BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2014

BUSINESS SEGMENTS

Summary of revenue by each segment

The following table summarizes revenue by each segment for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2014			2013
Revenue:
Pipelines & Terminals	$	218,539		$	189,575
Global Marine Terminals	88,769			61,137
Merchant Services	1,678,302			1,076,157
Development & Logistics	16,832			11,912
Intersegment	(10,613		)	(7,703		)
Total revenue	$	1,991,829		$	1,331,078

Summary of revenue for continuing operations by major geographical area

The following table summarizes revenue for our continuing operations, by major geographic area, for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2014		2013
Revenue:
United States	$	1,907,352	$	1,278,378
International	84,477		52,700
Total revenue	$	1,991,829	$	1,331,078

Adjusted EBITDA by segment and reconciliation of income from continuing operations to Adjusted EBITDA

The following tables present Adjusted EBITDA by segment and on a consolidated basis and a reconciliation of income from continuing operations to Adjusted EBITDA for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2014			2013
Adjusted EBITDA from continuing operations:
Pipelines & Terminals	$	126,720		$	115,385
Global Marine Terminals	53,703			35,479
Merchant Services	3,133			6,194
Development & Logistics	5,068			3,173
Adjusted EBITDA from continuing operations	$	188,624		$	160,231
Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
Income from continuing operations	$	101,539		$	94,826
Less:  Net income attributable to noncontrolling interests	(1,029		)	(1,158		)
Income from continuing operations attributable to Buckeye Partners, L.P.	100,510			93,668
Add:  Interest and debt expense	41,213			30,249
Income tax (benefit) expense	(77		)	131
Depreciation and amortization	42,991			35,699
Non-cash unit-based compensation expense	3,122			3,232
Hess acquisition and transition expense	3,633			—
Less:  Amortization of unfavorable storage contracts (1)	(2,768		)	(2,748		)
Adjusted EBITDA from continuing operations	$	188,624		$	160,231

(1) Represents amortization of negative fair values allocated to certain unfavorable storage contracts acquired in connection with the BORCO acquisition.