Buckeye Partners, L.P. http://www.alacrastore.com/company-snapshot/Buckeye_Partners_L_P-1002617 Wednesday, July 23, 2008 6:21:09 PM 1002617 Buckeye Partners, L.P. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/69555cs/69555norm MLP Cash Flows Part II: Publicly Traded GP Valuations Only eight of the thirty or so pipeline MLPs in our extended coverage have publicly traded general partners These GPs boast strong cash flows but they have virtually no hard assets...695552386YesD0Article1806188919782133201120272132176419126921527corp7333Capital Structure5/21/2008 6:10:32 AM150In part two of our MLP cash flow series we calculate the market implied valuations for the 2% general partner interest, and associated IDRs, of the few publicly traded pipeline MLP GPs.69555Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1830127ccbn/T1830127norm...Good day, everyone, and welcome to the Buckeye Partners and Buckeye GP Holdings first quarter financial results conference call.Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Forrest Wylie. Please go ahead, sir. ... 4/30/2008 12:17:00 PMBuckeye Partners54.0000FinalQ1 2008 Buckeye Partners Earnings Conference Call TranscriptBPL11:00am ETTranscriptT1830127Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24905035newstex/PRN-0005-24905035xml BREINIGSVILLE, Pa., April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- BREINIGSVILLE, Pa., April ## /PRNewswire-FirstCall/ -- Buckeye Partners, L.P. (NYSE: BPL), and Buckeye GP Holdings L.P. (NYSE: BGH) plan to release ####...04000000040160000401604804016018040160014/30/2008 9:09:38 AM180000001800800018004000190000001900100019001035PR Newswire USPRN-0005-24905035BUCKEYE GP HOLDINGS L.P.BUCKEYE PARTNERS L PBGHBPLNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24888784newstex/PRN-0005-24888784xml BREINIGSVILLE, Pa., April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- BREINIGSVILLE, Pa., April ## /PRNewswire-FirstCall/ -- Buckeye Partners, L.P. (NYSE: BPL) (the "Partnership") today reported its financial results for...040000000401600004016048040160180401601304016001040160030401600504005000040050110400501204007000040070050600000006001000060010024/29/2008 7:06:29 PM1800000018008000180040001801500018022000180160001802000019000000190010001900103519001005PR Newswire USPRN-0005-24888784BUCKEYE PARTNERS L PBPLNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24605116newstex/PRN-0005-24605116xml BREINIGSVILLE, Pa., April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- BREINIGSVILLE, Pa., April ## /PRNewswire-FirstCall/ -- Buckeye Partners, L.P. (NYSE: BPL), and Buckeye GP Holdings L.P. (NYSE: BGH) plan to release ####...04000000040160000401604804016018040160014/18/2008 10:06:28 AM180000001800800018004000190000001900100019001035PR Newswire USPRN-0005-24605116BUCKEYE GP HOLDINGS L.P.BUCKEYE PARTNERS L PBGHBPLNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24522970newstex/PRN-0005-24522970xml BREINIGSVILLE, Pa., April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- BREINIGSVILLE, Pa., April ## /PRNewswire-FirstCall/ -- Buckeye Partners, L.P. (NYSE: BPL) (the "Partnership") today announced that the Partnership closed...06000000060010000600100204000000040050000400501204016000040160134/15/2008 5:05:37 PM18000000180220001801500018020000190000001900100019001035PR Newswire USPRN-0005-24522970BUCKEYE PARTNERS L PINERGY L PBPLNRGYNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/MW-0001-24144418newstex/MW-0001-24144418xml HOUSTON, TX, Mar. ##, #### (Marketwire delivered by Newstex) -- (NYSE: KYN) Kayne Anderson MLP Investment Company (the "Company") announced today that William H. Shea Jr. has been appointed to its Board of Directors. Mr. Shea was the...090000000901500004000000040160000401600804005000040050110600000006001000060010021800000018007000Marketwire3/31/2008 11:06:05 AMMW-0001-24144418BUCKEYE GP HOLDINGS L.P.BUCKEYE PARTNERS L PKAYNE ANDERSON MLP INVESTMENT COPENN VIRGINIA CORPKevin S McCarthyWilliam H Shea JRBGHBPLKYNPVANewsNewstexhttp://www.alacrastore.com/storecontent/cs/66447cs/66447norm MLP Cash Flows Part II: Publicly Traded GP Valuations Only eight of the thirty or so pipeline MLPs in our extended coverage have publicly traded general partners These GPs boast strong cash flows but they have virtually no hard assets...664472348YesD0Article1889197869220112027180620081764200915271912corp7333Capital Structure3/13/2008 11:13:00 PM150In part two of our MLP cash flow series we calculate the market implied valuations for the 2% general partner interest, and associated IDRs, of the few publicly traded pipeline MLP GPs.66447Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/633952spcred/633952normThe latest News from S&P3/4/2008 9:06:28 PMNews100global633952United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersCorporationsUtilitiesGasNewsNEW YORK (Standard&Poor's) March 4, 2008--Standard&Poor's Ratings Services said today that midstream energy company Buckeye Partners L.P.'s (BBB/Negative/--) announcement that it has entered into a definitive agreement to sell the retail division of its Farm&Home Oil Company LLC (Farm&Home) subsidiary to a wholly owned subsidiary of Inergy L.P. (BB-/Stable/--) for about $42 million will not affect the company rating or outlook. We view the sale as somewhat supportive of credit, as Buckeye will not have to manage a retail customer base that was a smaller part of Farm&Home's overall business mix. With a less-expansive business line portfolio, Buckeye can focus on integrating the wholesale division's customers in Buckeye's pipeline system,USA11823010102040 101020 1010 10Buckeye Partners L.P.318588USABPLNEWSUSA45661T10102040 101020 1010 10Inergy LP383512USANRGYGLOBISSCORPUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/222165bir/222165normBuckeye Partners L.P.Buckeye Southwest Pipe Line Company L.P.Buckeye Gulf Coast Holdings L.L.C.United StatesTransportation: Petroleum refining, the transportation, terminalling and storage of refined petroleum products for major integrated oil companies.461348691017EJBPL1/31/2008 6:20:00 AM222165Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/ccbn/T1745372ccbn/T1745372norm1/25/2008 12:12:00 PMBuckeye Partners54.0000FinalQ4 2007 Buckeye Partners Earnings Conference Call TranscriptBPL11:00am ET...Good day, and welcome to the Buckeye Partners and Buckeye GP holdings fourth quarter financial results conference call. Today's conference is being recorded. At this time I would like to turn the conference over to Mr. Forrest Wylie. Please go ahead, sir.... TranscriptT1745372Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/spcred/624590spcred/624590normThe latest News from S&P1/8/2008 1:18:07 PMNews100global624590United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersUtilitiesGasNewsNEW YORK (Standard&Poor's) Jan. 8, 2008—Standard&Poor's Ratings Services today assigned its 'BBB' rating to Buckeye Partners L.P.'s $300 million senior unsecured notes due 2018. In addition, Standard&Poor's also affirmed the ratings on the company, including the 'BBB' corporate credit rating. Buckeye will use the proceeds of the offering to fund a portion of the purchase price of the Lodi Gas Storage LLC acquisition. The outlook remains negative. Breinigville, Pa.-based Buckeye Partners is a midstream energy company and generates cash flow primarily from its refined products transmission business. As of Sept. 30, 2007, Buckeye had $879 million of debt. The Lodi Gas and the recently announced Farm&Home Oil Co. (FHO; unrated) acquisitions continueUSA11823010102040 101020 1010 10Buckeye Partners L.P.318588USABPLNEWSGLOBISSUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/624591spcred/624591normThe latest Research Update from S&P1/8/2008 1:18:06 PMResearch Update175global624591United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersUtilitiesGasResearch UpdateOn Jan. 8, 2008, Standard&Poor's Ratings Services said that it assigned its 'BBB' rating to Buckeye Partners L.P.'s $300 million senior unsecured notes due 2018. In addition, Standard&Poor's also affirmed the ratings on the company, including the 'BBB' corporate credit rating. Buckeye will use the proceeds of the offering to fund a portion of the purchase price of the Lodi Gas Storage LLC acquisition. The outlook remains negative. Breinigville, Pa.-based Buckeye Partners is a midstream energy company and generates cash flow primarily from its refined products transmission business. As of Sept. 30, 2007, Buckeye had $879 million of debt. The Lodi Gas and the recently announced Farm&Home Oil Co. (FHO; unrated) acquisitions continue theUSA11823010102040 101020 1010 10Buckeye Partners L.P.318588USABPLRESUPDGLOBISSUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600049269moodys/COP_600049269htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Buckeye Partners, L.P. Buckeye Partners, L.P. Radnor, Pennsylvania, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Baa# Contacts Analyst...1/3/2008 8:20:00 PMhtmlBuckeye Partners, L.P.Buckeye Partners, L.P.600049269150.0000NewsCredit OpinionCOP_600049269Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1728090ccbn/T1728090norm12/31/2007 6:05:00 PMBuckeye Partners54.0000FinalBuckeye Partners to Acquire Regional Petroleum Products Marketing Company TranscriptBPL11:00am ET...Good morning. My name is Kimberly and I will be your conference operator. At this time, I would like to welcome everyone to the Buckeye Partners acquisition of Farm & Home Oil Company conference call. All lines have been placed on each to prevent any background noise. After the speakers' remarks that will be a question-and-answer session. (OPERATOR INSTRUCTIONS) Thank you. Mr. Wylie, you may begin your conference. ... TranscriptT1728090Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/moodys/CMT_0000416905moodys/CMT_0000416905htmlIssuer Comment12/28/2007 12:28:13 AMGlobal Credit Research Issuer Comment ## DEC #### Issuer Comment: Buckeye Partners, L.P. Moody's comments on Buckeye Partners' acquisition of Farm & Home Oil Company Moody's Investors Service commented that Buckeye Partners, L.P.'s...Buckeye Partners, L.P.600049269150.0000NewshtmlBuckeye Partners, L.P.CMT_0000416905Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/622824spcred/622824normThe latest Research Update from S&P12/26/2007 1:25:41 PMResearch Update175global622824United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersUtilitiesGasResearch UpdateOn Dec. 26, 2007, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit rating on midstream energy company Buckeye Partners L.P., following the firm's announcement to acquire Telford, Pa.-based Farm&Home Oil Co. (FHO) for $145.5 million. The outlook remains negative. The acquisition continues the company's trend of dealing outside its core refined product competencies and raises concerns that FHO's fuel-distribution business could introduce commodity risk into Buckeye's credit profile and detract from its stable, fee-based cash flows. These concerns are partially mitigated by Buckeye's intent to fully finance the FHO acquisition with equity and the fact that it is anticipated to represent only about 8% of pro forma consolidated EBITDA. The ratings, however, have no cushion toUSA11823010102040 101020 1010 10Buckeye Partners L.P.318588USABPLRESUPDGLOBISSUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/622823spcred/622823normThe latest News from S&P12/26/2007 1:25:40 PMNews100global622823United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersUtilitiesGasNewsNEW YORK (Standard&Poor's) Dec. 26, 2007--Standard&Poor's Ratings Services said today it affirmed its 'BBB' corporate credit rating on midstream energy company Buckeye Partners L.P., following the firm's announcement to acquire Telford, Pa.-based Farm&Home Oil Co. (FHO) for $145.5 million. The outlook remains negative. The acquisition continues the company's trend of dealing outside its core refined product competencies and raises concerns that FHO's fuel-distribution business could introduce commodity risk into Buckeye's credit profile and detract from its stable, fee-based cash flows. These concerns are partially mitigated by Buckeye's intent to fully finance the FHO acquisition with equity and the fact that it is anticipated to represent only about 8% of pro forma consolidated EBITDA. "TheUSA11823010102040 101020 1010 10Buckeye Partners L.P.318588USABPLNEWSGLOBISSUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/448236spcred/448236normThe latest Summary from S&P12/23/2007 11:43:41 PMSummary175globalstructured448236Structured FinanceGlobal IssuersFinancial InstitutionsCorporationsUtilitiesEnergyGasAsset-Backed Commercial PaperMetals & MiningSummaryBuckeye Partners L.P. is a master limited partnership (MLP) engaged in the transportation, storage, and distribution of refined petroleum products. As of March 31, 2005, Radnor, Pa.-based Buckeye Partners had about $858 million of debt. Buckeye Partners' general partner (GP), Buckeye GP LLC, is owned by Mainline L.P. (formerly BPL Acquisition L.P.), a holding company. Standard & Poor's considers Buckeye Partners as insulated from debt issued by Mainline based in part on a nonconsolidation opinion between Mainline, Buckeye Partners, and its GP. Mainline is owned by Carlyle/Riverstone Global Energy and Power Fund. The ratings on Buckeye Partners reflect concerns associated with integrating two recent acquisitions to the existing company. The acquisitions of the Shell Oil Co. assets and the NortheastBuckeye Partners L.P.318588SUMMARYShell Oil Co.Exxon Mobil Corp.102117340502STRUCGLOBISSFIABCPCORPUTILMetalsEnergyGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/448256spcred/448256normThe latest News from S&P12/23/2007 11:43:41 PMNews175globalstructured448256Global IssuersStructured FinanceUtilitiesCorporationsGasEnergyAsset-Backed Commercial PaperMetals & MiningNewsNEW YORK (Standard & Poor's) June 28, 2005--Standard & Poor's Ratings Services today assigned its 'BBB+' rating to Buckeye Partners L.P.'s $125 million senior unsecured notes due 2017. Proceeds from the notes are being used to pay down outstanding balances on the revolver facilities. The revolver was initially used to finance the $175 million pipeline system acquisition from affiliates of Exxon Mobil Corp. The outlook is stable. Buckeye Partners is a master limited partnership (MLP) engaged in the transportation, storage, and distribution of refined petroleum products. As of March 31, 2005, Radnor, Pa.-based Buckeye Partners had about $858 million of debt. "The ratings on Buckeye Partners reflect concerns associated with integrating two recent acquisitions to the existing company," said StandardBuckeye Partners L.P.318588NEWSExxon Mobil Corp.340502GLOBISSSTRUCUTILCORPABCPMetalsGasEnergyCredit & Investment ResearchS&P Credit Research