HOUSTON, April 05, 2019 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL ) announced today it has scheduled necessary hydrotesting and is planning to file new Federal Energy Regulatory Commission (FERC) tariffs in advance of planned bi-directional service along the Altoona-to-Pittsburgh section of the refined fuels pipeline system operated by its subsidiary, Laurel Pipe Line Company, L.P. (“Laurel”). In cooperation with its shippers, Buckeye is moving forward with planned bi-directional service while FERC continues to review a petition for a declaratory order filed in April 2018. Buckeye scheduled the hydrotesting as a standard procedure to ensure safety on the Laurel system and a critical step toward initiating bi-directional service. Buckeye continues to expect bi-directional service to commence by mid-2019.
“We are pleased to move forward on this important project, which will enhance market competition through bi-directional service. The scheduled tests will ensure the new service on Laurel – which maintains current east-to-west deliveries while providing Pennsylvania consumers with more access to lower-cost, American-produced fuels from the Midwest – begins safely and efficiently,” said Robert A. Malecky, Buckeye’s President, Domestic Pipelines and Terminals.
All media inquiries should be directed to David Conti, FTI Consulting, at david.conti@fticonsulting.com (412-808-1170). All investor inquiries should be directed to Kevin Goodwin, Vice President and Treasurer, at irelations@buckeye.com (800-422-2825).
About Buckeye Partners, L.P.
Buckeye Partners, L.P. (NYSE: BPL) is a publicly traded master limited partnership which owns and operates a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also uses its service expertise to operate and/or maintain third-party pipelines and terminals and perform certain engineering and construction services for its customers. Buckeye’s global terminal network comprises more than 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean. Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk storage and blending hubs. Buckeye’s flagship marine terminal in The Bahamas, Buckeye Bahamas Hub, is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products. Buckeye’s Gulf Coast regional hub, Buckeye Texas Partners, offers world-class marine terminalling, storage and processing capabilities. Buckeye is also a wholesale distributor of refined petroleum products in certain areas served by its pipelines and terminals. 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. All statements that express belief, expectation, estimates or intentions, as well as those that are not statements of historical facts, are forward-looking statements. Such statements use forward-looking words such as “proposed,” “anticipate,” “project,” “potential,” “could,” “should,” “continue,” “estimate,” “expect,” “may,” “believe,” “will,” “plan,” “seek,” “outlook” and other similar expressions that are intended to identify forward-looking statements, although some forward-looking statements are expressed differently. These statements discuss future expectations and contain projections. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: (i) changes in federal, state, local and foreign laws or regulations to which we are subject; (ii) an adverse ruling by a federal, state, or local governmental authority with respect to the our proposed pipeline services offerings; (iii) terrorism and other security risks, including cyber risk, adverse weather conditions, including hurricanes, environmental releases and natural disasters; (iv) changes in the marketplace for our products or services, such as increased competition, changes in product flows, better energy efficiency or general reductions in demand; (v) adverse regional, national or international economic conditions, adverse capital market conditions, and adverse political developments; (vi) shutdowns or interruptions at our pipeline, terminalling, and storage assets or at the source points for the products we transport, store or sell; (vii) unanticipated capital expenditures in connection with the construction, repair or replacement of our assets; (viii) volatility in the price of liquid petroleum products; (ix) nonpayment or nonperformance by our customers; and (x) our ability to successfully complete our organic growth projects and to realize the anticipated financial benefits. 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, 2018, 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 except as required by law.
| Contact: | Kevin J. Goodwin Vice President & Treasurer irelations@buckeye.com (800) 422-2825 | |
