Buckeye Partners’ pipeline and terminals business performance was in line with last year despite a decline in throughput volumes.
The company reported its income from continuing operations for the first quarter of 2016 of $135 million compared to income from continuing operations for the first quarter of 2015 of $112 million.
Clark Smith, chairman, president and CEO, says that the company’s marine terminals segment recorded a substantially improved performance compared to last year, partly due to strong demand for storage services for its legacy assets.
He adds:’ Our domestic pipeline and terminals business was essentially in line with last year’s result despite a decline in pipeline and terminal throughput volumes as a result of milder weather, decreased demand for off-road diesel and market supply shifts.’
The company is embarking on a series of expansion projects, including the modernisation of its New York Harbour complete as well as the construction of the Michigan/Ohio Pipeline expansion prject, which is due to be complete and operational in late 2016.