[ID] => 10596
[post_author] => 34
[post_date] => 2019-02-12 18:03:03
[post_date_gmt] => 2019-02-12 18:03:03
[post_content] => Buckeye Partners has reported a net loss of $59.0m for the full year 2018, down from 2017’s net profit of $478.7m. The fall is related to two major non-cash costs, including a goodwill impairment charge and a loss of $300.3m on the sale of Buckeye’s 50% holding in VTTI.
More usefully, adjusted EBITDA dropped from $1.11bn in 2017 to $1.01bn last year. While Buckeye benefitted over the year from higher pipeline revenues, they were outdone by the impact of continued weakness in segregated storage, particularly in the Caribbean, and the loss of contribution from VTTI in the fourth quarter.
“We have reduced our leverage, strengthened our balance sheet, increased our distribution coverage ratio and significantly improved our overall financial flexibility as a result of our recently completed dispositions of the package of non-integrated domestic pipeline and terminal assets in December 2018 and our equity interest in VTTI in January 2019,” says Clark C Smith, chairman, president and CEO.
“We believe these actions solidified our investment grade credit rating, eliminated the need for Buckeye to access the public equity markets and will allow us to reallocate capital to the higher return growth opportunities across our remaining assets, positioning us to provide solid returns for our unitholders over the long-term.”
[post_title] => Bit of a downer for Buckeye
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => bit-downer-buckeye
[post_modified] => 2019-03-07 11:53:58
[post_modified_gmt] => 2019-03-07 11:53:58
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=10596
[menu_order] => 0
[post_type] => post
[comment_count] => 0
[filter] => raw
Bit of a downer for Buckeye
// By Peter Mackay on 12 Feb 2019
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