Buckeye Partners, L.P. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Dividend and Capital Expenditure Guidance for 2016
For the six months, the company reported total revenue of $1,557,716,000 against $1,884,883,000 a year ago. Operating income was $370,151,000 against $282,821,000 a year ago. Income from continuing operations before taxes was $280,064,000 against $203,827,000 a year ago. Income from continuing operations was $279,476,000 or $2.08 per diluted share against $203,347,000 or $1.60 per diluted share a year ago. Net income attributable to the company was $271,569,000 against $203,191,000 a year ago. Diluted earnings per share were $2.08 against $1.59 a year ago. Adjusted EBITDA from continuing operations was $501,215,000 against $419,391,000 a year ago. Total operating income was $370,151,000 against $282,821,000 a year ago. Total capital expenditures were $224,117,000 against $298,414,000 a year ago.
The company expects to maintain quarterly distribution growth at a rate of $0.0125 per LP unit through the remainder of 2016.
For 2016, the company expects maintenance capital spend in the range of $105 million to $125 million, while return capital spend is expected to be between $300 million and $340 million.