ACQUISITIONS

6 Months Ended

Jun. 30, 2013

ACQUISITIONS

ACQUISITIONS

2.  ACQUISITIONS

Business Combination

In July 2012, we acquired a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A Inc. for $260.3 million in cash.  The purchase price has been allocated to tangible and intangible assets acquired and liabilities assumed as follows (in thousands):

Current assets	$	547
Property, plant and equipment	198,091
Intangible assets	13,350
Goodwill	59,197
Environmental liabilities	(10,873		)
Allocated purchase price	$	260,312

Acquisition of Additional Interest in WesPac Pipelines — Memphis LLC

In April 2013, our operating subsidiary, Buckeye Pipe Line Holdings, L.P. (“BPH”), purchased an additional 10% ownership interest in WesPac Pipelines — Memphis LLC (“WesPac Memphis”) from Kealine LLC for $9.7 million and, as a result of the acquisition, our ownership interest in WesPac Memphis increased from 70% to 80%.  Since BPH retains controlling interest in WesPac Memphis, this acquisition was accounted for as an equity transaction.