Thursday, Buckeye Partners, L.P. (BPL), a petroleum transportation, terminalling, and storage company, reported a higher first-quarter profit, as revenues rose in all its business segments.
The Breinigsville, Pennsylvania-based company reported a net income attributable to Buckeye's unit holders for the first quarter of $53.8 million or $0.87 per LP unit, compared to $42.8 million or $0.72 per LP unit a year ago.
Earnings per LP unit for the first quarter of 2008 were retrospectively restated from $0.76 per LP unit as a result of the adoption of a new accounting principle.
On average, ten analysts polled by Thomson Reuters estimated earnings of $0.77 per LP unit for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter increased to $416.8 million from $380.3 million in the comparable quarter of last year. Analysts expected revenue of $532.6 million for the quarter.
Operating income for the quarter rose to $70.1 million from $58.1 million in the first quarter of 2008.
Segment wise, revenue from pipeline operations increased to $99.2 million from $96.4 million a year ago, primarily due to increased tariffs and cost management. Revenue from terminalling and storage rose to $30.6 million from $27.6 million in the year-earlier period.
Revenue from natural gas storage climbed to $15.1 million from $11.5 million in the previous-year quarter, driven by higher revenue from hub services. Revenue from energy services improved to $6.4 million from $1.7 million in the same quarter last year, primarily due to higher volumes and improved margins in refined petroleum business.
Buckeye GP LLC, the general partner of Buckeye, declared a regular quarterly partnership cash distribution of $0.90 per LP unit, payable on May 29, 2009 to unit holders of record on May 11, 2009.
BPL closed Thursday's regular trading at $38.46, down $0.46 or 1.18%, on a volume of 151K shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.