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UBS NLP One on One Conference – Buckeye Partners Lp

Buckeye Partners Lp · Jan 15, 2014 · 25 slides

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Slides

  1. UBS NLP One on One Conference – Buckeye Partners Lp – slide 1
    UBS MLP One-on-One Conference January 14-15, 2014 Copyright 2014 Buckeye Partners, L.P.
  2. UBS NLP One on One Conference – Buckeye Partners Lp – slide 2
    INVESTMENT HIGHLIGHTS Petroleum storage tanks at our Macungie terminal in Pennsylvania Aerial view of BORCOs six offshore jetties with tank farm in the distance Over 125 years of continuous operations, with a 27-year track record…
  3. UBS NLP One on One Conference – Buckeye Partners Lp – slide 3
    BUCKEYES STRATEGY Our Vision: Buckeye - the logistical solutions partner of choice for the global energy business Our Mission: To deliver superior returns to our investors through our talented, valued employees and our core strengths…
  4. UBS NLP One on One Conference – Buckeye Partners Lp – slide 4
    BEST PRACTICES INITIATIVE Key Differentiator of Buckeye Multi-Skilled Teams Staff for the Best-In-Class Asset Gain Sharing Trough Manager Initiative Empower our Decentralized Employees Structure Copyright 2014…
  5. UBS NLP One on One Conference – Buckeye Partners Lp – slide 5
    ORGANIZATIONAL OVERVIEW Three Business Operating Units Domestic Pipelines & Terminals(1) 6,000 miles of pipeline with 100 delivery locations 100 liquid petroleum product terminals LTM ADJUSTED EBITDA(2) 42 million barrels of liquid…
  6. UBS NLP One on One Conference – Buckeye Partners Lp – slide 6
    BUCKEYE SYSTEM MAP Copyright 2014 Buckeye Partners, L.P. 7
  7. UBS NLP One on One Conference – Buckeye Partners Lp – slide 7
    VALUE CREATION/GROWTH DRIVERS Almost 5 Billion Invested Since 2008 Recent Transactions (1) Organic Growth Capital Spending 2013 400 Hess terminal network, 850.0 million 320.0 320 2012 276.9 Perth Amboy 247.9 Perth Amboy, New Jersey…
  8. UBS NLP One on One Conference – Buckeye Partners Lp – slide 8
    CRUDE DIVERSIFICATION(1) Albany, NY Multi-year contract signed with Irving Oil in October 2012 to provide crude oil services, including offloading unit trains, storage, and throughput Albany terminal has two ship docks on the Hudson…
  9. UBS NLP One on One Conference – Buckeye Partners Lp – slide 9
    HESS TERMINALS ACQUISITION Transaction Overview Hess Terminals Business Asset Locations Buckeye completed the acquisition of the Hess terminals network for 850 million in early December 2013 The assets are highly complementary with…
  10. UBS NLP One on One Conference – Buckeye Partners Lp – slide 10
    STRATEGIC RATIONALE AND INVESTMENT HIGHLIGHTS Unique opportunity to acquire a collection of terminals that are highly complementary with Buckeye's existing operations and enhances Buckeye's vision of creating a world-class, integrated…
  11. UBS NLP One on One Conference – Buckeye Partners Lp – slide 11
    Domestic Pipelines & Terminals Copyright 2014 Buckeye Partners, L.P. 12
  12. UBS NLP One on One Conference – Buckeye Partners Lp – slide 12
    DOMESTIC PIPELINES & TERMINALS OVERVIEW Pipeline Throughput Volumes 2,000 1,500 1,395.4 1,385.6 1,414.2 1,323.1 1,316.4 1,358.1 (b / d - 000's) 1,000 500 0 2008 2009 2010 2011 2012 YTD (1) Petroleum storage…
  13. UBS NLP One on One Conference – Buckeye Partners Lp – slide 13
    PERTH AMBOY OVERVIEW Facility Overview BPL purchased facility from Chevron (closed in July 2012) Located at the southwest end of New York Harbor on the Arthur Kill Only 6 miles from Buckeye Linden complex Pipeline, water, rail, and…
  14. UBS NLP One on One Conference – Buckeye Partners Lp – slide 14
    DOMESTIC PIPELINES & TERMINALS GROWTH POTENTIAL Project Pipeline PROJECTS Chicago Complex Crude Oil and Other Opportunities: Construction of additional 1.1 million barrels of crude oil storage capacity to leverage asset footprint in…
  15. UBS NLP One on One Conference – Buckeye Partners Lp – slide 15
    International Pipelines & Terminals Copyright 2014 Buckeye Partners, L.P. 16
  16. UBS NLP One on One Conference – Buckeye Partners Lp – slide 16
    INTERNATIONAL PIPELINES AND TERMINALS(1) BORCO BORCO LTM REVENUE(2) World-class marine storage terminal for crude oil, fuel oil, and refined 8.1% petroleum products 26.1 MMBbls capacity Located in Freeport, Bahamas, 80 miles from…
  17. UBS NLP One on One Conference – Buckeye Partners Lp – slide 17
    INTERNATIONAL INTERNAL GROWTH PROJECTS EXPANSION AND OTHER GROWTH OPPORTUNITIES BORCO Capital Investment Since Acquisition (350 million): Expanded storage capacity by 4.7 million barrels since acquisition Yellowfield Constructed ample…
  18. UBS NLP One on One Conference – Buckeye Partners Lp – slide 18
    Buckeye Services Copyright 2014 Buckeye Partners, L.P. 19
  19. UBS NLP One on One Conference – Buckeye Partners Lp – slide 19
    BUCKEYE SERVICES OVERVIEW Energy Services Development & Logistics Buckeye Energy Services (BES) markets a wide range of Buckeye Development & Logistics (BDL) operates and/or refined petroleum products and other ancillary products…
  20. UBS NLP One on One Conference – Buckeye Partners Lp – slide 20
    Financial Overview Copyright 2014 Buckeye Partners, L.P. 21
  21. UBS NLP One on One Conference – Buckeye Partners Lp – slide 21
    FINANCIAL PERFORMANCE (1) Adjusted EBITDA (MM)(2) Cash Distribution Coverage(2)(3) 700 1.20x 633.2 1.16x 600 559.5 1.04x 1.07x 1.01x 1.03x 487.9 500 0.91x 0.80x 382.6 400 370.2 (MM) 313.6 300 0.40x 200 100 0…
  22. UBS NLP One on One Conference – Buckeye Partners Lp – slide 22
    INVESTMENT SUMMARY Stability and Growth Proven 27-year track record as a publicly traded partnership through varying economic and commodity price cycles Management continues to drive operational excellence through its best practices…
  23. UBS NLP One on One Conference – Buckeye Partners Lp – slide 23
    Non-GAAP Reconciliations Copyright 2014 Buckeye Partners, L.P. 24
  24. UBS NLP One on One Conference – Buckeye Partners Lp – slide 24
    BASIS OF REPRESENTATION; EXPLANATION OF NON-GAAP MEASURES Buckeyes equity-funded merger with Buckeye GP Holdings, L.P. (BGH) in the fourth quarter of 2010 has been treated as a reverse merger for accounting purposes. As a result, the…
  25. UBS NLP One on One Conference – Buckeye Partners Lp – slide 25
    NON-GAAP RECONCILIATIONS Net Income to Adjusted EBITDA and Distributable Cash Flow (000) 2008 2009 2010 2011 2012 LTM (1) Net income attributable to BPL 26,477 49,594 43,080 108,501 226,417 277,988 Interest and debt expense 75,410…

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