Wells Fargo Energy Fundamentals Forum Houston, TX April 10, 2019
ORGANIZATIONAL OVERVIEW Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions, and is committed to a strong balance sheet with an investment grade credit rating and financial…
SYSTEM MAP Chicago Complex NY Harbor Gulf Coast Caribbean Diversified network of assets situated across three major domestic hubs and the Caribbean Copyright 2018 Buckeye Partners, L.P. 4
STRATEGIC REVIEW On November 2, 2018, Buckeye announced the outcome of its strategic review Situation Analysis oIncreased need for capital based on attractive investment opportunities oDislocated public equity markets oEquity…
STRATEGIC REVIEW Actions and Benefits Given scarcity of reasonably priced capital, sale allows Buckeye to Sale of Entire Equity Interest in VTTI B.V. allocate available capital to higher return domestic growth initiatives for 975…
DOMESTIC PIPELINES & TERMINALS Recent Highlights Significant growth realized from capital investments across our terminal assets o Recognized a 343 million gain upon the closing of the sale of the package of domestic pipeline and…
GLOBAL MARINE TERMINALS Recent Highlights Key Emerging Trends o Fourth quarter of 2018 did not include any contribution from IMO 2020 VTTI as a result of the agreement to sell Buckeyes 50% o IMO change to marine bunker sulfur…
GROWTH CAPITAL PROJECTS ADVANCING LAST-MILE SOLUTIONS o Buckeye formed a joint venture with Phillips 66 Partners LP o Continuing to optimize infrastructure at BTP facilities to and Marathon to develop the South Texas Gateway Terminal,…
GROWTH CAPITAL PROJECTS MAJOR PROJECTS Chicago Complex Expansion Michigan/Ohio Expansion Phase Two o 80 million expansion project backed by a long-term o Extends Midwest supplies from Pittsburgh to Central agreement with BP Products…
GROWTH CAPITAL PROJECTS Smaller Organic Growth Projects Growth Capital Funding Consistently average 75 million to o Moving toward a self-funding business model in 125 million annual spend order to strengthen balance sheet, solidify…
INVESTMENT SUMMARY Diverse portfolio of assets with strong balance sheet, solid investment grade rating and financial flexibility, poised to take advantage of strategic growth opportunities oPredominantly fee-based cash flows from our…
NON-GAAP RECONCILIATIONS
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and distributable cash flow are not measures defined by accounting principles generally accepted in the United States of America (GAAP). We define Adjusted EBITDA as earnings before interest…
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