Item 2.01. Completion of Acquisition or Disposition of Assets.

As previously disclosed in the Current Report filed on February 10, 2012, on February 9, 2012, Buckeye Tank Terminals LLC ("Purchaser"), a wholly owned subsidiary of Buckeye Partners, L.P. (the "Partnership"), entered into a Purchase and Sale Agreement (the "Purchase Agreement") with Chevron U.S.A. Inc. ("Seller" and, with the Purchaser, the "Parties"), pursuant to which the Purchaser has agreed to acquire (the "Perth Amboy Acquisition") a marine terminal facility for liquid petroleum products located on the Arthur Kill in Perth Amboy, New Jersey ("Perth Amboy Facility") for $260.0 million. The base purchase price was subject to adjustment at closing as provided in the Purchase Agreement.

On July 26, 2012, the Partnership completed the Perth Amboy Acquisition for an aggregate purchase price of approximately $260 million (reflecting no material adjustments to the base purchase price).

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