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BUCKEYE PARTNERS, L.P. ANNOUNCES FIRST QUARTER EARNINGS

 EMMAUS, Pa., April 20 /PRNewswire/ -- Buckeye Management Company, general partner of Buckeye Partners, L.P. (NYSE: BPL) today reported that the Partnership's 1993 first quarter income from continuing operations was $9.3 million, or $.77 per unit, compared with 1992 first quarter income from continuing operations of $5.7 million, or $.47 per unit.
 Revenue and operating income for the 1993 first quarter were $41.4 million and $15.7 million, respectively, compared with $37.2 million and $12.8 million, respectively, for the first quarter last year.
 First quarter revenue of $41.4 million was $4.2 million more than last year due primarily to an 11 percent increase in total volume transported during the quarter and the effect of rate increases implemented in July 1992. Volume transported in the first quarter of 1993 averaged 964,300 barrels per day compared with an average of 867,300 barrels per day in the first quarter last year.
 Buckeye Partners, L.P., through its subsidiary entities, is one of the nation's largest independent pipeline common carriers of refined petroleum products with nearly 3,800 miles of pipeline operating in 11 states.
 BUCKEYE PARTNERS, L.P.
 Condensed Statement of Income
 (In millions, except per unit amounts)
 Three months ended March 31 1993 1992(A)
 Revenue $41.4 $37.2
 Operating expenses 22.9 21.7
 Depreciation and amortization 2.8 2.7
 Total operating expenses 25.7 24.4
 Operating income 15.7 12.8
 Interest expense & other (6.4) (7.1)
 Income from continuing 9.3 5.7
 operations before cumulative
 effect of change in
 accounting principle
 Discontinued operations (0.1) ---
 Cumulative effect of change --- (25.5)
 in accounting principle
 Net income (loss) $ 9.2 $(19.8)
 Income per unit from $0.77 $0.47
 continuing operations
 before cumulative effect
 of change in accounting
 principle
 Discontinued operations (.01) ---
 Cumulative effect of change --- (2.10)
 in accounting principle
 Net income (loss) per unit $0.76 $(1.63)
 Number of units 12.1 12.1
 (A) 1992 is restated to reflect adoption of Statement
 of Financial Accounting Standards No. 106,
 "Employer's Accounting for Postretirement Benefits
 Other Than Pensions" effective January 1, 1992.
 /delval/
 -0- 4/20/93
 /CONTACT: Thomas B. Dornblaser of Buckeye Partners L.P., 800-422-2825/
 (BPL)


CO: Buckeye Management Company; Buckeye Partners, L.P. ST: Pennsylvania IN: OIL SU: ERN

CC -- PH048 -- 8247 04/20/93 15:49 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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