BREINIGSVILLE, Pa., July 23 /PRNewswire-FirstCall/ -- Buckeye GP LLC, the general partner of Buckeye Partners, L.P. (the "Partnership"), today announced that Robert B. Wallace will be resigning from his position of Senior Vice President, Finance and Chief Financial Officer of the General Partner effective as of July 27, 2007 to pursue other opportunities. Mr. Wallace will also resign from a similar position at MainLine Management LLC, the general partner of Buckeye GP Holdings L.P. , which is the parent of the General Partner.
Mr. Vance E. Powers, who currently holds the position of Vice President, Finance and Controller, has been elected to the position of Acting Chief Financial Officer of the General Partner effective at the time of Mr. Wallace's resignation. Mr. Powers has also been elected to a similar position at MainLine Management LLC, the general partner of Buckeye GP Holdings L.P. Mr. Powers has significant accounting and financial experience and is well positioned to serve the General Partner in this new position while the Partnership pursues a search for a new Chief Financial Officer.
Buckeye Partners, L.P., through its operating subsidiaries, owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline. The Partnership also owns and operates 51 refined petroleum products terminals with an aggregate storage capacity of approximately 20.0 million barrels in Illinois, Indiana, Massachusetts, Michigan, Missouri, New York, Ohio, Pennsylvania and Wisconsin, and operates and maintains approximately 2,700 miles of pipeline under agreements with major oil and chemical companies. For more information about Buckeye Partners, L.P., visit the Partnership's website at http://www.buckeye.com/.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that the General Partner believes to be reasonable as of today's date. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond the control of the Partnership. Among them are (1) adverse weather conditions resulting in reduced demand; (2) changes in rate regulation by the Federal Energy Regulatory Commission and applicable state regulatory commissions; (3) changes in other laws and regulations, including safety, tax and accounting matters; (4) competitive pressures from other transportation services and alternative energy sources; (5) liability for environmental claims; (6) improvements in energy efficiency and technology resulting in reduced demand; (7) the inability to integrate acquired assets successfully with the Partnership's existing assets and to realize anticipated cost savings and other efficiencies; (8) labor relations; (9) changes in real property tax assessments; (10) regional economic conditions; (11) market prices of petroleum products and the demand for those products in the Partnership's service territory; (12) disruptions to the air travel system; (13) security issues relating to the Partnership's assets; (14) interest rate fluctuations and other capital market conditions; (15) construction costs, unanticipated capital expenditures and operating expenses to expand, repair or replace the Partnership's assets; (16) availability and cost of insurance on the Partnership's assets and operations; (17) expansion in the operations of the Partnership's competitors; (18) shut-downs or cutbacks at major refineries that use the Partnership's services; and (19) the treatment of the Partnership as a corporation for federal income tax purposes or if the Partnership becomes subject to entity-level taxation for state tax purposes. You should read the Partnership's Annual Report on Form 10-K, and its most recently filed Form 10- Q, for a more extensive list of factors that could affect results. The Partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today's date.
