Buckeye Texas Partners Llc history

In 1870 the business was incorporated and Rockefeller set out to consolidate, if not conquer, the industry--in the process displaying a keen business acumen as well as ruthlessness in getting his way.

In 1882 all of the assets were housed under the first trust in the United States.

Then in May 1885 oil was discovered near Lima in northwestern Ohio, a deposit that stretched into Indiana, and within months hundreds of derricks were erected in the area and began pumping crude.

The federal government sued Standard Oil and in 1906 it was declared a monopoly and ordered to dissolve.

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 1964, Buckeye was acquired by a subsidiary of the Pennsylvania Railroad, which later became The Penn Central Corporation.

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 1977, the company acquired Jet Lines, Inc., a products pipeline system in New England.

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.

To increase its profile with investors, BMC instituted a 2-for-1 split of the partnership's publicly traded units in February 1998.

In 2001 Buckeye completed a pair of deals involving TransMontaigne Pipeline Inc.

In 2002 revenues topped $247.3 million and the company recorded net income of $71.9 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.

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.