Buckeye Partners to Lay Off 260

Buckeye Partners will lay off 260 employees, or 25% of its workforce.

The firm hopes to reduce it operating costs.

Buckeye Partners owns and operates one of the largest independent refined petroleum-products pipeline systems in the United States in terms of volumes delivered, with about 5,400 miles of pipeline. It also owns 64 refined petroleum-products terminals, and operates and maintains about 2,400 miles of pipeline under agreements with major oil and chemical companies.

It is headquartered in Breinigsville, Pennsylvania.