BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2011

Financial Information about Each Segment, EBITDA and Adjusted EBITDA

The following tables show our measurement of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to net income (loss) attributable to our unitholders and financial information about each segment for the periods indicated (in thousands):

	Year Ended December 31,
	2011			2010			2009
Adjusted EBITDA:
Pipelines & Terminals	$	361,018		$	346,447		$	302,164
International Operations		112,996			(4,655	)		—
Natural Gas Storage		4,204			29,794			41,950
Energy Services		1,797			5,861			19,335
Development & Logistics		7,932			5,193			6,718
Total Adjusted EBITDA		487,947			382,640			370,167
Interest and debt expense		(119,561	)		(89,169	)		(75,147	)
Income tax benefit		192			919			343
Depreciation and amortization		(119,534	)		(59,590	)		(54,699	)
Net income attributable to noncontrolling interests(1) affected by Merger (for periods prior to Merger)		—			(157,467	)		(90,381	)
Non-cash deferred lease expense		(4,122	)		(4,235	)		(4,500	)
Non-cash unit-based compensation expense		(9,150	)		(8,960	)		(4,408	)
Equity plan modification expense		—			(21,058	)		—
Asset impairment expense		—			—			(59,724	)
Goodwill impairment expense		(169,560	)		—			—
Gain on sale of equity investment		34,727			—			—
Amortization of unfavorable storage contracts		7,562			—			—
Reorganization expense		—			—			(32,057	)
Net income attributable to Buckeye Partners, L.P.		108,501			43,080			49,594
Add: net income attributable to noncontrolling interests		6,163			157,928			92,043
Net income	$	114,664		$	201,008		$	141,637

(1) Amounts represent portions of BGH’s noncontrolling interests related to Buckeye that were eliminated as a result of the Merger. Amounts are added back for the portion of 2010 prior to the Merger and the 2009 period for comparability purposes.

	Year Ended December 31,
	2011			2010			2009
Revenue:
Pipelines & Terminals	$	631,289		$	574,990		$	529,243
International Operations (1)		193,960			936			—
Natural Gas Storage		65,990			95,337			99,163
Energy Services		3,888,961			2,481,566			1,125,013
Development & Logistics		43,068			37,696			34,136
Intersegment		(63,658	)		(39,257	)		(17,183	)
Total revenue	$	4,759,610		$	3,151,268		$	1,770,372
Operating income (loss):
Pipelines & Terminals	$	290,573		$	266,184		$	155,041
International Operations		72,067			(4,656	)		—
Natural Gas Storage		(177,163	)		16,069			30,574
Energy Services		(4,462	)		(1,367	)		13,086
Development & Logistics		7,859			3,271			5,099
Total operating income	$	188,874		$	279,501		$	203,800
Depreciation and amortization:
Pipelines & Terminals	$	55,469		$	46,320		$	42,791
International Operations		50,011			—			—
Natural Gas Storage		7,136			6,594			5,971
Energy Services		5,261			4,933			4,204
Development & Logistics		1,657			1,743			1,733
Total depreciation and amortization	$	119,534		$	59,590		$	54,699

(1) The International Operations segment’s revenue generated in The Bahamas was $177.6 million for the year ended December 31, 2011, which represents 91.6% of the International Operations segment’s total revenue for the period.

	Year Ended December 31,
	2011		2010		2009
Capital additions, net: (1)
Pipelines & Terminals	$	103,678	$	65,527	$	56,924
International Operations		184,438		—		—
Natural Gas Storage		10,097		8,328		23,033
Energy Services		1,824		2,961		6,236
Development & Logistics		5,287		883		1,116
Total capital additions, net	$	305,324	$	77,699	$	87,309
Total Assets:
Pipelines & Terminals (2)	$	2,566,471	$	2,328,702	$	2,125,887
International Operations (4)		2,041,209		60,313		—
Natural Gas Storage		365,514		549,876		573,261
Energy Services		518,438		561,382		482,025
Development & Logistics		78,744		73,943		74,476
Consolidating level (3)		—		—		230,922
Total assets	$	5,570,376	$	3,574,216	$	3,486,571

(1) Amounts exclude $14.3 million, $0.4 million and ($3.3) million of non-cash changes in accruals for capital expenditures for the years ended December 31, 2011, 2010 and 2009, respectively (see Note 26).

(2) All equity investments are included in the assets of the Pipelines & Terminals segment.

(3) In connection with the Merger, consolidating level assets were allocated to our business segments.

(4) The International Operations segment’s long-lived assets consist of property, plant and equipment, goodwill, intangible assets and other non-current assets. Total long-lived assets located in or attributable to The Bahamas was $1,954.3 million at December 31, 2011, which was 97.4% of the International Operations segment’s total long-lived assets.