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BUCKEYE PARTNERS L.P. ANNOUNCES EARNINGS

 ALLENTOWN, Pa., July 15 /PRNewswire/ -- Buckeye Management Co., general partner of Buckeye Partners L.P. (NYSE: BPL), today reported that the Partnership's 1993 second quarter income from continuing operations was $9.8 million, or $.81 per unit.
 Income from continuing operations for the same period last year was $7.6 million, or $.63 per unit. Revenue and operating income for the second quarter of 1993 were $42.2 million and $15.8 million, respectively, compared with $40.2 million and $14.7 million, respectively, for the second 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 3.8 percent increase in volume transported during the quarter and the effect of rate increases implemented in July 1992. Volume transported in the second quarter of 1993 averaged 948,100 barrels per day compared with an average of 913,200 barrels per day in the second quarter last year.
 The Partnership's income from continuing operations for the six months ended June 30, 1993, was $19.1 million, or $1.58 per unit, compared with 1992 income from continuing operations for the same period of $13.3 million, or $1.10 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)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992(A) 1993 1992(A)
 Revenue $42.2 $40.2 $83.6 $77.3
 Operating expenses 23.6 22.8 46.6 44.4
 Depreciation and
 amortization 2.8 2.7 5.5 5.4
 Total operating
 expenses 26.4 25.5 52.1 49.8
 Operating income 15.8 14.7 31.5 27.5
 Interest expense &
 other (6.0) (7.1) (12.4) (14.2)
 Income from continuing 9.8 7.6 19.1 13.3
 operations before
 cumulative effect
 of change in
 accounting principle
 Discontinued
 operations --- --- (0.1) ---
 Cumulative effect of
 change in accounting
 principle --- --- --- (25.5)
 Net income (loss) 9.8 7.6 19.0 (12.2)
 Income per unit from 0.81 0.63 1.58 1.10
 continuing operations
 before cumulative
 effect of change in
 accounting principle
 Discontinued operations --- --- (.01) ---
 Cumulative effect of
 change in accounting
 principle --- --- --- (2.11)
 Net income (loss) per
 unit 0.81 0.63 1.57 (1.01)
 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- 7/15/93
 /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

JM -- PH029 -- 2006 07/15/93 13:14 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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