Buckeye Partners history

By 1925, over 450 million barrels came from Gulf and mid-continent wells.

In 1942, the Northern Group of Pipelines voted to unify.

Next, Buckeye launched its Eastern Products System in 1952.

In the meantime, Buckeye continued to build up its Midwest assets, in 1954 completing construction on an eight-inch refined products pipeline that extended from Lima to Columbus refineries.

In 1960, Buckeye purchased the Tuscarora Pipe Line system from Allentown to Pittsburgh and Midland.

In 1964, the Buckeye Pipeline Co. was acquired by a subsidiary of the Pennsylvania Railroad Co.

In 1968 the Pennsylvania Railroad merged with the New York Central Railroad, the largest merger in United States history, resulting in the Penn Central Railroad Company.

In 1970, the Penn Central declared bankruptcy and reorganized as Conrail.

With the railroad operations turned over to Conrail and Amtrak, the company emerged from bankruptcy in October 1978 as Penn Central Corporation, which had assets in real estate, hotels, oil companies, and pipelines.

To raise cash, Penn Central spun off Buckeye in December 1986.

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.

Later in 1999 Buckeye also acquired selected assets of Seagull Products Corporation and Seagull Energy Corporation at a cost of $5.75 million.

Buckeye also sold some assets in 2000, electing to leave refining operations to others and to concentrate on pipelines and terminals.

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.

2004: Buckeye acquires 25 terminals from Royal Dutch/Shell.

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 July 2012, Buckeye acquired a marine terminal facility, Perth Amboy, in New York Harbor.

Then in July Buckeye netted nearly $300 million through the placement of notes due in 2013.