In the last trading session, the stock price of Buckeye Partners LP (NYSE:BPL) gained more than 1% to close the day at $49.55. The gains came at a share volume of 1.09 million compared to average share volume of 742,938. BPL closed the year with a decline of over 25%. The market cap of firm was noted at $7.3 billion.
Buckeye Partners, L.P. reported that one of its operating subsidiary firms, South Texas Gateway Pipeline LLC, has introduced a binding open season to ask commitments for the transportation of condensate and crude oil on its pipeline system of South Texas Gateway to be established under the “Project”. This project is anticipated to have an aggregate capacity of up to 600,000 barrels a day with numerous quality segregations. In addition, depending on interest obtained, the Project is intended to provide clients the ability to offer volumes from the Gardendale and Permian Basin, Texas to Corpus Christi and Houston, Texas.
Clients choosing to make long-term commitments will be entitled to get firm service on the assignment in a sum to be computed following the terms and conditions detailed in the transportation services agreement. Additional information about the open season and the Project is available on southtxgateway.com. A detailed explanation of the prime terms and conditions of service and the preliminary form of the agreement will be made accessible to prospective clients upon the implementation of the required confidentiality deal.
Buckeye Partners marks as a publicly traded master limited association which operates and owns, or owns a considerable interest in, a diversified international network of integrated resources offering midstream logistic solutions, mainly comprising of the storage, processing, marketing and transportation of liquid petroleum products. The company is one of the leading independent liquid petroleum offerings pipeline operators in the U.S. in terms of volumes recorded, with around 6,000 miles of pipeline.