BPL - Buckeye Partners' Distribution Still Isn't Safe
Image Source: Buckeye Partners' website
By Callum Turcan
Buckeye Partners L.P. (BPL) was formed as a midstream master limited partnership back in 1986, with Buckeye GP LLC acting as its general partner. The midstream MLP model is built around the favorable tax advantages Congress created for those entities. Back in 2010, Buckeye Partners purchased Buckeye GP Holdings in an all-stock deal to simplify its corporate structure and remove IDRs (incentive distribution rights) from the picture. As of this writing, the midstream MLP yields 8.9% even after its recent distribution cut, but that yield