Buckeye to buy Midwest assets from ConocoPhillips

Posted In: Energy

By The Associated Press

Thursday, October 22, 2009

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Petroleum-pipeline system operator Buckeye Partners LP said Thursday it struck a deal with ConocoPhillips to buy three refined-product storage and distribution terminals and two refined-product pipelines and associated storage tanks in the Chicago and St. Louis areas.

The move expands Buckeye's access to markets and refinery operations in the Midwest, said the company's CEO Forrest Wylie.

"The combined footprint increases the commercial value to our customers by offering enhanced distribution connectivity and flexible storage capabilities," said Wylie in a statement.

Financial terms of the agreement were not disclosed.

Shares of Buckeye closed at $51.34 on Wednesday. ConocoPhillips shares closed at $52.97.

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