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: Want to Retire Early? Start Here
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
