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Slide #52. Buckeye Partners, L.P. — Liquid Petroleum Products Terminals Network From Hess
Buckeye Partners, L.P. (NYSE:BPL)
Liquid Petroleum Products Terminals Network From Hess
Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) announced today that it has signed a definitive agreement with Hess Corporation ("Hess") and its subsidiaries to acquire 20 liquid petroleum products terminals with total storage capacity of approximately 39 million barrels for $850 million. The 19 domestic terminals are located primarily in major metropolitan locations along the U.S. East Coast and have approximately 29 million barrels of refined petroleum products storage capacity, including approximately 15 million barrels of capacity strategically located in New York Harbor. The terminal on St. Lucia in the Caribbean has approximately 10 million barrels of crude oil and refined petroleum products storage capacity and has deep-water access. This acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close before year-end.
Buckeye Partners is a holding company. Through its subsidiaries, Co. owns and operates integrated assets providing midstream logistic solutions, including transportation, storage, processing and marketing of liquid petroleum products. Co. has three segments: Domestic Pipelines and Terminals, which provides pipeline transportation services; Global Marine Terminals, which provides marine accessible bulk storage and blending services, rail and truck rack loading/unloading, and petroleum processing services in the East Coast and Gulf Coast regions of the U.S. and in the Caribbean; and Merchant Services, which distributes refined petroleum products in the continental U.S. and in the Caribbean.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
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