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Oil & Gas

Buckeye will eliminate 25-percent of workers

July 22, 2009
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Petroleum-pipeline system operator Buckeye Partners LP will lay off 260 employees, or about 25 percent, of its staff to help lower its operating costs, according to the Associated Press. Buckeye said it plans to record total charges of $30 million and $34 million in severance-related and other costs, with the bulk of those expenses to be posted in the second quarter. It expects annualized savings of $18 million to $22 million. Separately, Buckeye said it has determined that its pipeline system that transports natural-gas liquids from Colorado to Kansas is non-core to its ongoing operations. While it may eventually actively market those assets, Buckeye said that for now it would record a non-cash charge of $65 million to $75 million in the second quarter to write-down those assets to their fair value.
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