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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenue:      
Product sales $ 3,844,888 $ 2,469,210 $ 1,125,653
Transportation and other services 914,722 682,058 644,719
Total revenue 4,759,610 3,151,268 1,770,372
Costs and expenses:      
Cost of product sales and natural gas storage services 3,851,579 2,462,275 1,103,015
Operating expenses 365,941 278,245 275,930
Depreciation and amortization 119,534 59,590 54,699
Asset impairment expense     59,724
Goodwill impairment expense 169,560    
General and administrative 64,122 50,599 41,147
Equity plan modification expense   21,058  
Reorganization expense     32,057
Total costs and expenses 4,570,736 2,871,767 1,566,572
Operating income 188,874 [1] 279,501 [2] 203,800
Other income (expense):      
Earnings from equity investments 10,434 11,363 12,531
Gain on sale of equity investment 34,727    
Interest and debt expense (119,561) (89,169) (75,147)
Other income (expense), net 190 (687) 453
Total other expense (74,210) (78,493) (62,163)
Net income 114,664 [1] 201,008 [2] 141,637
Less: net income attributable to noncontrolling interests (6,163) (157,928) (92,043)
Net income attributable to Buckeye Partners, L.P. $ 108,501 [1] $ 43,080 [2] $ 49,594
Earnings per unit:      
Basic 1.20 1.66 [3] 2.49
Diluted 1.20 1.65 [3] 2.49
Weighted average units outstanding:      
Basic 90,423 26,016 19,952
Diluted 90,772 26,086 19,952
[1] The second quarter of 2011 includes a gain of $34.1 million, and the fourth quarter of 2011 includes subsequent dividend income of $0.6 million related to the sale of our equity interest in WT LPG (see Note 3). The third quarter of 2011 includes a $169.6 million goodwill impairment expense associated with the Natural Gas Storage segment (see Note 9).
[2] The fourth quarter of 2010 includes $21.1 million of non-cash compensation expense related to the modification of an equity compensation plan (see Note 18).
[3] Historical per unit amounts have been restated for the reverse unit split. Pursuant to the Merger, BGH's unitholders received a total of approximately 20.0 million of Buckeye's LP Units in the aggregate in exchange for all outstanding BGH common units and management units. As a result, the number of Buckeye's LP Units outstanding increased from 51.6 million to 71.4 million. However, for historical reporting purposes, the impact of this change was accounted for as a reverse split of BGH's units of 0.705 to 1.0, together with the addition of Buckeye's existing LP Units. Therefore, since BGH was the surviving accounting entity, the weighted average number of LP Units outstanding used for basic and diluted earnings per LP Unit calculations are BGH's historical weighted average common units outstanding adjusted for the reverse unit split and the addition of Buckeye's existing LP Units. The sum of the per LP Unit amounts per quarter does not equal the amount presented for the year ended December 31, 2010 due to the effect of the Merger on the weighted average units outstanding calculation.