Buckeye Partners
| Company type | Subsidiary |
|---|---|
| Industry | Petroleum distribution |
| Predecessor | Standard Oil |
| Founded | 1886 |
| Headquarters | Houston , United States |
Area served | U.S. East and Midwest regions |
| Products | Petroleum pipelines and terminal services |
| Parent | IFM Investors (Global Infrastructure Fund) |
Buckeye Partners, previously known as the Buckeye Pipeline Company, stands as a leading petroleum distributor across the U.S. East and Midwest regions. Tracing its origins to Standard Oil, it is recognized as one of the nation's largest independent operators of oil pipelines. The company’s global headquarters is situated in Houston's River Oaks District, complemented by a secondary office located in Allentown, Pennsylvania.
Established in 1886 under the umbrella of John D. Rockefeller's Standard Oil, Buckeye gained independence following the 1911 dissolution of Standard Oil. It transitioned into a master limited partnership in 1986, adopting the Buckeye Partners name. The firm has grown through strategic acquisitions, including the 1942 purchase of Indiana Pipe Line and the $517 million acquisition of Shell’s refined petroleum pipeline and terminal assets in 2004.
Buckeye manages an extensive network exceeding of pipelines along with more than 100 truck-loading terminals, many positioned on historic railroad corridors in the Northeastern United States. The company’s infrastructure includes remnants of the former Penn Central railroad and supports critical customers such as major airports serving New York City.
In 2019, IFM Investors completed a $10.3 billion cash acquisition of Buckeye Partners, offering shareholders $41.50 per share. Currently, Buckeye functions as a fully owned subsidiary within IFM’s Global Infrastructure Fund.
Facilities
- Perth Amboy Refinery – Purchased from Chevron for $260 million, with intentions to invest an additional $200 million to expand and improve its operations.
- North Line System – This refined products pipeline stretches 309 miles, connecting Wood River Refinery in Roxana, Illinois to a terminal at Peotone, Illinois. It also links to locations in Hammond, Indiana and Summit, Illinois. Originally constructed by Shell Oil Company in 1952, this pipeline has a capacity of 96,000 barrels per day and was acquired by Buckeye Partners in 2004.