BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2015

BUSINESS SEGMENTS

Financial information by segment

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

	Three Months Ended
	March 31,
	2015			2014
Revenue:
Pipelines & Terminals	$	225,256		$	218,539
Global Marine Terminals	120,984			88,769
Merchant Services	740,160			1,678,302
Development & Logistics	18,849			16,832
Intersegment	(17,149		)	(10,613		)
Total revenue	$	1,088,100		$	1,991,829

Summary of financial information for continuing operations by 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,
	2015		2014
Revenue:
United States	$	1,005,061	$	1,907,352
International	83,039		84,477
Total revenue	$	1,088,100	$	1,991,829

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

The following tables present Adjusted EBITDA from continuing operations 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,
	2015			2014
Adjusted EBITDA from continuing operations:
Pipelines & Terminals	$	125,551		$	126,720
Global Marine Terminals	74,418			53,703
Merchant Services	8,442			3,133
Development & Logistics	4,499			5,068
Total Adjusted EBITDA from continuing operations	$	212,910		$	188,624
Reconciliation of Income from continuing operations to Adjusted EBITDA from continuing operations:
Income from continuing operations	$	112,021		$	101,539
Less: Net loss (income) attributable to noncontrolling interests	447			(1,029		)
Income from continuing operations attributable to Buckeye Partners, L.P.	112,468			100,510
Add:    Interest and debt expense	41,709			41,213
Income tax expense (benefit)	239			(77		)
Depreciation and amortization (1)	53,776			42,991
Non-cash unit-based compensation expense	5,086			3,122
Acquisition and transition expense	2,400			3,633
Less:   Amortization of unfavorable storage contracts (2)	(2,768		)	(2,768		)
Adjusted EBITDA from continuing operations	$	212,910		$	188,624

(1) Includes 100% of the depreciation and amortization expense of $11.7 million for Buckeye Texas for the three months ended March 31, 2015.

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