Summarized quarterly financial data for the periods indicated is set forth below (in thousands, except per unit amounts). Quarterly results were influenced by seasonal and other factors inherent in our business.


	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
2011
Revenue	$	1,252,536	$	1,077,092	$	1,116,911		$	1,313,071	$	4,759,610
Operating income (loss) (1)		92,563		85,935		(77,305	)		87,681		188,874
Net income (loss) (1)		67,813		93,592		(108,200	)		61,459		114,664
Net income (loss) attributable to
Buckeye Partners, L.P. (1)		66,493		92,021		(109,700	)		59,687		108,501
Earnings (loss) per unit—basic and diluted	$	0.79	$	1.00	$	(1.18	)	$	0.64	$	1.20

2010
Revenue	$	731,174	$	667,276	$	734,857		$	1,017,961	$	3,151,268
Operating income (2)		69,491		71,939		79,513			58,558		279,501
Net income (2)		50,642		53,438		60,962			35,966		201,008
Net income attributable to
Buckeye Partners, L.P. (2)		11,270		11,507		11,941			8,362		43,080
Earnings per unit—basic (3)	$	0.56	$	0.58	$	0.60		$	0.19	$	1.66
Earnings per unit—diluted (3)	$	0.56	$	0.58	$	0.60		$	0.19	$	1.65

(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.