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USD ($)
USD ($) / shares
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<!-- Begin Block Tagged Note 20 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>20. BUSINESS SEGMENTS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We operate and report in five business segments: Pipelines & Terminals; International
Operations; Natural Gas Storage; Energy Services; and Development & Logistics. Effective January
1, 2011, we realigned our five business segments. We combined the Pipeline Operations and
Terminalling & Storage segments into one segment, the Pipelines & Terminals segment, and moved our
terminal in Yabucoa, Puerto Rico, previously included as part of the Terminalling & Storage
segment, and the BORCO facility to a new International Operations segment. We have
adjusted our quarter-to-quarter comparisons to conform to the current presentation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Pipelines & Terminals</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Pipelines & Terminals segment receives refined petroleum products from refineries,
connecting pipelines, and bulk and marine terminals and transports those products to other
locations for a fee and provides bulk storage and terminal throughput services in the continental
United States. This segment owns and operates approximately
5,400
miles of pipeline systems in 15 states. The segment has 62 liquid petroleum products
terminals in 14 states with aggregate storage capacity of approximately 26.3 million barrels.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">    <i>International Operations</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The International Operations segment provides marine bulk storage and marine terminal
throughput services. The segment has two liquid petroleum product terminals, one in Puerto Rico
and one on The Grand Bahama Island in the Bahamas, with an aggregate storage capacity of 26.2
million barrels.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">    <i>Natural Gas Storage</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Natural Gas Storage segment provides natural gas storage services at a natural gas storage
facility in northern California. The facility has approximately 29 Bcf of working natural gas
storage capacity and is connected to Pacific Gas and Electric’s intrastate gas pipelines that
service natural gas demand in the San Francisco and Sacramento, California areas. The Natural Gas
Storage segment does not trade or market natural gas.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">    <i>Energy Services</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The
Energy Services segment is a wholesale distributor of refined
petroleum products in areas also served by our pipelines and
terminals assets. This segment recognizes revenues when products are
delivered. The segment’s products include gasoline, propane and petroleum distillates such as
heating oil, diesel fuel and kerosene. The segment also has five terminals with aggregate storage
capacity of approximately 1.0 million barrels. The segment’s customers consist principally of
product wholesalers as well as major commercial users of these refined petroleum products.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Development & Logistics</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Development & Logistics segment provides
contract operations, engineering and construction management services as well as asset development services to energy companies
throughout the U.S. and internationally. This segment operates approximately 2,700 miles of third-party pipeline and terminals,
which are owned principally by major oil and gas, petrochemical and chemical companies, and also acts as a business development arm
for many of these same customers. The Development & Logistics segment also includes our ownership and operation of an ammonia pipeline
and our majority ownership of Sabina Pipelines, each located in Texas.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">    <i>Adjusted EBITDA</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Adjusted EBITDA is the primary measure used by senior management, including our Chief
Executive Officer, to evaluate our operating results and to allocate our resources. We define
EBITDA, a measure not defined under GAAP, as net income attributable to our unitholders before
interest and debt expense, income taxes and depreciation and amortization. EBITDA should not be
considered an alternative to net income, operating income, cash flow from operations or any other
measure of financial performance or liquidity presented in accordance with GAAP. The EBITDA
measure eliminates the significant level of non-cash depreciation and amortization expense that
results from the capital-intensive nature of our businesses and from intangible assets recognized
in business combinations. In addition, EBITDA is unaffected by our capital structure due to the
elimination of interest and debt expense and income taxes. We define Adjusted EBITDA, which is also
a non-GAAP measure, as EBITDA plus: (i) non-cash deferred lease expense, which is the difference
between the estimated annual land lease expense for our natural gas storage facility in the Natural
Gas Storage segment to be recorded under GAAP and the actual cash to be paid for such annual land
lease, (ii) non-cash unit-based compensation expense, and (iii) income attributable to
noncontrolling interests related to Buckeye for periods prior to the Merger in order to provide
comparability between periods before and after the Merger; less (iv) amortization of unfavorable
storage contracts acquired in connection with the BORCO acquisition.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The EBITDA and Adjusted EBITDA data presented may not be comparable to similarly titled
measures at other companies because EBITDA and Adjusted EBITDA exclude some items that affect net
income attributable to our unitholders, and these items may be defined differently by other
companies. Our senior management uses Adjusted
EBITDA to evaluate consolidated operating performance and the operating performance of our
business segments and to allocate resources and capital to the business segments. In addition, our
senior management uses Adjusted EBITDA as a performance measure to evaluate the viability of
proposed projects and to determine overall rates of return on alternative investment opportunities.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We believe that investors benefit from having access to the same financial measures that we
use. Further, we believe that these measures are useful to investors because they are one of the
bases for comparing our operating performance with that of other companies with similar operations,
although our measures may not be directly comparable to similar measures used by other companies.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Each segment uses the same accounting policies as those used in the preparation of our
consolidated financial statements. All inter-segment revenues, operating income and assets have
been eliminated. All periods are presented on a consistent basis. All of our operations and
assets are conducted and located in the United States, including Puerto Rico, or the Bahamas.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Financial information about each segment, EBITDA and Adjusted EBITDA are presented below for
the periods or at the dates indicated (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Revenue:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">144,206</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">138,908</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">International Operations (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">45,075</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">19,604</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,406</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">1,051,312</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">568,202</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">9,591</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,515</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Intersegment
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(17,252</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8,857</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total revenue
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,252,536</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">731,174</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Depreciation and amortization:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">12,561</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,269</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">International Operations
</div></td>
<td> </td>
<td> </td>
<td align="right">10,395</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">1,716</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,641</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">1,235</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,195</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">334</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">423</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Total depreciation and amortization
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">26,241</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,528</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Operating income (loss):</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">71,327</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">68,490</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">International Operations
</div></td>
<td> </td>
<td> </td>
<td align="right">18,729</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(400</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,451</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">1,267</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,397</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">1,640</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">947</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total operating income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">92,563</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">69,491</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>The International Operations segment’s revenue generated in the Bahamas was $41.4
million for the three months ended March 31, 2011, which was 91.9% of the International
Operations segment’s total revenue.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Adjusted EBITDA:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">90,120</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">83,488</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">International Operations
</div></td>
<td> </td>
<td> </td>
<td align="right">25,507</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">2,452</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,384</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">2,759</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,552</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">1,401</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,139</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total Adjusted EBITDA
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">122,239</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">89,459</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>GAAP Reconciliation:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">67,813</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">50,642</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Less: net income attributable to noncontrolling interests
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,320</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(39,372</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income attributable to Buckeye Partners, L.P.
</div></td>
<td> </td>
<td> </td>
<td align="right">66,493</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,270</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest and debt expense
</div></td>
<td> </td>
<td> </td>
<td align="right">28,497</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,656</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income tax benefit
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(176</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization
</div></td>
<td> </td>
<td> </td>
<td align="right">26,241</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,528</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">EBITDA
</div></td>
<td> </td>
<td> </td>
<td align="right">121,055</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,436</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income attributable to noncontrolling interests
affected by Merger (for periods prior to Merger) (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">39,134</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization of unfavorable storage contracts (2)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,932</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-cash deferred lease expense
</div></td>
<td> </td>
<td> </td>
<td align="right">1,030</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,059</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-cash unit-based compensation expense
</div></td>
<td> </td>
<td> </td>
<td align="right">2,086</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,830</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Adjusted EBITDA
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">122,239</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">89,459</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Amounts represent portions of BGH’s noncontrolling interests related to Buckeye that
were eliminated as a result of the Merger. Amounts are added back for the 2010 period to
provide comparability with the 2011 period.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(2)</td>
<td> </td>
<td>Represents amortization of unfavorable storage contracts acquired in connection with
the BORCO acquisition.</td>
</tr>
</table>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Capital additions, net: </i>(1)
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">14,629</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,598</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">International Operations
</div></td>
<td> </td>
<td> </td>
<td align="right">21,703</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">1,482</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,483</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">176</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,705</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">177</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total capital additions, net
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">38,033</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,963</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Amount excludes $0.2 million and ($1.4) million of non-cash changes in accruals for
capital expenditures for the three months ended March 31, 2011 and 2010, respectively (see
Note 21).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Total Assets:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Pipelines & Terminals (1)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,367,165</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,328,702</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">International Operations (2)
</div></td>
<td> </td>
<td> </td>
<td align="right">1,904,698</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">60,313</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">542,274</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">549,876</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">487,429</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">561,382</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">72,265</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73,943</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Total assets
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,373,831</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,574,216</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Goodwill:</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pipelines & Terminals
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">248,250</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">248,250</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">International Operations
</div></td>
<td> </td>
<td> </td>
<td align="right">497,946</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Natural Gas Storage
</div></td>
<td> </td>
<td> </td>
<td align="right">169,560</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169,560</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Energy Services
</div></td>
<td> </td>
<td> </td>
<td align="right">1,132</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,132</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Development & Logistics
</div></td>
<td> </td>
<td> </td>
<td align="right">13,182</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,182</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total goodwill
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">930,070</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">432,124</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>All equity investments are included in the assets of the Pipelines & Terminals segment.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(2)</td>
<td> </td>
<td>The International Operations segment’s long-lived assets consist of property, plant and
equipment, goodwill, intangible assets and other non-current assets. Total long-lived
assets located in or attributable to the Bahamas was $1,844.4 million at March 31, 2011,
which was 96.8% of the International Operations segment’s total long-lived assets.</td>
</tr>
</table>
<div align="left">
</div>
</div>
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<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
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