Buckeye Partners
Owner | Standard Oil (1886-1911)
Penn Central (1964-1986) IFM Investors (2019-present) |
---|---|
Number of employees | 1,870[2] (2017) |
Website | buckeye.com |
Buckeye Partners, formerly known as the Buckeye Pipeline Company, is a distributor of petroleum in the East and Midwest areas of the United States. A direct descendant of Standard Oil, the company is considered one of the largest independent oil pipelines in the United States.[3] Its global headquarters is located in Houston's River Oaks District, and it maintains an additional U.S. headquarters in Allentown, Pennsylvania.[4][5]
Its predecessor company, the Buckeye Pipe Line Company, was founded in 1886 as part of John D. Rockefeller's Standard Oil.[6] It existed as a subsidiary until it became an independent company after Standard Oil's dissolution in 1911.[7] It changed its name to Buckeye Partners in 1986 during a reorganization that transitioned it into a master limited partnership.[8] The company expanded by buying oil pipelines from mainstream petroleum companies. In 1942, the company purchased Indiana Pipe Line. In 2004, its $517 million acquisition of refined petroleum pipelines and terminals from Shell was approved by the Federal Trade Commission.[9]
Buckeye manages over 6,200 miles (10,000 km) of petroleum pipelines and over 100 truck-loading terminals. Many of its pipelines follow historic Northeastern
In 2019, IFM Investors acquired Buckeye Partners for $10.3 billion in an all-cash deal, paying Buckeye Partners shareholders $41.50 per share. Buckeye Partners is now a wholly-owned subsidiary of IFM under its "Global Infrastructure Fund".[11]
Facilities
- Perth Amboy Refinery[12][13]
- The North Line System - A 309 mile refined products pipeline connecting Wood River Refinery in Roxana, Illinois to a company terminal in Peotone, Illinois. The system includes two onward connections, one to Hammond, Indiana and one to a company terminal in Summit, Illinois. The 96,000 barrel-per-day pipeline was constructed in 1952 by Shell Oil Company. Buckeye Partners acquired the system from Shell in 2004.[14]
References
- ^ a b c "2014 10-K SEC Filing for Buckeye Partners". Securities and Exchange Commission. Retrieved 24 March 2015.
- ^ "Buckeye Partners". Fortune. Retrieved 2019-02-05.
- ^ Staff Oil Pipeline Handbook (2nd ed.). Washington, D.C.: Federal Energy Regulatory Commission, Office of the General Counsel, Gas and Oil Litigation Division, Volume I. 1992. p. 62659.
- ^ Contact Us." Buckeye Partners. Retrieved on November 8, 2013. "One Greenway Plaza • Suite 600 • Houston, Texas 77046"
- ^ Buckeye Pipe Line, Dun & Bradstreet
- ^ "History of Buckeye Partners, L.P." Funding Universe. Retrieved 19 September 2019.
- ISBN 1-928877-05-2.
- ISBN 978-1-4406-9613-8.
- ^ "FTC Clears Buckeye Partners $517 Million Purchase of Shell Pipelines and Terminals". Federal Trade Commission. 2004-09-27. Retrieved 2022-07-07.
- ^ Buckeye Partnership About Us Official organizational history
- ^ Bennett, Stephen (2019-11-20). "Buckeye Partners Is Acquired by IFM Investors | Fuel Oil News". fueloilnews.com. Retrieved 2022-07-08.
- ^ "Perth Amboy refinery to get new life from $200 million overhaul". NJ.com. August 8, 2012. Retrieved 2014-01-07.
Buckeye Partners bought it from Chevron for $260 million, with plans to spend another $200 million or more expanding operations.
- ^ Buckeye Pipeline buys Chevron's NJ terminal Archived 2015-10-02 at the Wayback Machine Reuters
- ^ "Form 8-K, Buckeye Partners, L.P." U.S. Securities and Exchange Commission. September 30, 2004.