Buckeye Partners pipeline operations and terminalling and storage segments, the partnership's two largest segments, have driven an increase in overall adjusted EBITDA in Q1 2010.
Additional pipeline and terminal capacity from asset acquisitions and completion of capital projects played a significant role in these segments' improved performance, Forrest E. Wylie, chairman and CEO of Buckeye's notes.
Also, the organisational restructuring completed in the second half of 2009 continued to provide benefits throughout the partnership as a whole. Our performance was dampened in the first quarter of 2010 by lower earnings in our energy services segment due to compressed marketing margins resulting from a significantly reduced contango pricing environment.
The partnership as a whole reported net income attributable to Buckeye's unitholders for the first Q1 2010 of $50.5 million (38.6 million) compared to $53.8 million for Q1 2009.
Buckeye Partners owns 67 refined petroleum products terminals, operates and maintains approximately 2,400 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations.