JBLU JetBlue Airways Corporation

Buckeye Partners LP (BPL) is setting aside $40 million as part of a settlement offer to resolve a dispute with several U.S. airlines over how much it charges for jet fuel to New York City area airports.

The master limited partnership said it would revise its fourth quarter and 2014 results to account for the settlement offer. If approved by the airlines, it would settle claims for allegedly excessive charges through Dec. 31.

Delta Air Lines, JetBlue Airways, United Continental, US Airways, and American Airlines filed a complaint with the Energy Regulatory Commission in 2012.

Buckeye's shares closed at $76.47 on Monday, down 1%. Shares are up 4% over the past 12 months.

Write to Maria Armental at maria.armental@wsj.com

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