Strong demand in the tank storage market helped encourage Buckeye Partner’s to deliver strong financials for the fourth quarter of 2015.
The company reported that income from continuing operations for the quarter was $135.1 million compared to $64 million from 2014. Adjusted EBITDA from continuing operations for the fourth quarter was $244.5 million compared to $223.5 million for the same quarter in 2014.
Clark Smith, chairman, president and CEO, says: ‘Buckeye’s outstanding fourth quarter and full year financial results further demonstrate the benefits of our diversification strategy and the strength of our position in the market.
‘We were able to capitalise on strong demand in the market to increase utilisation of our storage assets at a higher contracted rates.’
In December 2015, the company announced the commissioning of a 50,000 barrel per day condensate splitter facility in Corpus Christi. Construction is expected to be complete but the end of the first quarter of 2016.