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Buckeye Partners, L.P.
Company typeSubsidiary (1886–1911, 1964-1986, 2019-present)
Private (1911-1964, 1986-2006)
Public (2006-2019)[citation needed]
NYSE: BPL (2006-2019)
IndustryPetroleum
Founded1886 as Buckeye Pipeline Company
HeadquartersHouston, Texas, United States
Key people
Todd J. Russo, CEO
ProductsPipelines & Terminals
RevenueIncreaseUS$6.620 Billion (FY 2014)[1]
IncreaseUS$274.9 Million (FY 2014)[1]
Total assetsIncreaseUS$8.086 Billion (FY 2014)[1]
OwnerStandard Oil (1886-1911)

Penn Central (1964-1986)

IFM Investors (2019-present)
Number of employees
1,870[2] (2017)
Websitebuckeye.com

Buckeye Partners, formerly known as the Buckeye Pipeline Company, is a distributor of petroleum in the East and Midwest areas of the United States. A direct descendant of Standard Oil, the company is considered one of the largest independent oil pipelines in the United States.[3] Its global headquarters is located in Houston's River Oaks District, and it maintains an additional U.S. headquarters in Allentown, Pennsylvania.[4][5]

Its predecessor company, the Buckeye Pipe Line Company, was founded in 1886 as part of John D. Rockefeller's Standard Oil.[6] It existed as a subsidiary until it became an independent company after Standard Oil's dissolution in 1911.[7] It changed its name to Buckeye Partners in 1986 during a reorganization that transitioned it into a master limited partnership.[8] The company expanded by buying oil pipelines from mainstream petroleum companies. In 1942, the company purchased Indiana Pipe Line. In 2004, its $517 million acquisition of refined petroleum pipelines and terminals from Shell was approved by the Federal Trade Commission.[9]

Buckeye manages over 6,200 miles (10,000 km) of petroleum pipelines and over 100 truck-loading terminals. Many of its pipelines follow historic Northeastern railroad rights-of-way, and the firm is a surviving fragment of the defunct Penn Central railroad.[10] Among Buckeye's clients were major airports in New York City, leading it to being listed by US federal prosecutors as among the targets of the 2007 John F. Kennedy International Airport attack plot.[citation needed]

In 2019, IFM Investors acquired Buckeye Partners for $10.3 billion in an all-cash deal, paying Buckeye Partners shareholders $41.50 per share. Buckeye Partners is now a wholly-owned subsidiary of IFM under its "Global Infrastructure Fund".[11]

Facilities

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References

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  1. ^ a b c "2014 10-K SEC Filing for Buckeye Partners". Securities and Exchange Commission. Retrieved 24 March 2015.
  2. ^ "Buckeye Partners". Fortune. Retrieved 2019-02-05.
  3. ^ Staff Oil Pipeline Handbook (2nd ed.). Washington, D.C.: Federal Energy Regulatory Commission, Office of the General Counsel, Gas and Oil Litigation Division, Volume I. 1992. p. 62659.
  4. ^ Contact Us." Buckeye Partners. Retrieved on November 8, 2013. "One Greenway Plaza • Suite 600 • Houston, Texas 77046"
  5. ^ Buckeye Pipe Line, Dun & Bradstreet
  6. ^ "History of Buckeye Partners, L.P." Funding Universe. Retrieved 19 September 2019.
  7. ^ Walden, Gene (2005). The 100 Best Dividend-paying Stocks To Own In America. Maddison, IN: Marathon International Book Company. p. 94. ISBN 1-928877-05-2.
  8. ^ Epstein, Lita; Jaco, C. D.; Neimann, Julianne C. (2003-11-04). The Complete Idiot's Guide to the Politics Of Oil. Penguin. ISBN 978-1-4406-9613-8.
  9. ^ "FTC Clears Buckeye Partners $517 Million Purchase of Shell Pipelines and Terminals". Federal Trade Commission. 2004-09-27. Retrieved 2022-07-07.
  10. ^ Buckeye Partnership About Us Official organizational history
  11. ^ Bennett, Stephen (2019-11-20). "Buckeye Partners Is Acquired by IFM Investors | Fuel Oil News". fueloilnews.com. Retrieved 2022-07-08.
  12. ^ "Perth Amboy refinery to get new life from $200 million overhaul". NJ.com. August 8, 2012. Retrieved 2014-01-07. Buckeye Partners bought it from Chevron for $260 million, with plans to spend another $200 million or more expanding operations.
  13. ^ Buckeye Pipeline buys Chevron's NJ terminal Archived 2015-10-02 at the Wayback Machine Reuters
  14. ^ "Form 8-K, Buckeye Partners, L.P." U.S. Securities and Exchange Commission. September 30, 2004.
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