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Buckeye Management Company Inc history
Buckeye Management Company Inc company history timeline
To raise cash, Penn Central spun off Buckeye in December 1986.
In 1986, Buckeye further increased its refined products service through the acquisition of Laurel Pipe Line Company, which serves Pennsylvania markets from Philadelphia.
The remaining 17 percent interest was then bought in December 1992.
Penn Central sold its 19 percent interest in Buckeye Partners in 1993, but held onto BMC for another three years.
To increase its profile with investors, BMC instituted a 2-for-1 split of the partnership's publicly traded units in February 1998.
Another development of note during 2000 was the appointment of William H. Seas to replace Martinelli as CEO. Martinelli stayed on as chairman.
In 2001 Buckeye completed a pair of deals involving TransMontaigne Pipeline Inc.
Revenues increased to $232.4 million in 2001 while income improved to $69.4 million.
In 2002 revenues topped $247.3 million and the company recorded net income of $71.9 million.
In February 2003 the Partnership sold 1.75 million units, raising nearly $60 million.
But during the course of 2003 Buckeye took steps to raise money to pay off debt, thereby lowering the cost of capital and allowing it to further its growth through acquisitions and capital projects.
2004: Buckeye acquires 25 terminals from Royal Dutch/Shell.
Buckeye Health Plan (Buckeye)* is a managed care health plan, providing services throughout Ohio since 2004.
Launched in Toledo, Ohio in 2004, Buckeye began as an innovator in the Medicaid market, rapidly expanding to serve all of Ohio’s 88 counties.
Early in 2005 Buckeye bought another 478 miles of pipelines and four more terminals, paying $180 million to affiliates of ExxonMobil Corporation.
In 2008, Buckeye acquired the wholesale refined products marketing operations of Farm & Home Oil Company and formed its Buckeye Energy Services business which is a wholsale distributor of refined products in the United States in areas also served by pipelines and terminals.
In February 2011, Buckeye completed its acquisition of Bahamas Oil Refining Company International (“BORCO”). BORCO is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for petroleum products.
In 2011, Buckeye Boxes invested more than $1 million to increase both its capabilities and capacity.
Then in July Buckeye netted nearly $300 million through the placement of notes due in 2013.
In December 2013, Buckeye acquired certain wholesale distribution contracts and 20 liquid petroleum products terminals.
In September 2014, Buckeye acquired an 80% interest in Buckeye Texas Partners, LLC, a joint venture with Trafigura AG. The acquisition expands our geographic and product diversity with a premier position on the United States Gulf Coast and in the prolific Eagle Ford shale.
*Buckeye Health Plan operated as Buckeye Community Health Plan until September 2014.
Medicaid in Ohio is part of the Federally-Facilitated Marketplace (FFM) that opened in Ohio in 2015.
In May 2019, Buckeye announced a definitive agreement under which the IFM Global Infrastructure Fund acquired all of the outstanding public common units of Buckeye.
In connection with the consummation of the transaction, Buckeye requested that the NYSE delist its LP Units and, as a result, trading of its LP Units was suspended prior to the opening of the NYSE on November 1, 2019.
In March 2020, Buckeye acquired three refined petroleum products terminals strategically located in New Haven, Connecticut; Wilmington, Delaware; and Marrero, Louisiana.
In December 2020, the marine facilities became fully operational with the commencement of crude oil export operations at the second deepwater dock.
In July 2021, Buckeye acquired a 180 megawatt, advanced-stage solar development project located in Hill County, Texas, and in August, Buckeye acquired a 270 megawatt, advanced-stage solar development project located in Falls County, Texas.
In June 2022, Buckeye acquired a network of 21 liquids petroleum products terminals primarily located in the Southeast United States.
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