Buckeye Successfully Resumes Operations on Its New York and New Jersey Pipeline System
HOUSTON, Nov. 3, 2012 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) reported the successful restart following Hurricane Sandy of its pipelines that service New York, including New York City and upstate New York, New Jersey, and Pennsylvania markets. Power at Buckeye's Linden, New Jersey facility was restored, and the facility was fully operational, before noon yesterday. All inbound and outbound lines at the facility are now operational and ready for service. The Linden facility operated at reduced rates on back-up generator power in the difficult conditions immediately following Hurricane Sandy. The facility, which normally pumps approximately 500,000 barrels of jet fuel, gasoline, and diesel daily, is a key origin point for product being delivered via Buckeye's pipelines into the New York City market, including JFK, LaGuardia, and Newark airports. Buckeye established service to several of its pipeline delivery terminals serving the New York City market last night.
"We appreciate and want to recognize the tireless and around-the-clock efforts of our employees and contractors, PSE&G and other utility responders, connecting carriers, and officials from local, State and Federal governments in bringing our assets back on-line as quickly as they did," stated Clark C. Smith, President and Chief Executive Officer. "Their efforts will help us to minimize any further disruption to fuel supply in the markets we serve, as the communities work to recover in the aftermath of Hurricane Sandy."
Buckeye Partners, L.P. (NYSE: BPL) is a publicly traded master limited partnership that owns and operates one of the largest independent liquid petroleum products pipeline systems in the United States in terms of volumes delivered, with over 6,000 miles of pipeline. Buckeye also owns approximately 100 liquid petroleum products terminals with aggregate storage capacity of approximately 70 million barrels. In addition, Buckeye operates and/or maintains third-party pipelines under agreements with major oil and chemical companies, owns a high-performance natural gas storage facility in Northern California, and markets liquid petroleum products in certain regions served by its pipeline and terminal operations. Buckeye's flagship marine terminal in The Bahamas, BORCO, is one of the largest crude oil and petroleum products storage facilities in the world, serving the international markets as a premier global logistics hub. More information concerning Buckeye can be found at www.buckeye.com.
This press release includes forward-looking statements that we believe to be reasonable as of today's date. Such statements are identified by use of the words "anticipates," "believes," "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 that may be beyond our control. Among them are (i) changes in federal, state, local, and foreign laws or regulations to which we are subject, including those governing pipeline tariff rates and those that permit the treatment of us as a partnership for federal income tax purposes, (ii) terrorism, adverse weather conditions, including hurricanes, environmental releases, and natural disasters, (iii) changes in the marketplace for our products or services, such as increased competition, better energy efficiency, or general reductions in demand, (iv) adverse regional, national, or international economic conditions, adverse capital market conditions, and adverse political developments, (v) shutdowns or interruptions at our pipeline, terminal, and storage assets or at the source points for the products we transport, store, or sell, (vi) unanticipated capital expenditures in connection with the construction, repair, or replacement of our assets, (vii) volatility in the price of refined petroleum products and the value of natural gas storage services, (viii) nonpayment or nonperformance by our customers, (ix) our ability to integrate acquired assets with our existing assets and to realize anticipated cost savings and other efficiencies and benefits, and (x) an unfavorable outcome with respect to the proceedings pending before the Federal Energy Regulatory Commission ("FERC") regarding Buckeye Pipe Line Company, L.P.'s tariff rates. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011 and our most recently filed Quarterly Report on 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.