BUCKEYE PARTNERS, L.P. - FORM 8-K - EX-99.1

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Investor Presentation

June 25–27, 2013

Exhibit 99.1

LEGAL NOTICE/FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking statements” that we believe to be reasonable as of the date of this presentation.

These statements, which include any statement that does not relate strictly to historical facts, use terms such as “anticipate,”

“assume,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “position,” “predict,” “project,” or “strategy” or the

negative connotation or other variations of such terms or other similar terminology. In particular, statements, express or

implied, regarding future results of operations or ability to generate sales, income or cash flow, to make acquisitions, or to make

distributions to unitholders are forward-looking statements. These forward-looking statements are based on management’s

current plans, expectations, estimates, assumptions and beliefs concerning future events impacting Buckeye Partners, L.P. (the

“Partnership” or “BPL”) and therefore involve a number of risks and uncertainties, many of which are beyond management’s

control. Although the Partnership believes that its expectations stated in this presentation are based on reasonable

assumptions, actual results may differ materially from those expressed or implied in the forward-looking statements. The

factors listed in the “Risk Factors” sections of, as well as any other cautionary language in, the Partnership’s public filings with

the Securities and Exchange Commission, provide examples of risks, uncertainties and events that may cause the Partnership’s

actual results to differ materially from the expectations it describes in its forward-looking statements. Each forward-looking

statement speaks only as of the date of this presentation, and the Partnership undertakes no obligation to update or revise any

forward-looking statement.

INVESTMENT HIGHLIGHTS

Petroleum storage tanks at our Macungie terminal in Pennsylvania

Aerial view of BORCO’s six offshore jetties with tank farm in the distance

•

Over 125 years of continuous operations, with a 26-year track record as a publicly traded MLP on the

NYSE

•

Market capitalization of $7.0 billion

•

Lower cost of capital realized from elimination of GP IDRs; differentiation from many of our peers

•

Investment grade credit rating with a conservative approach toward financing growth

•

Increased

geographic

and

product

diversity

resulting

from

recent

acquisitions

•

Attractive growth investment opportunities across our domestic and international asset platform;

including crude diversification projects utilizing existing asset footprint

•

Opportunities

for

significant

internal

growth

projects

legacy

and

recently

acquired

assets

•

Increased distribution declared for Q1 2013; paid cash distributions each quarter since formation in

1986

BUCKEYE’S STRATEGY

Key Component

Guiding Principle

Generate

Exceptional

Financial

Returns to

Unitholders

Our Vision:

Our Mission: To deliver superior returns to our investors through our talented, valued employees and our

core strengths of

•

An unwavering commitment to safety, environmental responsibility, regulatory compliance, and personal integrity

•

Best-in-class customer service and sophisticated commercial operations

•

Operational excellence that provides consistent, reliable performance at the lowest reasonable cost

•

entrepreneurial

approach

toward

logistical

solutions

profitably

expand

and

optimize

Buckeye’s

portfolio

global

energy

assets

•

A commitment to consistent execution and the continuous improvement of our operations, projects and people

Buckeye - the logistical solutions partner of choice for the global energy business

ORGANIZATIONAL OVERVIEW

Three Business Operating Units

Domestic Pipelines & Terminals

•

~6,000 miles of pipeline with ~100 delivery locations

•

~100 liquid petroleum product terminals

•

~42 million barrels of liquid petroleum product storage capacity

International Pipelines & Terminals

•

~30 million barrels of storage capacity at 2 terminal facilities

in The Bahamas (~25 million) and Puerto Rico (~5 million)

•

Deep water berthing capability to handle ULCCs and VLCCs

in The Bahamas

•

Announced expansion of 4.7 million barrels at Bahamian facility nearing

completion, with 1.9 million barrels placed in service 2 half 2012, 1.6

million placed into service during Q1 2013, and 1.2 million barrels expected

to be placed into service during Q3 2013

Buckeye Services

Natural Gas Storage

•

Over 30 Bcf of working natural gas storage capacity in Northern California

Energy Services

•

Markets refined petroleum products in areas served by Domestic

Pipelines

& Terminals

Development & Logistics

•

Operates and/or maintains third-party pipelines under agreements with

major oil and gas and chemical companies

(1) LTM through March 31, 2013. See Appendix for Non-GAAP

Reconciliations

BUCKEYE SYSTEM MAP

VALUE CREATION/GROWTH DRIVERS

$4 Billion Invested Since 2008

Recent Transactions

(1)

2012

•

Perth Amboy, New Jersey Marine Terminal,

$260.0 million

2011

•

BORCO Marine Terminal, $1.7 billion

•

BP Pipeline & Terminal Assets, $165.0 million

•

Maine Terminals and Pipeline, $23.5 million

2010

•

Buy-in of BPL’s general partner, 20 million units issued

•

Yabucoa, Puerto Rico Terminal, $32.6 million

•

Opelousas, Louisiana Terminal, $13.0 million

•

Additional Equity Interest in West Shore Pipe Line Company,

$13.5 million

2009

•

Blue/Gold Pipeline and Terminal Assets, $54.4 million

2008

•

Lodi Natural Gas Storage, $442.4 million

•

Farm & Home Oil Company

(2)

, $146.2 million

(3)

•

Niles and Ferrysburg, Michigan Terminals, $13.9 million

•

Albany, New York Terminal, $46.9 million

(1)

Excludes acquisitions with a value of $10 million or lower

(2)

Now Buckeye Energy Services

(3)

Buckeye sold the retail division of Farm & Home Oil Company in 2008 for $52.6 million

(4)

Estimate provided is mid-point of expected organic growth capital spend range

Capital Projects Benefiting 2013 and Beyond

Organic Growth Capital Spending

(4)

$80

$160

$240

$320

$400

2008

2009

2010

2011

2012

2013P

Perth Amboy

BORCO

Domestic Assets

(excl. Perth

Amboy)

$91.5

$247.9

$63.8

$46.5

$276.9

$310.0

(4)

•

Transformation of Perth Amboy terminal into highly efficient, multi-

product storage, blending, and throughput facility with crude unit train

offloading capability

•

Storage expansion and terminal enhancements at BORCO facility

•

Construction

crude

oil

storage

tanks,

capacity

increases

pipeline interconnectivity, and crude oil pipeline to unit train

connection within our Chicago complex

•

Truck loading rack upgrades in the Midwest

•

Refurbishment of tanks across the domestic system

•

Butane blending, vapor recovery, and additive system installations

planned

for

numerous

terminal

facilities

across

the

domestic

system

•

Completion of modifications at Albany terminal, allowing the handling

of both crude oil and ethanol unit trains

CRUDE DIVERSIFICATION

With the emergence of the Bakken and Utica shale plays, as well as new crude developments in

Latin

America,

Buckeye

looking

ways

leverage

its

assets

provide

crude

oil

logistics

solutions

producers

and

refiners

wherever

possible.

Crude Blending & Staging

To West

Coast

To Asia

To Gulf

Coast

To Europe

From Latin

America

Source: PFC Energy

•

Albany, NY

•

Multi-year contract signed with Irving Oil in October 2012 to provide crude oil

services, including offloading unit trains, storage, and throughput

•

Albany terminal has two ship docks on the Hudson River, allowing

transport of

crude oil directly to Irving’s facility

•

Perth Amboy, NJ

•

Project initiated to add crude by rail capability

•

Outbound transportation options include ship, barge, and pipeline

•

Chicago Complex

•

Diluent

storage

and

transshipments

–

inbound

via

railroad

and

pipeline; outbound

via pipeline to Canadian destinations

•

Long-term storage and throughput agreement recently signed with major

that

supports

construction

incremental

1.1

million

barrels

crude

oil

storage

•

Long-term crude oil storage, throughput, and rail loading services agreement

recently signed with crude oil marketer; Western Canadian and Bakken crude oil

expected to be transported via pipeline into Chicago Complex for

ultimate delivery

to unit-train facilities on the East, Gulf, and West Coasts

•

BORCO (Freeport, Bahamas)

•

Multi-year agreement signed in April 2012 to support 1.2 million barrel expansion of

facility

•

Latin America crude developments forcing producers to find large

storage

locations with blending capabilities and segregation for multiple qualities of crude

•

Advanced marine infrastructure and service capabilities provide competitive

advantage over other marine terminals in the region

Domestic Pipelines & Terminals

DOMESTIC PIPELINES & TERMINALS OVERVIEW

Petroleum storage tanks at our Macungie terminal in Pennsylvania

•

Pipelines & Terminals segment represents Buckeye’s

largest segment contribution to Adjusted EBITDA

•

Over 6,000 miles of pipeline located primarily in the

Northeast and Midwest United States moving nearly

1.4 million barrels of liquid petroleum products per day

with more than 100 delivery points

•

Approximately 100 liquid petroleum product storage

terminals located throughout the United States

•

Approximately 42 million barrels of storage capacity

Terminal Throughput Volumes

Pipeline Throughput Volumes

(1)

Through March 31, 2013.

PERTH AMBOY OVERVIEW

Facility Overview

•

BPL purchased facility from Chevron (closed in July 2012)

•

Located at the southwest end of New York Harbor on

the Arthur Kill

•

Only ~ 6 miles from Buckeye Linden complex

•

Pipeline, water, rail, and truck access

•

Strategically situated on New York Harbor as a NYMEX

delivery point

•

Approximately 5 MMBbls total storage capacity

•

2.7 MMBbls of active refined product storage

•

1.3 MMBbls of refurbishable refined product storage

•

0.8 MMBbls of heavy oil refurbishable storage

•

4 docks (1 ship, 3 barge

(1)

) with water draft up to 37'

•

~250 acre site with significant undeveloped acreage for

expansion potential

•

Capital investment period supported by multi-year

storage, blending, and throughput commitments from

Chevron

Note: Facility

located in Perth

Amboy, NJ.

Green line

indicates

approximate

property

boundaries

(1)

One of the barge docks is currently out of service.

Growth Opportunities

•

Near-term plans to transform existing terminal into a highly

efficient, multi-product storage, blending, and throughput facility

•

Potential for crude, gasoline, distillate, ethanol, asphalt, or 6 oil

service that can be optimized as market needs evolve

•

Pipeline planned for direct interconnect to Buckeye Linden

complex

•

Project initiated to allow handling of Bakken-sourced crude oil via

rail and ship

Strategic Rationale

•

Improves connectivity and service capabilities for

customers to increase Buckeye system utilization

•

Provides for security and diversity of product supply for

Buckeye’s customers by connecting waterborne product

supply with end destination markets across the Buckeye

system

•

Provides customers with storage at New York Harbor, a

highly liquid NYMEX settlement point

DOMESTIC PIPELINES & TERMINALS GROWTH POTENTIAL

Crude Diversification:

•

Multi-year contract to support transformation of

the Albany marine terminal to provide crude oil

services, including offloading unit trains,

storage, and throughput

•

Contracted to offload Bakken crude for refinery

customer at Woodhaven, MI facility

•

Project initiated to add crude by rail capability at

Perth Amboy

Chicago Complex Crude Oil and Other

Opportunities:

•

Construction of additional 1.1 million barrels of

crude oil storage capacity to leverage asset

footprint in Chicago; project is underwritten by

long-term contract with major

•

Re-purposing of rail facilities and enhancement

of pipeline interconnectivity in connection with

long-term crude oil storage, throughput, and rail

loading services agreement with a marketer

•

Project underway to increase refined products

pipeline interconnectivity within the complex

•

Recently completed propylene storage at facility

with rail loading capability

•

Significant growth driven by strong blending margins

•

Improved blending efficiencies and oversight

•

Opportunities for further locational deployment of blending capabilities

PROJECTS

Primary

Utica

Shale

Other Projects In Progress:

•

Storage expansions at existing domestic terminals, including Pittsburgh

and Opelousas terminals

Buckeye’s ability to leverage and repurpose our existing domestic asset footprint has allowed us

to successfully deliver high-return growth capital projects with low single digit multiples

Utica Shale Opportunity:

•

Development is in

early stages, but

industry consensus is

that crude logistics

solutions will be

needed

•

Buckeye has presence

in area and has

opportunity to utilize

existing infrastructure,

including ROW and

underutilized lines, to

be key logistics

provider

Butane Blending:

FERC ORDER DEVELOPMENTS

Buckeye Pipe Line’s Market-Rate Program

FERC Closes “Show Cause” Proceeding Regarding Buckeye Pipe Line Company, L.P. (“BPL Co.”)

•

In response to protest of an airline shipper in the NYC area, FERC issued a “Show Cause” order on March 30, 2012, directing BPL Co. to

justify continuation of its innovative rate-setting system and rejecting its routine, system-wide tariff increases.

•

FERC issued an order on February 22, 2013, closing the “Show Cause” proceeding and ruling that:

•

BPL Co. can continue to charge its current rates undisturbed

•

BPL Co. granted full market-based-rate authority, i.e., no longer subject to rate increase caps, in markets previously found by FERC

to be competitive markets, in which BPL Co. generated $137 million of revenue from interstate transportation service in 2012

•

BPL Co. allowed to file future rates in its remaining markets, in which BPL Co. generated $126 million of revenue from interstate

transportation service in 2012, pursuant to any of the methodologies permitted by FERC regulations, including in accordance with

the generic FERC index

•

Treatment of NYC market rate still pending outcome of two other filings, as discussed below (Airlines’ Complaint and

Market-Based Rates Application for New York City Market)

•

Earlier program utilized by BPL Co. now discontinued.

BPL Co. Increases Tariffs

•

BPL Co. increased tariffs effective May 1 by approximately seven percent in those markets subject to market-based-rate authority

•

BPL Co. is still evaluating the extent to which it will increase tariff rates in the remaining markets, but does expect to file for a tariff

increase (excluding the NYC market) effective with the normal July 1 index cycle.

•

The July 1, 2013 increase in the FERC index, which is a methodology available to BPL Co., has been set by FERC at 4.6 percent.

Airlines’ Complaint

•

On September 20, 2012, four airlines filed a complaint at FERC challenging BPL Co.’s tariff rates for transporting jet fuel to three NYC

airports – the same movements that were the subject of the March 2012 protest that led to the “show cause” proceeding.

•

On October 10, 2012, BPL Co. filed its answer to the complaint, and additional filings were made by the parties in October and November.

No third parties have filed to intervene in the complaint proceeding.

•

On February 22, 2013, FERC issued an order setting the matter for hearing, but such hearing is on hold pending the outcome of FERC-

ordered settlement discussions between the parties, which are being facilitated by a FERC-appointed settlement judge.

•

In 2012, deliveries of jet fuel to the NYC airports generated approximately $32 million of BPL Co.’s revenues. The complaint is not

directed at BPL Co.’s rates for service to other destinations, and it has no impact on the pipeline systems and terminals owned by

Buckeye’s other operating subsidiaries.

FERC ORDER DEVELOPMENTS (Continued)

Buckeye Pipe Line’s Market-Rate Program

Market-Based Rates Application for New York City Market

On October 15, 2012, BPL Co. filed an application with FERC seeking authority to charge market-based rates for deliveries of refined

petroleum products to the NYC market.

If FERC grants the application, BPL Co. would be permitted prospectively to set its rates in response to competitive forces, and the airlines’

cost-based challenges to BPL Co.’s jet fuel delivery rates to the NYC airports would be moot with respect to future rates.

Buckeye believes that the New York City-area market is robust and highly competitive. The New York Harbor is one of the world’s most active

refined petroleum products markets. Within this market, BPL Co.’s customers have access to numerous existing alternatives, via pipeline,

barge, and truck, to transport refined products. The three airports are located near other active products pipelines or barge docks and, with

reasonable investment, should be able to access alternative jet fuel supplies efficiently and economically.

On December 14, 2012, four airlines filed a joint protest of BPL Co.’s market-based rates application, specifically pertaining to jet fuel

transportation to three NYC airports - the same movements that were the subject of the March 2012 protest that led to the “show cause”

proceeding. The protest is not directed at BPL Co.’s market-based rates application pertaining to movements of any other products or to any

other destinations in the NYC market.

On January 14, 2013, BPL Co. filed its answer to the protest. Additional filings were also made by the parties in January and February 2013.

On February 22, 2013, FERC issued an order setting the application for hearing, but putting it on hold pending the outcome of settlement

discussions regarding the Airlines’ Complaint.

International Pipelines & Terminals

BORCO

•

World-class marine storage terminal for crude oil, fuel oil, and

refined petroleum products

•

24.9 MMBbls capacity

•

Located in Freeport, Bahamas, 80 miles from Southern Florida and

920 miles from New York Harbor

•

Deep-water access (up to 91 feet) and the ability to berth VLCCs and

ULCCs

•

Capacity leased under take or pay contracts

•

World-class customer base

•

Variable revenue generation from ancillary services such as

berthing, blending, bunkering, and transshipping

•

Hub for international logistics

•

Announced expansion of 4.7 million barrels nearing completion with

3.5 million barrels delivered to date and 1.2 million barrels

expected

to be placed into service in Q3 2013; room to significantly further

expand capacity if market conditions permit

Yabucoa, Puerto Rico

•

Well-maintained facility with superior blending/manufacturing

facilities

•

4.6 million barrels of refined petroleum product, fuel oil, and crude

oil storage capacity

•

Strategic location supports a strong local market and also provides

regional growth opportunities

•

Long-term fee-based revenues supported by multi-year volume

commitments from Shell

Other

•

Fuel oil supply and distribution services in the Caribbean

INTERNATIONAL PIPELINES AND TERMINALS

(1)

LTM through March 31, 2013. Revenue excludes non-cash amortization of unfavorable

storage contracts.

80.4%

11.9%

7.6%

Storage (take or pay)

Berthing (variable)

Other Ancillary (variable)

62.0%

23.1%

14.9%

Fuel Oil

Crude Oil

Refined Products

BORCO LTM REVENUE

(1)

BORCO LTM LEASED CAPACITY

(1)

Capex

INTERNATIONAL INTERNAL GROWTH PROJECTS

EXPANSION AND OTHER GROWTH OPPORTUNITIES

•

Expanded storage capacity by 3.5 million barrels, with an additional 1.2

million barrels of crude oil storage expected to be in service in the third

quarter of 2013; all 4.7 million barrels are fully leased

•

Constructed ample berthing capacity to allow future expansion

without incremental marine infrastructure spend

•

Designed facility to accommodate multiple product segregations to

enable blending and maximum flexibility for changes in facility

requirements

•

Improved simultaneous operations to move product in and out of the

facility at the same time

•

Provided critical infrastructure redundancy to ensure business

continuity

•

Improved loading and unloading rates to allow for reduced berthing

time

•

Laid ground work for future expansion by optimizing facility

configuration

Other Internal Growth Opportunities

•

Significant land available for further expansion

•

Additional interest for staging of crude oil resulting from Latin American

production expected to come online over the next decade

•

Provides optionality to multiple end-market destinations

•

Bunkering

Opportunities

–

Blended

Fuel

Oil

•

BORCO is a logical geographical location spot for a new “Bunker filling

station”

•

2014 Panama Canal expansion to allow passage of Suezmax vessels

expected to lead to 20-30% increase in traffic; BORCO location ideal to

service the incremental vessels

•

Yabucoa, Puerto Rico facility provides opportunities for jet fuel and crude

storage, as well as fuel oil supply and bunkering

BORCO Expansion Capacity

(1)

–millions of barrels

(1)

Graph reflects expected midpoint of capital spend range. Dates represent expected date that capacity is placed in service.

BORCO

Capital

Investment

Since

Acquisition

(~$340

million):

Bluefield

Future

Expansion Area

Yellowfield

$50

$100

$150

$200

$250

2012

2013

Yellowfield 2

Bluefield 2

Bluefield 1

Yellowfield 1

Buckeye Services

BUCKEYE SERVICES OVERVIEW

•

Buckeye Energy Services (“BES”) markets a wide range of

refined petroleum products and other ancillary products in

areas served by Buckeye’s pipelines and terminals

•

Strategy for mitigating basis risk included a reduction of

refined product inventories in the Midwest and focusing on

fewer, more strategic locations for transacting business

•

Recently reduced costs by right-sizing the infrastructure for

reduced geographic focus

•

Contributed approximately $24.5 million in revenues to

Domestic Pipelines & Terminals during the last twelve

months through March 31,2013, while also providing

valuable insight on demand and pricing support for our

terminalling and storage business

•

Buckeye Development & Logistics (“BDL”) operates and/or

maintains third-party pipelines under agreements with major

oil and gas and chemical companies

•

BDL is also responsible for identifying and completing

potential acquisitions and organic growth projects for Buckeye

•

BDL services offered to customers

•

Contract operations

•

Project origination

•

Asset development

•

Engineering design

•

Project management

•

Buckeye’s Lodi Gas Storage facility is a high performance natural gas storage facility with over 30 Bcf of working gas capacity

in Northern California serving the greater San Francisco Bay Area

•

Revenue is generated through firm storage services and hub services

•

The facilities collectively have a maximum injection and withdrawal capability of approximately

550 million cubic feet per day

(MMcf/day) and

750 MMcf/day, respectively

•

Lodi’s facilities are designed to provide high deliverability natural

gas storage service and have a proven track

record of safe

and reliable operations

Energy Services

Development & Logistics

Natural Gas Storage

Financial Overview

FINANCIAL PERFORMANCE

(1)

Adjusted EBITDA ($MM)

(2)

Cash Distributions Declared per Unit

Cash Distribution Coverage

(2)(3)

(1)

LTM through March 31, 2013

(2)

See Appendix for Non-GAAP Reconciliations

(3)

Distributable cash flow divided by cash distributions declared for the respective periods

(4)

Long-term debt less cash and cash equivalents divided by Adjusted EBITDA (adjusted for pro forma impacts of acquisitions); calculation as per BPL Credit Facility

Net LT Debt/Adjusted EBITDA

(4)

$313.6

$370.2

$382.6

$487.9

$559.5

$603.4

$100

$200

$300

$400

$500

$600

$700

2008

2009

2010

2011

2012

LTM

1.01x

1.16x

1.03x

0.91x

1.04x

1.15x

0.00x

0.40x

0.80x

1.20x

1.60x

2008

2009

2010

2011

2012

LTM

$3.475

$3.675

$3.875

$4.075

$4.150

$4.163

$0.00

$1.25

$2.50

$3.75

$5.00

2008

2009

2010

2011

2012

LTM

4.47x

3.62x

3.89x

4.55x

4.74x

3.97x

0.00x

1.50x

3.00x

4.50x

6.00x

2008

2009

2010

2011

2012

LTM

INVESTMENT SUMMARY

•

July 2012 acquisition of marine terminal facility in Perth Amboy, NJ from Chevron furthers Buckeye’s

strategy to create a fully integrated and flexible system that offers unparalleled connectivity and service

capabilities; provides significant near-term growth opportunities at attractive multiple

•

World-class

BORCO

marine

storage

terminal

with

24.9

million

barrels

storage

capacity

for

crude

oil

and

liquid

petroleum

products

Freeport,

Bahamas,

with

opportunity

for

significant

additional

capacity

expansion; serves as important logistics hub for international petroleum product flows

•

Proven 26-year track record as a publicly traded partnership through varying economic and commodity price

cycles

•

Management

continues

drive

operational

excellence

through

its

best

practices

initiative

•

Recent acquisitions provide Buckeye with increased geographic and product diversity, including access to

international logistics opportunities, and provide significant near-term growth projects

Stability and Growth

•

Diversified portfolio of assets provides balanced mix of stability and growth and is well positioned to take

advantage of changing supply and demand fundamentals for crude and refined petroleum products to drive

improved returns to unitholders

Non-GAAP Reconciliations

BASIS OF REPRESENTATION; EXPLANATION OF NON-GAAP MEASURES

(1)

LTM through March 31, 2013.

Buckeye’s equity-funded merger with Buckeye GP Holdings, L.P. (“BGH”) in the fourth quarter of 2010 has been treated as a reverse

merger for accounting purposes. As a result, the historical results presented herein for periods prior to the completion of the

merger are those of BGH, and the diluted weighted average number

of LP units outstanding increase from 20.0 million in the fourth

quarter of 2009 to 44.3 million in the fourth quarter of 2010. Additionally, Buckeye incurred a non-cash charge to compensation

expense of $21.1 million in the fourth quarter of 2010 as a result of a distribution of LP units owned by BGH GP Holdings, LLC to

certain officers of Buckeye, which triggered a revaluation of an

equity incentive plan that had been instituted in 2007.

Adjusted EBITDA and distributable cash flow are measures not defined by GAAP. Adjusted EBITDA is the primary measure used by

our senior management, including our Chief Executive Officer, to

(i) evaluate our consolidated operating performance and the

operating performance of our business segments, (ii) allocate resources and capital to business segments, (iii) evaluate the viability

of proposed projects, and (iv) determine overall rates of return

on alternative investment opportunities. Distributable cash flow is

another measure used by our senior management to provide a clearer picture of Buckeye’s cash available for distribution to its

unitholders. Adjusted EBITDA and distributable cash flow eliminate (i) non-cash expenses, including, but not limited to, depreciation

and amortization expense resulting from the significant capital investments we make in our businesses and from intangible assets

recognized in business combinations, (ii) charges for obligations expected to be settled with the issuance of equity instruments, and

(iii) items that are not indicative of our core operating performance results and business outlook.

Buckeye believes that investors benefit from having access to the same financial measures used by senior management and that

these measures are useful to investors because they aid in comparing Buckeye’s operating performance with that of other

companies with similar operations. The Adjusted EBITDA and distributable cash flow data presented by Buckeye may not be

comparable to similarly titled measures at other companies because these items may be defined differently by other companies.

Please see the attached reconciliations of each of Adjusted EBITDA and distributable cash flow to net income.

NON-GAAP RECONCILIATIONS

Net Income to Adjusted EBITDA and Distributable Cash Flow ($000)

(1)

LTM through March 31, 2013

(2)

On November 19, 2010, Buckeye merged with Buckeye GP Holdings L.P.

(3)

Represents

cash

distributions

declared

for

limited

partner

units

(LP

units)

outstanding

each

respective

period.

2013

amounts

reflect

estimated

cash

distributions

paid

units

for

the

quarter

ended

March 31,

2013. Distributions with respect to the Class B units outstanding on the record date for the quarter ended March 31, 2013 will be paid in additional Class B units rather than in cash.

2008

2009

2010

2011

2012

LTM

(1)

Net income attributable to BPL

26,477

49,594

43,080

108,501

226,417

263,799

Interest and debt expense

75,410

75,147

89,169

119,561

114,980

116,419

Income tax expense (benefit)

801

(343)

(919)

(192)

(675)

(881)

Depreciation and amortization

50,834

54,699

59,590

119,534

146,424

150,988

EBITDA

153,522

179,097

190,920

347,404

487,146

530,325

153,546

90,381

157,467

Amortization of unfavorable storage contracts

(7,562)

(10,994)

Gain on sale of equity investment

(34,727)

Non-cash deferred lease expense

4,598

4,500

4,235

4,122

3,901

3,868

Non-cash unit-based compensation expense

1,909

4,408

8,960

9,150

19,520

20,236

Equity plan modification expense

21,058

Asset impairment expense

59,724

59,950

Goodwill impairment expense

169,560

Reorganization expense

32,057

Adjusted EBITDA

313,575

370,167

382,640

487,947

559,523

603,385

Less: Interest and debt expense, excluding amortization of deferred

financing costs and debt discounts

(73,573)

(71,863)

(84,758)

(111,941)

(111,511)

(112,976)

Maintenance capital expenditures

(28,936)

(23,496)

(31,244)

(57,467)

(54,425)

(46,448)

Income taxes, excluding non-cash taxes and other

1,210

325

(6)

(1,095)

(889)

Distributable Cash Flow

212,276

275,133

266,638

318,533

392,492

443,072

209,412

237,687

259,315

351,245

376,193

384,677

Coverage Ratio

1.01x

1.16x

1.03x

0.91x

1.04x

1.15x

Adjusted Segment EBITDA

Pipelines & Terminals

253,790

302,164

346,447

361,018

409,055

436,367

International Operations

(4,655)

112,996

132,104

135,681

Natural Gas Storage

41,814

41,950

29,794

4,204

6,118

5,559

Energy Services

9,443

19,335

5,861

1,797

524

13,887

Development & Logistics

8,528

6,718

5,193

7,932

11,722

11,891

Total Adjusted EBITDA

313,575

370,167

382,640

487,947

559,523

603,385

Net

income

attributable

noncontrolling

interests

affected

merger

(2)

Distributions

for

Coverage

ratio

(3)

BUCKEYE PARTNERS, L.P. - FORM 8-K - EX-99.1 - June 24, 2013

Attached files

BUCKEYE PARTNERS, L.P. Reports