HOUSTON (AP) -- Buckeye Partners LP said Friday that mild winter weather hurt demand for refined petroleum products and pulled down its first-quarter profit by 22 percent.
Buckeye said the exit of its energy services segment from the Midwest was a short-term drag on results as well.
Net income dropped to $52 million, or 54 cents per share, from $66.5 million, or 79 cents per share, a year ago.
Revenue edged up to $1.26 billion from $1.25 billion.
Analysts expected 74 cents per share on revenue of $1.19 billion, according to FactSet.
Buckeye also said that it will further expand an oil-storage facility in the Bahamas by 1.2 million barrels in capacity. Construction is expected to be done by the third quarter of next year and will add to a 3.5-million-barrel expansion already under way, the company said.
Shares fell $4.81, or 8.4 percent, to $52.71 in afternoon trading.