Buckeye Partners

{{Short description|Petroleum company}}

{{Infobox company

| name = Buckeye Partners, L.P.

| logo = right

| image = File:GreenwayPlazaTowers.JPG

| image_size =

| image_alt =

| image_caption = Global headquarters of Buckeye Partners in Greenway Plaza

| type = Subsidiary (1886–1911, 1964-1986, 2019-present)
Private (1911-1964, 1986-2006)
Public (2006-2019){{cn|date=October 2022}}

| traded_as = {{nyse|BPL}} (2006-2019)

| foundation = 1886 as Buckeye Pipeline Company

| location = Houston, Texas, United States

| key_people = Todd J. Russo, CEO

| products = Pipelines & Terminals

| homepage = [http://www.buckeye.com buckeye.com]

| industry = Petroleum

| num_employees = 1,870{{Cite web|url=http://fortune.com/fortune500/buckeye-partners/|title=Buckeye Partners|website=Fortune|access-date=2019-02-05}}

| num_employees_year = 2017

| revenue = {{increase}}US$6.620 Billion (FY 2014){{cite web | url=https://www.sec.gov/Archives/edgar/data/805022/000110465915014438/a14-26328_110k.htm | title=2014 10-K SEC Filing for Buckeye Partners | publisher=Securities and Exchange Commission | accessdate=24 March 2015}}

| net_income = {{increase}}US$274.9 Million (FY 2014)

| assets = {{increase}}US$8.086 Billion (FY 2014)

| equity =

| owner = Standard Oil (1886-1911)

Penn Central (1964-1986)

IFM Investors (2019-present)

}}

Buckeye Partners, formerly known as the Buckeye Pipeline Company, is a distributor of petroleum in the East and Midwest areas of the United States. A direct descendant of Standard Oil, the company is considered one of the largest independent oil pipelines in the United States.{{Cite book |title=Staff Oil Pipeline Handbook |publisher=Federal Energy Regulatory Commission, Office of the General Counsel, Gas and Oil Litigation Division, Volume I |year=1992 |edition=2nd |location=Washington, D.C. |pages=62659 |language=en}} Its global headquarters is located in Houston's River Oaks District, and it maintains an additional U.S. headquarters in Allentown, Pennsylvania.[http://www.buckeye.com/ContactUs/tabid/99/Default.aspx Contact Us]." Buckeye Partners. Retrieved on November 8, 2013. "One Greenway Plaza • Suite 600 • Houston, Texas 77046"[https://www.dnb.com/business-directory/company-profiles.buckeye_pipe_line_company_l_p.6f822b9106cff55eef17f675b81cc5c7.html Buckeye Pipe Line], Dun & Bradstreet

Its predecessor company, the Buckeye Pipe Line Company, was founded in 1886 as part of John D. Rockefeller's Standard Oil.{{cite web |title=History of Buckeye Partners, L.P. |url=http://www.fundinguniverse.com/company-histories/buckeye-partners-l-p-history/ |website=Funding Universe |accessdate=19 September 2019}} It existed as a subsidiary until it became an independent company after Standard Oil's dissolution in 1911.{{Cite book |last=Walden |first=Gene |title=The 100 Best Dividend-paying Stocks To Own In America |publisher=Marathon International Book Company |year=2005 |isbn=1-928877-05-2 |location=Maddison, IN |pages=94 |language=en}} It changed its name to Buckeye Partners in 1986 during a reorganization that transitioned it into a master limited partnership.{{Cite book |last1=Epstein |first1=Lita |url=https://books.google.com/books?id=HXTHdgJUZ5oC&dq=%22Buckeye+Partners%22+standard+oil+rockefeller&pg=PT161 |title=The Complete Idiot's Guide to the Politics Of Oil |last2=Jaco |first2=C. D. |last3=Neimann |first3=Julianne C. |date=2003-11-04 |publisher=Penguin |isbn=978-1-4406-9613-8 |language=en}} The company expanded by buying oil pipelines from mainstream petroleum companies. In 1942, the company purchased Indiana Pipe Line. In 2004, its $517 million acquisition of refined petroleum pipelines and terminals from Shell was approved by the Federal Trade Commission.{{Cite web |date=2004-09-27 |title=FTC Clears Buckeye Partners $517 Million Purchase of Shell Pipelines and Terminals |url=http://www.ftc.gov/news-events/news/press-releases/2004/09/ftc-clears-buckeye-partners-517-million-purchase-shell-pipelines-terminals |access-date=2022-07-07 |website=Federal Trade Commission |language=en}}

Buckeye manages over {{convert|6200|mi|km}} of petroleum pipelines and over 100 truck-loading terminals. Many of its pipelines follow historic Northeastern railroad rights-of-way, and the firm is a surviving fragment of the defunct Penn Central railroad.[http://www.buckeye.com/AboutUs/OrganizationalHistory/tabid/108/Default.aspx Buckeye Partnership About Us] Official organizational history Among Buckeye's clients were major airports in New York City, leading it to being listed by US federal prosecutors as among the targets of the 2007 John F. Kennedy International Airport attack plot.{{Citation needed|date=October 2022}}

In 2019, IFM Investors acquired Buckeye Partners for $10.3 billion in an all-cash deal, paying Buckeye Partners shareholders $41.50 per share. Buckeye Partners is now a wholly-owned subsidiary of IFM under its "Global Infrastructure Fund".{{Cite web |last=Bennett |first=Stephen |date=2019-11-20 |title=Buckeye Partners Is Acquired by IFM Investors {{!}} Fuel Oil News |url=https://fueloilnews.com/2019/11/20/buckeye-partners-is-acquired-by-ifm-investors/ |access-date=2022-07-08 |website=fueloilnews.com |language=en-US}}