Buckeye Partners, L.P. (NYSE:BPL) Q4 2018 Earnings Conference Call Transcript

Feb 08, 2019 • 11:00 am ET


Buckeye Partners, L.P. (NYSE:BPL) Q4 2018 Earnings Conference Call Transcript


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Good day, ladies and gentlemen; and thank you for standing by. We welcome you to the Buckeye Partners, L.P. Fourth Quarter 2018 and Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call may be recorded.

I would now like to turn the conference over to Kevin Goodwin, Vice President and Treasurer. Please go ahead, sir.

Kevin J. Goodwin

Thank you, George; and good morning, everyone. Welcome to Buckeye Partners' financial results conference call for the fourth quarter of 2018.

On this morning's conference call, Clark Smith, our Chairman, President and Chief Executive Officer, will discuss key highlights from the fourth quarter and full year of 2018; Khalid Muslih, Executive Vice President and President of Global Marine Terminals, will provide additional highlights of his segment; and Keith St.Clair, Executive Vice President and Chief Financial Officer, will review our financial results for the quarter. Also on the call are Bill Hollis, Senior Vice President and President of Buckeye Services; Bob Malecky, Executive Vice President and President of the Domestic Pipeline and Terminals segment; Todd Russo, Senior Vice President and General Counsel; Joe Sauger, Senior Vice President of Operations for Global Marine Terminals and Engineering Services; and Gary Bohnsack, Vice President, and Chief Accounting Officer. After our prepared remarks, we will take your questions.

We would like to remind everyone that we may make comments on the call that could be construed as forward-looking statements as defined by the SEC, including statements regarding our target leverage and coverage ratios. Future results are subject to numerous contingencies, many of which are outside of our control. Any forward-looking statements we make are qualified by the risk factors and other information set forth in our Form 10-K for the year ended December 31, 2017 and our most recent Form 10-Q, each of which is filed with the SEC and available on the Buckeye Partners website at www.buckeye.com. We undertake no obligation to revise our forward-looking statements to reflect events or circumstances occurring after today.

In addition, during the call, we will be discussing Buckeye Partners adjusted EBITDA and certain other non-GAAP measures. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release issued this morning, which is available on the Investor Center section of the Buckeye Partners website.

With that, I will turn the call over to our Chairman, President and CEO, Clark Smith.

Clark C. Smith

Alright. Thank you, Kevin; and good morning, everyone. We appreciate you joining our call today. Before I begin with an update on the actions we previously announced as part of our strategic review, I'd like to share the success of our safety initiatives during 2018. We are very proud of our 2018 safety performance. Buckeye had zero lost time injuries among our employees, a significant achievement of our Goal Zero program. We also had a 70% reduction in OSHA recordable injuries among our employees and a nearly two-thirds reduction in OSHA recordable injuries among our contractors. This level of performance reflects the focus and commitment