Printer Friendly

BUCKEYE PARTNERS L.P. ANNOUNCES EARNINGS

 ALLENTOWN, Pa., Oct. 19 /PRNewswire/ -- Buckeye Management Company, general partner of Buckeye Partners, L.P. (NYSE: BPL), today reported that the Partnership's 1993 third quarter income from continuing operations was $11.2 million, or $.92 per unit.
 Income from continuing operations for the same period last year was $8.8 million, or $.73 per unit. Revenue and operating income for the third quarter of 1993 were $44.4 million and $17.6 million, respectively, compared with $41.6 million and $16.3 million, respectively, for the third quarter last year.
 The increase in income from continuing operations over the comparable quarter in 1992 was due primarily to increased revenue, lower interest expense and lower tax expense. Increased revenue was due to a 6.9 percent increase in volume transported during the quarter and the effect of tariff rate increases implemented in July 1992 and August 1993. Volume transported in the third quarter of 1993 averaged 969,700 barrels per day compared with 907,400 barrels per day in the third quarter last year.
 The Partnership's income from continuing operations for the nine months ended Sept. 30, 1993, was $30.3 million, or $2.50 per unit, compared with 1992 income from continuing operations for the same period of $22.2 million, or $1.83 per unit.
 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)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992(A) 1993 1992(A)
 Revenue $44.4 $41.6 $128.0 $119.0
 Operating expenses 24.0 22.6 70.6 67.0
 Depreciation & amortization 2.8 2.7 8.3 8.1
 Total operating expenses 26.8 25.3 78.9 75.1
 Operating income 17.6 16.3 49.1 43.9
 Interest expense & other (6.4) (7.5) (18.8) (21.7)
 Income from continuing
 operations before cumulative
 effect of change in
 accounting principle 11.2 8.8 30.3 22.2
 Discontinued operations --- --- (0.1) ---
 Cumulative effect of change
 in accounting principle --- --- --- (25.5)
 Net income (loss) $11.2 $8.8 $30.2 $(3.3)
 Income per unit from
 continuing operations
 before cumulative effect
 of change in accounting
 principle $0.92 $0.73 $2.50 $1.83
 Discontinued operations --- --- (.01) ---
 Cumulative effect of change
 in accounting principle --- --- --- (2.11)
 Net income (loss) per unit $0.92 $0.73 $2.49 $(0.28)
 Number of units 12.1 12.1 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 Jan. 1, 1992.
 /delval/
 -0- 10/19/93
 /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

MK -- PH006 -- 3740 10/19/93 08:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993
Words:505
Previous Article:UNISYS REPORTS INCREASE IN THIRD QUARTER EARNINGS
Next Article:LEGG MASON, INC. REPORTS RECORD REVENUES, NET EARNINGS, AND EARNINGS PER SHARE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters