Attached files
file | filename |
---|---|
8-K - FORM 8-K - BUCKEYE PARTNERS, L.P. | h85548e8vk.htm |
Exhibit 99.1
BPL 2011 Third-Quarter Earnings Results
|
Page 1 |
Contact:
|
Investor Relations Irelations@buckeye.com (800) 422-2825 |
BUCKEYE PARTNERS, L.P. REPORTS 2011 THIRD-QUARTER EARNINGS RESULTS; INCREASES QUARTERLY CASH
DISTRIBUTION
DISTRIBUTION
HOUSTON, November 4, 2011 Buckeye Partners, L.P. (Buckeye) (NYSE: BPL) today reported a net
loss attributable to Buckeyes unitholders for the third quarter of 2011 of $109.7 million, or a
$1.18 loss per limited partner unit, compared with net income attributable to Buckeyes unitholders
for the third quarter of 2010 of $11.9 million, or $0.60 per unit. In the third quarter of 2011,
Buckeye recorded a non-cash charge for the impairment of $169.6 million of goodwill associated with
the acquisition of Lodi Gas Storage, L.L.C. (Lodi). Continued weakness in the gas storage market
and reduced earnings expectations for the Natural Gas Storage operating segment triggered the need
to perform a goodwill impairment analysis, which resulted in the impairment of the goodwill
associated with Lodi. Excluding the goodwill impairment charge, net income attributable to
Buckeyes unitholders would have been $59.9 million, or $0.64 per unit.
The diluted weighted average number of units outstanding in the third quarter of 2011 was 93.0
million compared to 20.0 million in the third quarter of 2010. The increase in the number of units
reported for the third quarter of this year versus the third quarter of 2010 was significantly
impacted by Buckeyes merger with Buckeye GP Holdings L.P. in the fourth quarter of 2010. The
issuance of units in connection with the acquisition of Bahamas Oil Refining Company International
(BORCO) in the first quarter of 2011 and a unit offering in the second quarter of 2011 also
contributed to the increase in units.
Buckeyes Adjusted EBITDA (as defined below) for the third quarter of 2011 was $126.5 million
compared with Adjusted EBITDA of $101.4 million for the third quarter of 2010. The 24.8 percent
increase in Adjusted EBITDA was primarily the result of contributions from recent acquisitions.
Buckeyes management uses Adjusted EBITDA as the primary measure of performance.
Our third quarter results reflect the positive impact of recent acquisitions and solid performance
from our legacy assets through a challenging overall economic environment, extreme weather
conditions, and disruptions in refinery supply, stated Forrest E. Wylie, Chairman and CEO. The
successful execution of our overall long-term growth strategy has allowed us to achieve record
Adjusted EBITDA while continuing to perform at a high level during these challenging conditions.
We believe Buckeye is well-positioned for even better performance in 2012, Wylie added. We are
working to maximize the benefit from our recently acquired assets by implementing our operating
model and capitalizing on additional commercial opportunities. We also believe our legacy assets
performance will be stronger in 2012 as we benefit from expected increases in transportation and
storage revenue and incremental cash flow from organic growth initiatives.
Buckeye also announced today that its general partner declared a cash distribution of $1.025 per
limited partner unit for the quarter ended September 30, 2011. Class B unitholders will not
receive a distribution of cash, but
BPL 2011 Third-Quarter Earnings Results
|
Page 2 |
instead will be issued additional Class B units pursuant to Buckeyes partnership agreement. The
distribution will be payable on November 30, 2011 to unitholders of record on November 14, 2011.
This cash distribution is the 30th consecutive increase in the quarterly cash
distribution and represents a 5.1 percent increase over the $0.975 per limited partner unit
distribution declared for the third quarter of 2010. Buckeye has paid cash distributions in each
quarter since its formation in 1986.
Earlier this week, Buckeye announced it completed the purchase of two propane storage caverns in
Huntington, Indiana and Tuscola, Illinois from BP North America Inc. and its affiliates (BP).
These assets mark Buckeyes entry into the wholesale storage and throughput of liquefied petroleum
gas, a complementary extension of Buckeyes existing refined products business.
Also earlier this week, Buckeye commenced operations at the newly constructed inland dock at BORCO,
Buckeyes marine terminal in the Bahamas. The inland dock is located inside Freeport Harbor in
Freeport, Grand Bahama and can handle a range of vessels from small barges up to Panamax size
liquid petroleum tankers. This dock is capable of loading and offloading fuel oil and clean
petroleum products and is fully connected to the terminal tank farm and to the offshore jetties.
The inland dock is instrumental in providing customers inclement weather access to our storage
facility due to the inland docks location inside Freeport Harbor, said Clark C. Smith, Buckeyes
President and Chief Operating Officer. The completion of our inland dock represents only the
first phase of the expansion project at our BORCO marine terminal facility. In addition, Buckeye
is upgrading and expanding our largest offshore jetty, capable of handling VLCC tankers, and has
begun construction of significant incremental storage capacity at this facility.
Buckeye will host a conference call with members of executive management today, November 4, 2011,
at 11:00 a.m. Eastern Time. To access the live Webcast of the call, go to
http://www.visualwebcaster.com/event.asp?id=83044 10 minutes prior to its start. Interested
parties may participate in the call by dialing 877-240-9772. A replay will be
archived and available at this link until December 4, 2011, and the replay also may be accessed by
dialing 800-408-3053 and entering passcode 1088054.
Buckeye Partners, L.P. (NYSE: BPL) is a publicly traded partnership that owns and operates one of
the largest independent liquid petroleum products pipeline systems in the United States in terms of
volumes delivered, with over 6,000 miles of pipeline. Buckeye also owns more than 100 liquid
petroleum products terminals with aggregate storage capacity of approximately 64 million barrels,
operates approximately 3,400 miles of pipeline under agreements with major oil and chemical
companies, owns a high-performance natural gas storage facility in Northern California, and markets
liquid petroleum products in certain regions served by its pipeline and terminal operations.
Buckeyes flagship marine terminal in the Bahamas, BORCO, is one of the largest oil and petroleum
products storage facilities in the world, serving the international markets as a premier global
logistics hub. Buckeye is celebrating its 125th anniversary as a midstream energy
company in 2011. More information concerning Buckeye can be found at www.buckeye.com.
* * * * *
EBITDA, a measure not defined under U.S. generally accepted accounting principles (GAAP), is
defined by Buckeye as net income attributable to Buckeyes unitholders before interest and debt
expense, income taxes, and depreciation and amortization. The EBITDA measure eliminates the
significant level of non-cash depreciation and amortization expense that results from the
capital-intensive nature of Buckeyes businesses and from intangible assets recognized in business
combinations. In addition, EBITDA is unaffected by Buckeyes capital structure due to the
elimination of interest and debt expense and income taxes. Adjusted
BPL 2011 Third-Quarter Earnings Results
|
Page 3 |
EBITDA, which also is a non-GAAP measure, is defined by Buckeye as EBITDA plus: (i) non-cash
deferred lease expense, which is the difference between the estimated annual land lease expense for
Buckeyes natural gas storage facility in the Natural Gas Storage segment to be recorded under GAAP
and the actual cash to be paid for such annual land lease; (ii) non-cash unit-based compensation
expense; (iii) income attributable to noncontrolling interests related to Buckeye for periods prior
to the merger of Buckeye and Buckeye GP Holdings L.P. (the Merger); and (iv) the goodwill
impairment expense associated with Lodi; less: (i) amortization of unfavorable storage contracts
acquired in the BORCO acquisition; and (ii) gain on the sale of our equity investment in WTLPG.
The EBITDA and Adjusted EBITDA data presented may not be directly comparable to similarly titled
measures at other companies because EBITDA and Adjusted EBITDA exclude some items that affect net
income attributable to Buckeyes unitholders, and these measures may be defined differently by
other companies. Management of Buckeye uses Adjusted EBITDA to evaluate the consolidated operating
performance and the operating performance of the business segments and to allocate resources and
capital to the business segments. In addition, Buckeyes management uses Adjusted EBITDA as a
performance measure to evaluate the viability of proposed projects and to determine overall rates
of return on alternative investment opportunities.
Distributable cash flow, which is a financial measure included in the schedules to this press
release, is another measure not defined under GAAP. Distributable cash flow is defined by Buckeye
as net income attributable to Buckeyes unitholders plus: (i) depreciation and amortization
expense; (ii) noncontrolling interests related to Buckeye that were eliminated as a result of the
Merger; (iii) deferred lease expense for Buckeyes Natural Gas Storage segment; (iv) unit-based
compensation expense; (v) the goodwill impairment expense associated with Lodi; (vi) write-off of
deferred financing costs; and (vii) amortization of deferred financing costs and debt discounts
(all of which are non-cash expense); less: (i) maintenance capital expenditures; (ii) amortization
of unfavorable storage contracts acquired in the BORCO acquisition; and (iii) gain on the sale of
our equity investment in WTLPG. Buckeyes management believes that distributable cash flow is
useful to investors because it removes non-cash items from net income and provides a clearer
picture of Buckeyes cash available for distribution to its unitholders.
EBITDA, Adjusted EBITDA, and distributable cash flow should not be considered alternatives to net
income, operating income, cash flow from operations, or any other measure of financial performance
presented in accordance with GAAP.
Buckeye believes that investors benefit from having access to the same financial measures used by
Buckeyes management. Further, Buckeye believes that these measures are useful to investors
because they are one of the bases for comparing Buckeyes operating performance with that of other
companies with similar operations, although Buckeyes measures may not be directly comparable to
similar measures used by other companies. Please see the attached reconciliations of each of
EBITDA, Adjusted EBITDA, and distributable cash flow to net income attributable to Buckeyes
unitholders.
* * * * *
This press release includes forward-looking statements that we believe to be reasonable as of
todays date. Such statements are identified by use of the words anticipates, believes,
estimates, expects, intends, plans, predicts, projects, should, and similar
expressions. Actual results may differ significantly because of risks and uncertainties that are
difficult to predict and that may be beyond our control. Among them are (1) changes in federal,
state, local, and foreign laws or regulations to which we are subject, including those that permit
the treatment of us as a partnership for federal income tax purposes, (2) terrorism, adverse
weather conditions, including hurricanes, environmental releases, and natural disasters, (3)
changes in the marketplace for our products or services, such as increased competition, better
energy efficiency, or general reductions in demand, (4) adverse regional, national, or
international economic conditions, adverse capital market conditions, and adverse political
developments, (5) shutdowns or interruptions at the source points for the products we
BPL 2011 Third-Quarter Earnings Results
|
Page 4 |
transport, store, or sell, (6) unanticipated capital expenditures in connection with the
construction, repair, or replacement of our assets, (7) volatility in the price of refined
petroleum products and the value of natural gas storage services, (8) nonpayment or nonperformance
by our customers, and (9) our ability to integrate acquired assets with our existing assets and to
realize anticipated cost savings and other efficiencies. You should read our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on Form 10-K/A for the year ended
December 31, 2010 and our most recently filed Quarterly Reports on Form 10-Q, for a
more extensive list of factors that could affect results. We undertake no obligation to revise our
forward-looking statements to reflect events or circumstances occurring after todays date.
* * * * *
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).
Brokers and nominees should treat one hundred percent (100.0%) of Buckeyes distributions to
non-U.S. investors as being attributable to income that is effectively connected with a United
States trade or business. Accordingly, Buckeyes distributions to non-U.S. investors are subject
to federal income tax withholding at the highest applicable effective tax rate.
####
BPL 20011 Third-Quarter Earnings Results | Page 5 |
BUCKEYE PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue: |
||||||||||||||||
Product sales |
$ | 884,436 | $ | 564,044 | $ | 2,775,698 | $ | 1,633,958 | ||||||||
Transportation and other services |
232,475 | 170,813 | 670,841 | 499,349 | ||||||||||||
Total revenue |
1,116,911 | 734,857 | 3,446,539 | 2,133,307 | ||||||||||||
Costs and expenses: |
||||||||||||||||
Cost of product sales and natural gas storage services |
881,596 | 560,248 | 2,773,899 | 1,628,630 | ||||||||||||
Operating expenses |
96,776 | 68,685 | 266,909 | 204,037 | ||||||||||||
Depreciation and amortization |
31,230 | 15,062 | 87,227 | 44,259 | ||||||||||||
General and administrative |
15,054 | 11,349 | 47,751 | 35,438 | ||||||||||||
Goodwill impairment expense |
169,560 | | 169,560 | | ||||||||||||
Total costs and expenses |
1,194,216 | 655,344 | 3,345,346 | 1,912,364 | ||||||||||||
Operating income (loss) |
(77,305 | ) | 79,513 | 101,193 | 220,943 | |||||||||||
Other income (expense): |
||||||||||||||||
Earnings from equity investments |
2,379 | 3,391 | 7,760 | 8,807 | ||||||||||||
Gain on sale of equity investment |
| | 34,112 | | ||||||||||||
Interest and debt expense |
(33,199 | ) | (22,082 | ) | (90,292 | ) | (65,088 | ) | ||||||||
Other income (expense) |
(75 | ) | 140 | 432 | 380 | |||||||||||
Total other income (expense) |
(30,895 | ) | (18,551 | ) | (47,988 | ) | (55,901 | ) | ||||||||
Net income (loss) |
(108,200 | ) | 60,962 | 53,205 | 165,042 | |||||||||||
Less: net income attributable to noncontrolling
interests |
(1,500 | ) | (49,021 | ) | (4,391 | ) | (130,324 | ) | ||||||||
Net income (loss) attributable to Buckeye Partners,
L.P. |
$ | (109,700 | ) | $ | 11,941 | $ | 48,814 | $ | 34,718 | |||||||
Earnings per unit: |
||||||||||||||||
Basic |
$ | (1.18 | ) | $ | 0.60 | $ | 0.55 | $ | 1.74 | |||||||
Diluted |
$ | (1.18 | ) | $ | 0.60 | $ | 0.54 | $ | 1.74 | |||||||
Weighted average number of units outstanding: |
||||||||||||||||
Basic |
92,982 | 19,952 | 89,499 | 19,952 | ||||||||||||
Diluted |
92,982 | 19,952 | 89,831 | 19,952 | ||||||||||||
BPL 20011 Third-Quarter Earnings Results | Page 6 |
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA
(In thousands)
(Unaudited)
SELECTED FINANCIAL AND OPERATING DATA
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue: |
||||||||||||||||
Pipelines & Terminals |
$ | 162,740 | $ | 145,521 | $ | 456,056 | $ | 424,536 | ||||||||
International Operations |
47,986 | | 146,051 | | ||||||||||||
Natural Gas Storage |
15,742 | 21,663 | 49,431 | 68,318 | ||||||||||||
Energy Services |
894,618 | 566,804 | 2,810,055 | 1,636,955 | ||||||||||||
Development & Logistics |
10,766 | 9,082 | 30,937 | 27,382 | ||||||||||||
Intersegment eliminations |
(14,941 | ) | (8,213 | ) | (45,991 | ) | (23,884 | ) | ||||||||
Total revenue |
$ | 1,116,911 | $ | 734,857 | $ | 3,446,539 | $ | 2,133,307 | ||||||||
Total costs and expenses: (1) |
||||||||||||||||
Pipelines & Terminals |
$ | 93,482 | $ | 72,874 | $ | 247,679 | $ | 214,950 | ||||||||
International Operations |
30,329 | | 89,693 | | ||||||||||||
Natural Gas Storage |
187,820 | 18,868 | 227,527 | 58,770 | ||||||||||||
Energy Services |
889,203 | 564,223 | 2,801,115 | 1,638,242 | ||||||||||||
Development & Logistics |
8,323 | 7,592 | 25,323 | 24,286 | ||||||||||||
Intersegment eliminations |
(14,941 | ) | (8,213 | ) | (45,991 | ) | (23,884 | ) | ||||||||
Total costs and expenses |
$ | 1,194,216 | $ | 655,344 | $ | 3,345,346 | $ | 1,912,364 | ||||||||
Depreciation and amortization: |
||||||||||||||||
Pipelines & Terminals |
$ | 14,727 | $ | 11,649 | $ | 40,502 | $ | 34,346 | ||||||||
International Operations |
12,868 | | 36,299 | | ||||||||||||
Natural Gas Storage |
1,807 | 1,643 | 5,326 | 4,924 | ||||||||||||
Energy Services |
1,379 | 1,331 | 3,894 | 3,702 | ||||||||||||
Development & Logistics |
449 | 439 | 1,206 | 1,287 | ||||||||||||
Total depreciation and amortization |
$ | 31,230 | $ | 15,062 | $ | 87,227 | $ | 44,259 | ||||||||
Operating income (loss): |
||||||||||||||||
Pipelines & Terminals |
$ | 69,258 | $ | 72,647 | $ | 208,377 | $ | 209,586 | ||||||||
International Operations |
17,657 | | 56,358 | | ||||||||||||
Natural Gas Storage |
(172,078 | ) | 2,795 | (178,096 | ) | 9,548 | ||||||||||
Energy Services |
5,415 | 2,581 | 8,940 | (1,287 | ) | |||||||||||
Development & Logistics |
2,443 | 1,490 | 5,614 | 3,096 | ||||||||||||
Total operating income (loss) |
$ | (77,305 | ) | $ | 79,513 | $ | 101,193 | $ | 220,943 | |||||||
Adjusted EBITDA: |
||||||||||||||||
Pipelines & Terminals |
$ | 86,510 | $ | 89,051 | $ | 260,743 | $ | 256,458 | ||||||||
International Operations |
30,095 | | 86,248 | | ||||||||||||
Natural Gas Storage |
426 | 5,753 | 266 | 18,311 | ||||||||||||
Energy Services |
6,978 | 4,586 | 13,578 | 4,340 | ||||||||||||
Development & Logistics |
2,519 | 2,013 | 5,563 | 3,500 | ||||||||||||
Adjusted EBITDA |
$ | 126,528 | $ | 101,403 | $ | 366,398 | $ | 282,609 | ||||||||
Capital additions: (2) |
||||||||||||||||
Pipelines & Terminals |
$ | 26,644 | $ | 16,256 | $ | 61,156 | $ | 38,129 | ||||||||
International Operations |
62,442 | | 122,837 | | ||||||||||||
Natural Gas Storage |
852 | 4,174 | 5,673 | 7,466 | ||||||||||||
Energy Services |
538 | 771 | 1,228 | 2,835 | ||||||||||||
Development & Logistics |
431 | 502 | 474 | 845 | ||||||||||||
Total capital additions |
$ | 90,907 | $ | 21,703 | $ | 191,368 | $ | 49,275 | ||||||||
Summary of capital additions: (2) |
||||||||||||||||
Maintenance capital expenditures |
$ | 16,803 | $ | 9,318 | $ | 36,569 | $ | 18,513 | ||||||||
Expansion and cost reduction |
74,104 | 12,385 | 154,799 | 30,762 | ||||||||||||
Total capital additions |
$ | 90,907 | $ | 21,703 | $ | 191,368 | $ | 49,275 | ||||||||
(1) | Includes depreciation and amortization. | |
(2) | Amounts exclude accruals for capital expenditures. |
September 30, | December 31, | |||||||
Key Balance Sheet information: | 2011 | 2010 | ||||||
Cash and cash equivalents |
$ | 16,196 | $ | 13,626 | ||||
Long-term debt, total (includes BPL Credit Facility) |
2,315,106 | 1,519,393 | ||||||
BPL Credit Facility |
245,700 | 98,000 |
BPL 20011 Third-Quarter Earnings Results | Page 7 |
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA Continued
(Unaudited)
SELECTED FINANCIAL AND OPERATING DATA Continued
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating data: |
||||||||||||||||
Pipelines & Terminals throughput (b/d - 000s): |
||||||||||||||||
Pipelines: |
||||||||||||||||
Gasoline |
682.6 | 663.9 | 649.1 | 647.4 | ||||||||||||
Jet fuel |
344.8 | 350.7 | 339.8 | 337.5 | ||||||||||||
Diesel fuel |
267.3 | 237.0 | 250.8 | 229.2 | ||||||||||||
Heating oil |
29.6 | 35.0 | 56.8 | 61.4 | ||||||||||||
LPGs |
15.1 | 16.7 | 17.5 | 19.5 | ||||||||||||
Other products |
4.5 | 3.3 | 7.2 | 2.6 | ||||||||||||
Total pipelines throughput |
1,343.9 | 1,306.6 | 1,321.2 | 1,297.6 | ||||||||||||
Terminals throughput (b/d - 000s): |
||||||||||||||||
Products throughput |
900.1 | 566.2 | 688.6 | 564.2 | ||||||||||||
Pipeline Average Tariff (Cents/bbl.) |
77.3 | 75.7 | 76.1 | 73.7 | ||||||||||||
International Operations (b/d - 000s): |
||||||||||||||||
Products throughput |
391.8 | | 477.9 | | ||||||||||||
Energy Services (in millions of gallons): |
||||||||||||||||
Sales volumes |
297.4 | 278.0 | 960.8 | 780.0 | ||||||||||||
BPL 20011 Third-Quarter Earnings Results | Page 8 |
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA
Non-GAAP Reconciliations
(In thousands, except per unit amounts and coverage ratio)
(Unaudited)
SELECTED FINANCIAL AND OPERATING DATA
Non-GAAP Reconciliations
(In thousands, except per unit amounts and coverage ratio)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Adjusted EBITDA: |
||||||||||||||||
Net income (loss) attributable to Buckeye Partners, L.P. |
$ | (109,700 | ) | $ | 11,941 | $ | 48,814 | $ | 34,718 | |||||||
Interest and debt expense |
33,199 | 22,082 | 90,292 | 65,088 | ||||||||||||
Income tax benefit |
| 229 | (193 | ) | (435 | ) | ||||||||||
Depreciation and amortization |
31,230 | 15,062 | 87,227 | 44,259 | ||||||||||||
EBITDA |
(45,271 | ) | 49,314 | 226,140 | 143,630 | |||||||||||
Net income attributable to noncontrolling interests
affected by Merger (for periods prior to Merger) (1) |
| 49,150 | | 130,205 | ||||||||||||
Gain on sale of equity investment |
| | (34,112 | ) | | |||||||||||
Amortization of unfavorable storage contracts |
(485 | ) | | (4,813 | ) | | ||||||||||
Non-cash deferred lease expense |
1,030 | 1,059 | 3,091 | 3,176 | ||||||||||||
Non-cash unit-based compensation expense |
1,694 | 1,880 | 6,532 | 5,598 | ||||||||||||
Goodwill impairment expense |
169,560 | | 169,560 | | ||||||||||||
Adjusted EBITDA |
$ | 126,528 | $ | 101,403 | $ | 366,398 | $ | 282,609 | ||||||||
Distributable cash flow: |
||||||||||||||||
Net income (loss) attributable to Buckeye Partners, L.P. |
$ | (109,700 | ) | $ | 11,941 | $ | 48,814 | $ | 34,718 | |||||||
Depreciation and amortization |
31,230 | 15,062 | 87,227 | 44,259 | ||||||||||||
Net income attributable to noncontrolling interests
affected by Merger (for periods prior to Merger) (1) |
| 49,150 | | 130,205 | ||||||||||||
Gain on sale of equity investment |
| | (34,112 | ) | | |||||||||||
Non-cash deferred lease expense |
1,030 | 1,059 | 3,091 | 3,176 | ||||||||||||
Non-cash unit-based compensation expense |
1,694 | 1,880 | 6,532 | 5,598 | ||||||||||||
Amortization of unfavorable storage contracts |
(485 | ) | | (4,813 | ) | | ||||||||||
Write-off of deferred financing costs |
3,331 | | 3,331 | | ||||||||||||
Amortization of deferred financing costs and debt discounts |
1,159 | 968 | 3,420 | 3,445 | ||||||||||||
Goodwill impairment expense |
169,560 | | 169,560 | | ||||||||||||
Maintenance capital expenditures |
(16,803 | ) | (9,318 | ) | (36,569 | ) | (18,513 | ) | ||||||||
Distributable cash flow |
$ | 81,016 | $ | 70,742 | $ | 246,481 | $ | 202,888 | ||||||||
Cash Distributions for Coverage Ratio (2) |
$ | 88,357 | $ | 63,836 | $ | 261,742 | $ | 188,616 | ||||||||
Cash Distribution Coverage Ratio |
0.92 | 1.11 | 0.94 | 1.08 | ||||||||||||
(1) | Represents merger between Buckeye Partners, L.P. and Buckeye GP Holdings L.P. in November 2010. | |
(2) | Represents cash distributions declared for limited partner units (LP units) outstanding as of each respective period. 2011 amounts reflect actual cash distributions paid on LP units for the quarters ended March 31, 2011 and June 30, 2011 and estimated cash distributions for the quarter ended September 30, 2011. Distributions with respect to the 6,915,725 and 7,042, 771 Class B units outstanding on the record date for the quarter ending March 31, 2011 and June 30, 2011, respectively, and the 7,175,839 Class B units expected to be outstanding for the quarter ending September 30, 2011 are paid in additional Class B units rather than in cash. |