble Midstream Partners (NBLX) 57% 3.0 9% 2,623 1,083 612 350 239 312 934

Balance Sheet ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash131314661816131513755553122682975615064052827212261
Accounts Receivable114134167171159176207192193239262275213245326416376404266219223214253222253236206198210271256219240220247217225
Inventory275268352253346384298187130197259193195317312417444428243156285236193192247295357305286233301158156198211145131124
PP&E2,2282,2392,3063,4484,0294,1294,2663,9023,9434,1504,7004,2274,2754,3645,5234,9815,0345,6366,4685,8445,9696,0967,0777,1747,2887,4307,5247,6027,7047,8067,9288,0468,1788,3138,2598,3428,4218,469
Assets3,1103,1383,5745,3745,5675,5585,5705,4655,4605,8755,9815,9295,9246,1667,0067,2787,2748,4438,0868,0488,2528,3248,3698,3808,4888,6379,4219,8679,88110,11210,30510,21610,2519,5369,3568,4948,4918,510
Accounts Payable6456696567691027195991131229516215019811025315915296117831157892107556582161938614514810199114
Long-Term Debt1,4211,4411,5192,4042,4562,6622,8122,5492,4702,9242,9412,4552,5702,6773,3303,2343,3093,6643,5663,4893,5753,6333,8723,7023,7393,8274,2504,5614,5804,5944,9444,5884,8784,9854,7473,6833,7303,751
Liabilities1,9241,9752,1643,0452,9273,1943,2462,9152,9873,4333,5923,1943,1733,4253,9254,1894,2794,5164,1454,1264,3154,3524,3534,3414,4034,5244,7235,2075,2175,1995,4365,1265,4715,6765,2244,3894,4074,420
Stockholders' Equity1,1861,1631,4102,3292,6402,3462,3032,5292,4532,4262,3722,7182,7372,7253,0663,0742,9813,7043,7033,6743,6743,7013,7353,7523,7983,8254,4124,3734,3804,6314,5914,8104,7683,8494,1204,0934,0744,080
Income Statement ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue6677351,0181,2531,0771,1171,3131,2591,1259661,1491,3459809419101,0751,029792811
Cost of Revenue552515655416410
Gross Profit388395374375401
R&D
SG&A11102116171516172016191718181717202220232022242122202222242421232222221819
Tax-010201-00001000000001-001010-0011100
Net Income5563-1226897-10861532168536909210013513514416010912611612013111793-7454838191113
Cash Flow ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating64-615628-3222182166194182-6-487016041723854211208206166178168193243251201236195165146203228
Cash Investing-36-73-956-122-113-119-88-74-332-97-67-109-110-90-918-73-137-165-125-189-91-111-176-103-1,247-93-329-140-89-146-90872-100-105
Cash Financing-277685246114-106-92-1063337-11811518411742-342-107117-88-21-114-45-17576419-15283-66-143-54-76-1,018-99-128