Setback for Buckeye

Buckeye Partners has reported net income of $52.0m for the first quarter 2012, down from $66.5m last year. Adjusted EBITDA slipped from $122.2m to $115.0m. “The first quarter of 2012 was challenging for Buckeye as the mild winter and softness in demand for refined products, combined with the short-term negative impact of our Energy Services segment exiting its Midwest positions, adversely affected our financial performance,” says Clark C Smith, president/CEO. Buckeye’s pipeline and terminals operations performed better, with revenue up 15% at $165.9m, though higher costs held back profits.