Buckeye Partners’ has increased throughput at its terminals by almost 10%, which has boosted the company’s record second quarter financial results.
Reported income from continuing operations for the second quarter of 2015 was $91.3 million (€83.2 million) compared to $61.9 million (€56.4 million) for the same period the previous year.
Adjusted EBITD represented a record second quarter Adjusted EBITDA for Buckeye compared to the second quarter of 2014.
Chairman, president and CEO Clark Smith says that the company’s global marine terminals and merchant services segments drove significant improvement compared to the previous year.
‘Our commercial and operating teams were successful in improving utilisation and driving rate increases at our global marine terminals segment, which also benefited from incremental cash flows from our interest in Buckeye Texas Partners,’ he says.
‘In our pipelines and terminals segment, we continued to benefit from growth capital investments that have expanded our domestic terminals network and increased our terminal throughput growth by nearly 10% year over year.
‘Additionally, we saw solid performance from our pipelines producing volume growth of nearly 4% compared to the previous year.’
The company has reaffirmed its commitment to building a new condensate splitter as well as refrigerated LPG storage capacity at our Buckeye Texas Partners facilities. Both of these projects are expected to be operational in the third quarter of 2015 and are expected to generate significant incremental cash flows.