Master limited partnership Buckeye Partners (NYSE:BPL) reported third quarter earnings before the market opened this morning. Total revenues of $496 million surpassed analysts’ estimates of $485.7 million, and earnings of $0.79/common unit beat estimates by $0.04. Buckeye will distribute $0.875/unit for the quarter, bringing its annualized distribution to $3.50/unit.
Pipeline throughput was lower than the 2007 third quarter, but theaverage tariff/barrel increased to $0.686 from $0.655. The big jumpcame in crude oil terminaling and storage, which nearly doubledyear-over-year, and natural gas storage revenues of nearly $9 millioncompared with none a year ago.
Crude oil and natural gas storage made the difference for Buckeye thisquarter, and will continue to do so as the company expands its storagecapabilities. It may not be glamourous, but storage shines when itcomes to generating revenue.
Buckeye closed at $35.87 yesterday, 63% better than it’s 52-week low.
Paul Ausick
October 29, 2008
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
