Buckeye Partners LP, which has an office in Breinigsville and a sprawling tank farm in Lower Macungie Township, reported a 47 percent increase in net income Friday from continuing operations for its second quarter.
Earnings from continuing or normal operations stood at $91.3 million compared with continuing operations’ net income of $61.9 million for the second quarter last year. Buckeye Partners also reported overall, second-quarter net income rose to $91.5 million, or 72 cents per share, compared with $23 million, or 20 cents per share for the same quarter in 2014.
Separately, Buckeye said its general partner has declared a cash dividend of about $1.17 per limited partner unit for the quarter ended June 30. The distribution is payable Aug. 10 to unit holders as of Aug. 10.
In other news, Buckeye announced in June that one of its operating subsidiaries, Buckeye Pipe Line Co. L.P., reached a settlement resolving complaints filed with the Federal Energy Regulatory Commission by certain airlines challenging the rates for transportation of jet fuel from New Jersey to the three airports in the New York City area. FERC must rule on the settlement.
Clark C. Smith, Buckeye chairman, president and CEO, said in a news release the company expects FERC to act during this quarter, and that the settlement represents a “positive resolution for the company.”
Based in Houston, Buckeye Partners is one of the largest independent petroleum owners and operators in the U.S., transporting fuel for commercial customers such as airlines and railroads. Its Lehigh County facilities employ about 300 people.
—Anthony Salamone
