HOUSTON, TX, Nov. 2, 2009 (Marketwire) --
HOUSTON, TX -- (Marketwire) -- 11/02/09 -- Buckeye GP Holdings L.P. ("BGH") (NYSE: BGH) today reported its financial results for the third quarter of 2009. Net income attributable to BGH for the third quarter of 2009 was $11.1 million, or $0.39 per common unit, compared to net income of $7.2 million, or $0.26 per common unit, for the third quarter of 2008. BGH recorded operating income of $74.9 million for the third quarter of 2009, compared to operating income of $63.3 million for the third quarter of 2008.
BGH owns the general partner interest and incentive distribution rights associated with Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) and reports its financial results on a consolidated basis inclusive of the financial results of Buckeye. BGH currently has no operating activities separate from those conducted by Buckeye, and its cash flow is derived solely from cash distributions received from Buckeye and Buckeye's operating subsidiaries.
"BGH's performance continued to improve in the third quarter of 2009 based in part on the progress Buckeye has made in reducing costs and expanding product marketing activities," said Forrest E. Wylie, Chairman and CEO of BGH's general partner. "The success of these measures can be seen in the improvement in operating results at Buckeye. We believe Buckeye's best practices initiative, the expansion of our product marketing services, and the recently announced agreement to acquire additional pipeline, terminal and storage assets will contribute positively to our future financial performance."
The Board of Directors of MainLine Management LLC, the general partner of BGH, declared a regular quarterly partnership cash distribution of $0.39 per common unit, or $1.56 per common unit on an annualized basis, payable on November 30, 2009 to unitholders of record on November 12, 2009. This cash distribution represents an increase in the quarterly distribution of 5.4 percent compared to the quarterly cash distribution of $0.37 paid in August 2009 and an increase of 21.9 percent compared to the quarterly cash distribution of $0.32 paid in November 2008.
Buckeye will host a conference call with members of executive management on Monday, November 2, 2009, at 11 a.m. Eastern Time. To access the live Webcast of the call, go to http://www.visualwebcaster.com/event.asp?id=63429 10 minutes prior to its start. A replay will be archived and available at this link for 14 days. Interested parties may participate in the call by dialing 800-406-6465 at least 10 minutes prior to the start and referencing conference ID 4693347.
Buckeye GP Holdings L.P. is a limited partnership that owns Buckeye GP LLC, the general partner of Buckeye Partners, L.P., and 100 percent of the incentive distribution rights in Buckeye Partners, L.P. Buckeye GP Holdings L.P. also owns the general partnership interests in certain of the operating subsidiaries of Buckeye Partners, L.P.
