EX-99.1
4
a08-4767_1ex99d1.htm
EX-99.1
Exhibit 99.1
News
Release
Buckeye Partners, L.P.
Five TEK Park
9999
Hamilton Blvd.
Breinigsville,
PA 18031
NYSE: BPL
Contact:
Stephen
R. Milbourne,
08-04
Manager, Investor Relations
smilbourne@buckeye.com
(800) 422-2825
BUCKEYE PARTNERS, L.P. ACQUIRES
REGIONAL PETROLEUM PRODUCTS
MARKETING COMPANY
Breinigsville,
PA - February 8, 2008... Buckeye Partners,
L.P. (NYSE:BPL) (the "Partnership"), today announced that the Partnership closed
on its previously announced acquisition of the equity interests in Farm &
Home Oil Company LLC ("Farm & Home"), for cash consideration of
approximately $145.5 million. Farm &
Home is a major regional distributor of refined petroleum products in eastern
and central Pennsylvania and surrounding areas.
The Partnership financed the purchase on an interim basis through the
use of existing credit facilities and expects to finance the purchase on a permanent
basis through the issuance of limited partnership units.
During its most recent fiscal year, Farm &
Home provided over 550 million gallons of refined petroleum products, including
gasoline and distillates, to customers through a network of five terminals and
other company-owned distribution assets.
Buckeye intends to operate the company on a standalone basis under the
Farm & Home name, with most of its existing senior management team
remaining in place. More information
about Farm & Home is available at www.fhoil.com.
Buckeye Partners, L.P., through its operating
subsidiaries, owns and operates one of the largest independent refined
petroleum products pipeline systems in the United States in terms of volumes
delivered, with approximately 5,400 miles of pipeline. The Partnership also owns 56 active refined
petroleum products terminals with an aggregate storage capacity of
approximately 21 million barrels in Illinois, Indiana, Massachusetts, Michigan,
Missouri, New York, Ohio, Pennsylvania and Wisconsin and a natural gas
storage facility in northern California that provides approximately 22 billion
cubic feet of
(more)
working
gas capacity,
and operates and maintains
approximately 2,700 miles of pipeline under agreements with major oil and
chemical companies. For more information
about Buckeye Partners, L.P., visit the Partnership's website at
www.buckeye.com.
* * * * *
This press
release includes forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that we believe to be reasonable as of today's date. Such
statements are identified by use of the words "anticipates", "estimates", "expects",
"intends", "plans", "predicts", "projects", "should" and similar
expressions. Actual results may differ
significantly because of risks and uncertainties that are difficult to predict
and which may be beyond the control of the Partnership. Among them are (1) changes in laws or
regulations to which we are subject, including those that permit the treatment
of us as a partnership for federal income tax purposes; (2) terrorism,
adverse weather conditions, environmental releases and natural disasters; (3) changes
in the marketplace for our products or services, such as increased competition,
better energy efficiency or general reductions in demand; (4) adverse
regional or national economic conditions or adverse capital market conditions; (5) shutdowns
or interruptions at the source points for the products we transport, store or
sell; (6) unanticipated capital expenditures in connection with the
construction, repair or replacement of our assets; and (7) our inability
to successfully integrate businesses we acquire or to retain management members
of those businesses as our employees. You should read our Annual Report on Form 10-K,
and our most recently filed Form 10-Q, for a more extensive list of
factors that could affect results. We undertake no obligation to revise our
forward-looking statements to reflect events or circumstances occurring after
today's date.
2

EX - 99 . 1 4 a08 - 4767 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 News Release Buckeye Partners , L . P . Five TEK Park 9999 Hamilton Blvd. Breinigsville , PA 18031 NYSE : BPL Contact : Stephen R . Milbourne , 08 - 04 Manager , Investor Relations smilbourne@buckeye.com ( 800 ) 422 - 2825 BUCKEYE PARTNERS , L . P . ACQUIRES REGIONAL PETROLEUM PRODUCTS MARKETING COMPANY Breinigsville , PA - February 8 , 2008 ... Buckeye Partners , L . P . ( NYSE : BPL ) ( the " Partnership " ) , today announced that the Partnership closed on its previously announced acquisition of the equity interests in Farm & Home Oil Company LLC ( " Farm & Home " ) , for cash consideration of approximately $ 145.5 million . Farm & Home is a major regional distributor of refined petroleum products in eastern and central Pennsylvania and surrounding areas . The Partnership financed the purchase on an interim basis through the use of existing credit facilities and expects to finance the purchase on a permanent basis through the issuance of limited partnership units . During its most recent fiscal year , Farm & Home provided over 550 million gallons of refined petroleum products , including gasoline and distillates , to customers through a network of five terminals and other company - owned distribution assets . Buckeye intends to operate the company on a standalone basis under the Farm & Home name , with most of its existing senior management team remaining in place . More information about Farm & Home is available at www.fhoil.com . Buckeye Partners , L . P . , through its operating subsidiaries , owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered , with approximately 5,400 miles of pipeline . The Partnership also owns 56 active refined petroleum products terminals with an aggregate storage capacity of approximately 21 million barrels in Illinois , Indiana , Massachusetts , Michigan , Missouri , New York , Ohio , Pennsylvania and Wisconsin and a natural gas storage facility in northern California that provides approximately 22 billion cubic feet of ( more ) working gas capacity , and operates and maintains approximately 2,700 miles of pipeline under agreements with major oil and chemical companies . For more information about Buckeye Partners , L . P . , visit the Partnership 's website at www.buckeye.com . * * * * * This press release includes forward - looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that we believe to be reasonable as of today 's date . Such statements are identified by use of the words " anticipates " , " estimates " , " expects " , " intends " , " plans " , " predicts " , " projects " , " should " and similar expressions . Actual results may differ significantly because of risks and uncertainties that are difficult to predict and which may be beyond the control of the Partnership . Among them are ( 1 ) changes in laws or regulations to which we are subject , including those that permit the treatment of us as a partnership for federal income tax purposes ; ( 2 ) terrorism , adverse weather conditions , environmental releases and natural disasters ; ( 3 ) changes in the marketplace for our products or services , such as increased competition , better energy efficiency or general reductions in demand ; ( 4 ) adverse regional or national economic conditions or adverse capital market conditions ; ( 5 ) shutdowns or interruptions at the source points for the products we transport , store or sell ; ( 6 ) unanticipated capital expenditures in connection with the construction , repair or replacement of our assets ; and ( 7 ) our inability to successfully integrate businesses we acquire or to retain management members of those businesses as our employees . You should read our Annual Report on Form 10 - K , and our most recently filed Form 10 - Q , for a more extensive list of factors that could affect results . We undertake no obligation to revise our forward - looking statements to reflect events or circumstances occurring after today ' s date . 2
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