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BUCKEYE PARTNERS ANNOUNCES FOURTH QUARTER EARNINGS AND QUARTERLY DISTRIBUTION

 EMMAUS, Pa., Jan. 21 /PRNewswire/ -- Buckeye Management Company, general partner of Buckeye Partners, L.P. (NYSE: BPL) today reported that the partnership's 1992 income from continuing operations was $34.5 million, or $2.85 per unit, before a one-time charge to reflect the adoption of an accounting change which reduced 1992 net income to $9.0 million, or $0.74 per unit.
 This compares with 1991 net income of $30.5 million, or $2.51 per unit. Revenue and operating income from continuing operations for 1992 were $163.0 million and $63.2 million, respectively, compared with $151.8 million and $58.5 million, respectively, for 1991.
 The partnership's income from continuing operations for the 1992 fourth quarter was $12.3 million, or $1.02 per unit, compared with 1991 fourth quarter income from continuing operations of $9.7 million, or $0.80 per unit. Revenue and operating income in the 1992 fourth quarter were $44.1 million and $19.4 million, respectively, compared with $39.3 million and $16.6 million, respectively, for 1991.
 Increased fourth quarter revenue is due to an increase in volume transported, an increase in the average length of haul per barrel and the effect of tariff rate increases implemented in July 1992. Volume transported during the fourth quarter of 1992 averaged 964,800 barrels per day compared with 903,200 barrels per day during the fourth quarter last year, an increase of 6.8 percent.
 In 1992 the partnership adopted Financial Accounting Standard No. 106 which requires a new method of accounting for retiree benefits other than pensions. The partnership will restate 1992 quarterly results to reflect the $25.5 million cumulative effect of the non-cash accounting change in the first quarter and an additional $1.5 million in related operating expense throughout the year. Fourth quarter operating expense included $0.4 million related to this accounting change.
 The board of directors of Buckeye Management Company today declared a regular quarterly partnership cash distribution of $.65 per unit payable Feb. 26, 1993, to unit-holders of record on Feb. 8. This is the 24th consecutive quarterly cash distribution paid by the partnership.
 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 4,000 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 Year
 Dec. 31 1992 1991 1992 1991
 Revenue $44.1 $39.3 $163.0 $151.8
 Operating expenses 22.0 20.2 89.1 83.2
 Depreciation
 and amortization 2.7 2.5 10.7 10.1
 Total operating
 expenses 24.7 22.7 99.8 93.3
 Operating income 19.4 16.6 63.2 58.5
 Interest expense
 & other (7.1) (6.9) (28.7) (28.0)
 Income from continuing
 operations before
 cumulative effect of
 change in accounting
 principle 12.3 9.7 34.5 30.5
 Discontinued operations --- --- --- ---
 Cumulative effect of
 change in accounting
 principle --- --- (25.5) ---
 Net income $12.3 $9.7 $9.0 $30.5
 Income per unit from
 continuing operations
 before cumulative
 effect of change in
 accounting principle $1.02 $0.80 $2.85 $2.51
 Discontinued operations --- --- --- ---
 Cumulative effect of
 change in accounting
 principle --- --- (2.11) ---
 Net income per unit $1.02 $0.80 $0.74 $2.51
 Number of units 12.1 12.1 12.1 12.1
 /delval/
 -0- 1/21/93
 /CONTACT: Thomas B. Dornblaser of Buckeye Partners L.P., 215-820-8300, ext. 457/
 (BPL)


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

CC -- PH030 -- 7449 01/21/93 13:06 EST
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Date:Jan 21, 1993
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