PARTNERS' CAPITAL AND DISTRIBUTIONS (Tables)

12 Months Ended

Dec. 31, 2011

Reconciliation of Units Outstanding

The following is a summary of changes in Buckeyes’ and BGH’s outstanding units for the periods indicated (in thousands):

		0000000000			0000000000			0000000000			0000000000		0000000000
	General Partner			Limited Partners			Management Units			Class B Units		Total (1)
Units outstanding on January 1, 2009		3			27,767			530			—		28,300
Conversion of management units to common units		—			4			(4	)		—		—
Units outstanding at December 31, 2009		3			27,771			526			—		28,300
Cancellation of BGH units in connection with Merger (2)		(3	)		(27,771	)		(526	)		—		(28,300	)
Buckeye LP Units issued to BGH unitholders (2)		—			19,951			—			—		19,951
Buckeye LP Units outstanding on date of Merger		—			51,557			—			—		51,557
Cancellation of LP Units in connection with Merger (3)		—			(80	)		—			—		(80	)
LP Units issued pursuant to the Option Plan		—			8			—			—		8
Units outstanding at December 31, 2010		—			71,436			—			—		71,436
LP Units issued pursuant to the Option Plan		—			97			—			—		97
LP Units issued pursuant to the LTIP		—			16			—			—		16
Issuance of units to First Reserve and Vopak as consideration for BORCO acquisition		—			3,104			—			5,479		8,583
Issuance of units to institutional investors (4)		—			5,795			—			1,315		7,110
Issuance of units in underwritten public offering		—			5,520			—			—		5,520
Issuance of Class B Units in lieu of quarterly cash distribution		—			—			—			511		511
Units outstanding at December 31, 2011		—			85,968			—			7,305		93,273

(1) Amounts presented through the date of the Merger represent historical BGH units outstanding.

(2) On November 19, 2010, in connection with the Merger, BGH units outstanding were converted into LP Units at a ratio of 0.705 to 1.0. Buckeye issued approximately 20.0 million LP Units to BGH’s unitholders. On November 19, 2010, Buckeye had approximately 51.6 million LP Units outstanding.

(3) In connection with the Merger, 80,000 LP Units held by BGH were cancelled.

(4) Proceeds were used to fund a portion of the BORCO acquisition.

Cash Distributions Paid to Unitholders

Cash distributions paid to unitholders of Buckeye for the periods indicated were as follows (in thousands, except per LP Unit amounts):

	0000000000		0000000000		0000000000		0000000000		0000000000
Record Date	Payment Date	Amount Per LP Unit		Limited Partners		General Partner (1)		Total Cash Distributions
February 12, 2009	February 27, 2009	$	0.8875	$	42,930	$	10,721	$	53,651
May 11, 2009	May 29, 2009		0.9000		46,227		11,686		57,913
August 7, 2009	August 31, 2009		0.9125		46,877		11,965		58,842
November 12, 2009	November 30, 2009		0.9250		47,719		12,251		59,970
Total				$	183,753	$	46,623	$	230,376
February 16, 2010	February 26, 2010	$	0.9375	$	48,425	$	12,543	$	60,968
May 17, 2010	May 28, 2010		0.9500		49,048		12,835		61,883
August 16, 2010	August 31, 2010		0.9625		49,778		13,121		62,899
November 15, 2010	November 30, 2010		0.9750		50,432		13,402		63,834
Total				$	197,683	$	51,901	$	249,584
February 21, 2011	February 28, 2011	$	0.9875	$	79,603	$	—	$	79,603
May 16, 2011	May 31, 2011		1.0000		86,153		—		86,153
August 15, 2011	August 31, 2011		1.0125		87,236		—		87,236
November 14, 2011	November 30, 2011		1.0250		88,377		—		88,377
Total				$	341,369	$	—	$	341,369

(1) Includes amounts paid to our general partner for its incentive distribution rights.

In Kind Distributions Paid to Class B Unitholders

In-kind distributions paid to Class B unitholders of Buckeye for the periods indicated were as follows:

Record Date	Payment Date	Units
February 21, 2011	February 28, 2011		122,244
May 16, 2011	May 31, 2011		127,046
August 15, 2011	August 31, 2011		133,068
November 14, 2011	November 30, 2011		129,041
Total			511,399

General Partner

Cash Distributions Paid to Unitholders

Cash distributions paid to unitholders of BGH for the periods indicated were as follows (in thousands, except per unit amounts):

Record Date	Payment Date	Amount Per Unit		Total Cash Distributions
February 12, 2009	February 27, 2009	$	0.330	$	9,339
May 11, 2009	May 29, 2009		0.350		9,905
August 7, 2009	August 31, 2009		0.370		10,472
November 12, 2009	November 30, 2009		0.390		11,036
Total				$	40,752
February 16, 2010	February 26, 2010	$	0.410	$	11,603
May 17, 2010	May 28, 2010		0.430		12,169
August 16, 2010	August 31, 2010		0.450		12,735
November 15, 2010	November 30, 2010		0.470		13,301
Total				$	49,808