Buckeye Reports Loss In Q4, Raises Cash Distribution

(RTTNews) - Buckeye Partners, L.P. (BPL), an operator of refined petroleum products pipeline systems, Friday reported loss for the fourth quarter compared with profit a year ago, despite growth in revenue. The results were hurt by a significant impairment charge over discontinuing its natural gas storage business.

Further,  the company increased its cash distribution to $1.0875 per limited partner unit for the quarter, payable to shareholders on February 25, on record February 18. This represents a 4.8 percent increase over the $1.0375 per LP unit distribution declared last year.

Loss attributable to the company was $82.75 million, or $0.73 per share, compared with a profit of $34.96 million or $0.35 per share, a year earlier.

The company recorded an asset impairment charge of $169 million related to discontinuing its Natural Gas Storage business. Buckeye expects to complete the disposition of this business and its assets this year.

For the three months to December, adjusted EBITDA from continuing operations increased to $178.58 million from $165.42 million last year.

Revenue for the 3-month period increased to $1.655 billion from $1.125 billion a year earlier.