Buckeye Partners, L.P. BPL reported first-quarter 2016 earnings from continuing operations of $1.01 per unit, lagging the Zacks Consensus Estimate of $1.05 by 3.8%. However, quarterly earnings surged 14.8% year over year.Consequently, units of the partnership dipped 1.4% in the last trading session to close at $68.81 per unit.Buckeye Partners LP (BPL) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany Total RevenueIn the quarter under review, Buckeye Partners’ total revenue came in at $780.6 million, missing the Zacks Consensus Estimate of $931.8 million by 16.2%. Quarterly revenues also plunged 28.3% year over year.Operational HighlightsIn the first quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations increased 14.9% year over year to $244.6 million.Total costs and expenses were $600.4 million, down 35.9%. The partnership managed to cut overall costs primarily backed by cost savings at Merchant Services.The partnership’s operating income rose 18.7% to $180.2 million from $151.8 million a year ago.Interest and debt expenses increased 14.6% to $47.8 million.Financial ScreeningAs of Mar 31, 2016, Buckeye Partners had cash and cash equivalents of $5.7 million, compared with $4.9 million as of Dec 31, 2015.Long-term debt as of Mar 31, 2016 was 3,701.7 million, down from $3,732.8 million as of Dec 31, 2015.Cash Distribution UpdateThe partnership has announced a first-quarter 2016 cash distribution of $1.20 per limited partner unit, up 4.3% from the prior-year payout of $1.15. This will be paid on May 23, 2016 to unitholders of record as of May 16.Peer ReleasesONEOK Partners, L.P. OKS reported first-quarter 2016 earnings of 52 cents per unit, beating the Zacks Consensus Estimate of 48 cents by 8.3%.Boardwalk Pipeline Partners, LP’s BWP first-quarter 2016 earnings of 40 cents beat the Zacks Consensus Estimate of 35 cents by 14.3%.PBF Logistics LP PBFX reported first-quarter 2016 earnings of 53 cents, beating the Zacks Consensus Estimate of 44 cents by 20.5%.Zacks RankBuckeye Partners currently carries a Zacks Rank #4 (Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ONEOK PARTNERS (OKS): Free Stock Analysis Report BOARDWALK PIPLN (BWP): Free Stock Analysis Report PBF LOGISTICS (PBFX): Free Stock Analysis Report BUCKEYE PARTNRS (BPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research