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Sure thing....
I’m not sure what the ultimate impact is here with KingFisher basically backing out???
I was keenly watching BKEP and hoping to put some money in here until I saw the drop yesterday. That made me wonder what was going on.
I’m hoping someone smarter than me, can give their thoughts as to what the impact may be, and will it affect the current dividend.
Thanks for posting that RyGuy
Looks like BKEP is responsible for 50% of the total cost of the pipeline.
Not quite sure the overall impact, as I haven't done that much research into it.
https://www.sec.gov/Archives/edgar/data/1392091/000139209119000014/a8kcimarronprojectupdate.htm
My only question is how will that affect future dividends . If they stay as is , the dividend is 21 % at the current stock price .
because of this ........Alta Mesa Announces Initial 2019 Outlook;
Kingfisher Midstream has made the decision to suspend future investments in Cimarron Express Pipeline, LLC (“Cimarron Express”).
FYI. Last years announcement on when the earnings for 4th qtr would be released happened on March 2nd
BKEP. Tues State of the union speech to include "The president will call on Congress to produce an infrastructure package" which should bode well for us moving forward as Blueknight Energy Partners has 53 liquid asphalt terminals and storage facilities located in 26 states............map.....
http://www.bkep.com/operations
SCHEDULE 13G filed >= 5% Acquisition 1/30/2019
https://www.sec.gov/Archives/edgar/data/728889/000072888919000188/blueknightenergypartnerslp1.htm
Aggregate Amount Beneficially Owned by Each Reporting Person:
2,980,165 *
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
[ ]
11. Percent of Class Represented by Amount in Row (9):
7.23% *
12. Type of Reporting Person (See Instructions):
IA
* Position reflects the conversion of debentures to, and/or exercise of warrants for, shares of common stock.
I meant to say for 2.00 PT cover
HEAVY IN FOR SHORT AT 2.22 HEADING FOR 2.20!!!!
This stock has been a silent assassin. Yield at this level still about 15%
BKEP divi announcement...18% return..Blueknight Declares Quarterly Distributions
[Business Wire]
Business Wire•January 25, 2019
OKLAHOMA CITY--(BUSINESS WIRE)--
Blueknight Energy Partners, L.P. (NASDAQ:BKEP - Common Units) (NASDAQ:BKEPP - Preferred Units) (“BKEP” or the “Partnership”), announced today that the board of directors of its general partner has declared a quarterly cash distribution on the Partnership’s common units of $0.08 per common unit, as well as a cash distribution of $0.17875 per unit on the Partnership’s preferred units. The fourth quarter distributions for both the preferred and common units remain unchanged from those paid for the third quarter of 2018. The distributions are payable on February 14, 2019, on all outstanding common and preferred units to unitholders of record as of the close of business on February 4, 2019.
FYI according to I.R. distribution announcement tomorrow....didn't say pre or post market as it was on my answering machine
BKEP. This NOV 18 article is a good Synopsis.........
Blueknight Energy Partners: This 16% Yielder Loves Contango
Nov. 14, 2018 4:03 PM ET|
156 comments
|
About: Blueknight Energy Partners (BKEP), Includes: AMR, BKEPP
This article is exclusive for subscribers.
Richard Lejeune
Richard Lejeune
Deep Value, dividend investing, micro-cap, newsletter provider
Marketplace
Panick High Yield Report
(5,092 followers)
Summary
WTI oil is now in contango after being in backwardation for the past year.
Contango oil creates a windfall for BKEP's struggling Cushing oil storage terminals.
The Cimarron Express pipeline project is on schedule and appears to be a winner.
BKEP offers an attractive 16% yield that will be fully covered in 2019.
BKEP is trading near its 52-week low and substantial capital gains are possible.
This idea was discussed in more depth with members of my private investing community, Panick High Yield Report. Start your free trial today »
It has been a rough year for Blueknight Energy Partners (BKEP). The stock has lost over half its value in 2018. The quarterly dividend was slashed from 14.5 cents to 8 cents in July. Even this reduced dividend was only 92% covered in Q3 2018 which is the strongest seasonal quarter for the company's asphalt terminal business.
What went wrong? The asphalt terminal business has continued to perform well, but 2018 has been a disaster for the company's large Cushing oil storage business. From November 2014 to November 2017 WTI Oil was in contango. Storing oil is very profitable when the expected future price is higher than the current price. Traders can easily lock in profits by buying oil, storing it and reselling it at a later date. BKEP's 7.5 million barrels of Cushing storage tanks were fully leased at very attractive rates during this period of contango.
Unfortunately, WTI Oil moved to a period of extreme backwardation starting in November 2017. Traders do not want to store oil if the expected price in six months is lower than the current price. Some large Cushing tank storage leases came up for renewal and could not be renewed. Oil storage and handling fees dropped. Times were tough for BKEP.
Fortunately, WTI Oil has recently moved back to contango. WTI Oil December 2019 futures are now trading about $1.70 higher than WTI Oil December 2018 futures. On the Q3 2018 earnings conference call, BKEP reported that Q3 2018 was the low point in the storage cycle. Their Cushing storage tanks are now expected to be fully leased in 2019. In fact, 2019 should show improved results in several business areas. Despite these improved prospects, BKEP continues to trade at less than 10 cents from its 52-week low. This article provides the top 10 reasons why investors should consider BKEP and also discusses the major risks.
1. The Cushing oil storage business is nearly fully leased
As reported on the Q3 2018 earnings conference call, the Cushing oil terminals are expected to be fully leased in 2019:
"These contracts taken together represent approximately 90% of our total storage capacity available for contracting. We continue to see strong demand and we now anticipate being fully contracted in 2019."
2. The dividend should be fully covered in 2019
The 15.6% dividend is expected to be fully covered in 2019. As management commented on the Q3 earnings conference call:
"Our current projections has impacted by the improving crude oil storage market conditions that Mark discussed indicate we will steadily delever over the course of the next year. We are targeting to be at or near four times leverage at the end of 2019, as well as to increase our distribution coverage back to above 1.0 times."
3. Balance sheet leverage is declining
Balance sheet leverage is now 5.39X which is perilously close to the maximum allowed limit of 5.5X permitted under the Wells Fargo Credit line. Fortunately, balance sheet leverage is expected to decline to 4X by the end of 2019. This will result from improved performance of the pipeline sector, oil terminal sector and trucking sector. Note that those numbers do not include the impact from the expected Cimarron Express pipeline purchase in Q3 2019.
4. The oil pipeline segment is rebounding
The oil pipeline segment is ramping up due to higher regional oil production and the July restoration of service on a pipeline that had been out of service for several months due to a landslide. As commented on the Q3 earnings conference call:
"Our total November pipeline volumes are expected to be 38,000 barrels per day more than double our volumes at the end of the second quarter. Our crude oil pipeline services segment was cash flow positive in September for the first time in over a year."
5. Asphalt terminals continue to perform well
The asphalt terminating services business generated $17.6 million of operating margin in Q3 2018. This was consistent with expectations. Operating margins for Q3 2017 did decline from $20.5 million in Q3 2017. This decline was due to the sale of three asphalt terminals to Ergon for $90 million to help finance the Cimarron Express purchase in 2019. Note that lower oil prices tend to increase the demand for asphalt. The recent drop in WTI oil pricing is not enough to substantially reduce pipeline volumes and should have a positive impact on the asphalt terminal business.
6. Results are improving at the trucking sector
The trucking sector also should provide improved margins in Q4 and 2019. As noted in the Q3 2018 earnings report:
"The high level of drilling activity in Oklahoma has also led to an increased demand for crude oil trucking services, and volumes increased steadily this year. We are confident the tighter supply and increased demand for trucking services will lead to improved margins in the fourth quarter of this year and in 2019. We expect our crude oil trucking services segment to return to positive cash flow during this period."
7. The Cimarron Express pipeline construction is on track
The Cimarron Express pipeline project is proceeding well. This will connect the STACK play in Oklahoma to BKEP's Cushing oil terminals located about 65 miles away. BKEP is building the pipeline which will initially be 50% owned by Alta Mesa Resurces Inc. (AMR) and Ergon (BKEP's General Partner). BKEP has an option to acquire Ergon's 50% share based on construction costs plus a 9% financing fee. Cimarron Express is expected to be completed in mid 2019. I anticipate that BKEP will exercise its purchase option in Q3 2019.
8. Cimarron Express is expected to be a high return project
Many midstream projects require an eight-year to 10-year payback period. As Chief Executive Officer Mark Hurley notes on the Q3 conference call in response to a question from JPMorgan analyst Josh Golenn:
"Yeah Josh. It is - it's got a payback period of about somewhere between 5 and 6 years."
9. Cimarron Express will make Cushing oil storage less cyclical
BKEP will benefit from the pipeline even in the unlikely event that it decides not to exercise its purchase option. The pipeline will terminate at BKEP's Cushing oil terminals and generate additional revenues there.
10. Small pipeline projects have big advantages
The continuing struggles of the Keytsone XL pipeline illustrate why investors should focus on smaller pipeline projects such as Cimarron Express. Keystone has been a high profile target for environmentalists. It has been delayed for years and will stretch for thousands of miles if construction is ever completed. It requires approval by multiple states as well as the Federal government. Sacred Indian lands and extensive environmental studies have been ongoing issues.
In contrast, the Cimarron Express pipeline faces none of those challenges. It will be a short 65-mile pipeline entirely located in the oil industry friendly state of Oklahoma. There are no environmental lawsuits. There's no need to cross sacred Indian lands. The project is proceeding rapidly and is on budget with an expected completion in mid 2019. There's already substantial dedicated production from AMR to help fill the pipeline and production in the STACK area is increasing.
What are the major risks?
See pages 15-37 of the 10-K annual report for an extensive discussion of risk factors. Here is a brief summary of the major risk factors as I see them. BKEP is smaller and less diversified than many of its larger midstream peers. With a market capitalization of less than $100 million, even modest changes in cash flow can have a large impact on the stock price. BKEP is a partnership and holders will receive a K-1. The asphalt terminal business is the largest business unit for BKEP and has been thriving. The economy is currently booming. However, an economic recession could reduce tax receipts for the municipalities that fund much road paving work.
BKEP has sold assets and has received a more flexible credit line agreement from Wells Fargo & Co. (WFC) to help fund their Cimarron Express purchase option from Ergon. The BKEP purchase option is based on Ergon's costs plus 9% interest compounded annually. The pipeline is currently on budget but the exact cost won't be known until construction is actually completed. Cost over-runs and project delays are possible. WTI Oil has declined recently to trade below $60. The STACK is a low-cost drilling area and this decline is not expected to have a major impact on oil production. If oil were to decline further to $30 or $40 per barrel, that could have a material negative impact on pipeline volumes.
Conclusions
BKEP is trading near its 52-week low and offers a very attractive 16% yield. Mr. Market appears to have totally ignored the pending turnaround in the oil storage business due to contango. Results also are improving for BKEP's pipeline and trucking sectors. The asphalt sector continues to perform well and the Cimarron Express pipeline is an exciting growth project for Q3 2019. BKEP is oversold and offers the potential for significant capital gains. The 16% yield should be fully covered in 2019 and it's nice to collect this hefty yield while waiting for the turn around to progress.
I also previously written about the BlueKnight Energy Partners LP LLC Pfd Units Series A (BKEPP). BKEPP offers an attractive 11.2% yield and is senior to the common stock which makes it a less risky alternative. I cover both BKEP and BKEPP at my Panick High-Yield Report.
Author's note: My Panick High Yield Report is focused on high-yield preferred stocks, exchange-traded debt issues, and other undervalued, high-yield opportunities. Members receive an advance look at all my articles as well as continued coverage. Please read our outstanding subscriber reviews here. A 2 week free trail is now available. The Panick Report is especially known for our very active and friendly chat board where members can ask questions and discuss high yield trading ideas in real time as new breaks.
Seeking Alpha articles on BKEP (Blueknight Energy Partners, L.P)
https://seekingalpha.com/search/?q=Blueknight+Energy+Partners
transcript of earnings call. Solid....IMHO
https://seekingalpha.com/article/4217283-blueknight-energy-partners-bkep-ceo-mark-hurley-q3-2018-results-earnings-call-transcript
BKEP. In @ $1.30 and $1.38 today. Bottom play & nice divi. If we get a infrastucture bill out of the Feds then this goes huge imho. 40.4 million mkt cap with 40 % institutional ownership
It finally showed up on the 21st.
Anyone know why the latest dividend was delayed? Was supposed to post on the 15th, but nothing has shown up yet. I'm on Robinhood.
my thought is around dividend time they go up to 7.00 but right after go to 6.50. A friend told me there financials are horrible but if trump ever gets his act together it could reach 10.
What are you overall thoughts on this company?
Blueknight Energy Partners (NASDAQ:BKEP): Q4 EPS of -$0.18 may not be comparable to consensus of $0.01. Revenue of $46M (+4.8% Y/Y) misses by $1.25M.
Blueknight Energy Partners, L.P. Announces Third Quarter 2012 Results
Nov 6, 2012 5:00:00 PM
Copyright Business Wire 2012
OKLAHOMA CITY--(BUSINESS WIRE)-- Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (NASDAQ: BKEP) (NASDAQ: BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced adjusted EBITDA of $16.8 million for the three months ended September 30, 2012. While adjusted EBITDA decreased $2.0 million, or 10%, as compared to the three-months ended September 30,2011, adjusted EBITDA for the nine months ended September 30, 2012 increased $1.7 million, or 4%, to $48.3 million over the prior year same nine months. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income, is provided in the section of this release entitled “Non-GAAP Financial Measures.”
The Partnership reported net income of $7.9 million on total revenues of $47.1 million for the three months ended September 30, 2012, compared to net income of $28.7 million on total revenues of $46.5 million for the three months ended September 30, 2011. For the nine months ended September 30, 2012, the Partnership reported net income of $26.0 million on total revenues of $135.5 million, compared to net income of $25.9 million on total revenues of $131.1 million for the nine months ended September 30, 2011. Net income for the three and nine months ended September 30, 2011 included other income of $23.6 million and $22.1 million, respectively, related to the change in fair values of an embedded derivative within convertible debt and a contingent dividend associated with the rights offering conducted in 2011. A $17.1 million decrease in non-cash interest expense primarily related to the redemption of subordinated convertible debentures in the fourth quarter of 2011 also impacted net income for the nine months ended September 30, 2012.
The Partnership previously announced a quarterly cash distribution of $0.1125 per common unit, a 2.3% increase over the previous quarter’s distribution, and $0.17875 per preferred unit payable on November 14, 2012 on all outstanding common and preferred units to unitholders of record as of the close of business on November 2, 2012. For further information regarding the Partnership's results of operations, please see the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, which was filed with the Securities and Exchange Commission on November 6, 2012.
“Even though the quarter showed a decrease in adjusted EBITDA, we are generally pleased with the overall results of the quarter, especially in light of the fact we were able to increase the quarterly distribution to our common unitholders. The decrease in adjusted EBITDA resulted from a decline in throughput at certain of our asphalt terminals and increased repair and maintenance expense in our pipeline and asphalt business segments. However, demand for crude oil trucking remains strong, bolstered by the opening of the BKEP-operated, Vitol-owned, Midland, Texas crude oil terminal, which went online during the quarter, and construction continues on the Arbuckle pipeline in southern Oklahoma,” stated recently-appointed Chief Executive Officer, Mark Hurley.
Results of Operations
The following table summarizes the financial results for the three and nine months ended September 30, 2011 and 2012 (in thousands except per unit data):
Three months ended
September 30,
Nine months ended
September 30,
2011 2012 2011 2012
(unaudited)
Service revenue:
Third party revenue $ 35,124 $ 34,797 $ 99,748 $ 100,844
Related party revenue 11,387 12,329 31,377 34,616
Total revenue 46,511 47,126 131,125 135,460
Expenses:
Operating 28,760 32,122 87,578 91,928
General and administrative 4,679 4,119 14,065 13,608
Total expenses 33,439 36,241 101,643 105,536
Gain on sale of assets 1,143 46 1,852 5,265
Operating income 14,215 10,931 31,334 35,189
Other (income) expenses:
Interest expense 9,120 2,909 27,284 8,877
Change in fair value of embedded derivative within convertible debt (15,358 ) — (20,224 ) —
Change in fair value of rights offering liability (8,224 ) — (1,838 ) —
Income before income taxes 28,677 8,022 26,112 26,312
Provision for income taxes 72 115 219 264
Net income $ 28,605 $ 7,907 $ 25,893 $ 26,048
Allocation of net income for calculation of earnings per unit:
General partner interest in net income $ 643 $ 165 $ 754 $ 659
Preferred interest in net income $ 2,975 $ 5,391 $ 11,124 $ 16,173
Beneficial conversion feature attributable to preferred units $ 11,141 $ — $ 33,061 $ 1,853
Income (loss) available to limited partners $ 13,846 $ 2,351 $ (19,046 ) $ 7,363
Basic and diluted net income (loss) per common unit $ 0.38 $ 0.10 $ (0.56 ) $ 0.32
Basic and diluted net income (loss) per subordinated unit $ 0.42 $ — $ (0.52 ) $ —
Weighted average common units outstanding - basic and diluted 21,890 22,670 21,890 22,666
Weighted average subordinated units outstanding - basic and diluted 10,248 — 11,788 —
Non-GAAP Financial Measures
This press release contains the non-GAAP financial measure of adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, impairment, gain on sale of assets, and other miscellaneous non-cash items, including changes in the fair values of the embedded derivative within convertible debt and the rights offering liability. The use of adjusted EBITDA should not be considered as an alternative to GAAP measures such as net income or cash flows from operating activities. Adjusted EBITDA is presented because the Partnership believes it provides additional information with respect to its business activities and is used as a supplemental financial measure by management and external users of the Partnership's financial statements, such as investors, commercial banks and others, to assess, among other things, the Partnership's operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure.
The following table presents a reconciliation of adjusted EBITDA to net income for the periods shown (in thousands):
Three months ended
September 30,
Nine months ended
September 30,
2011 2012 2011 2012
Net income (loss) $ 28,605 $ 7,907 $ 25,893 $ 26,048
Interest expense 9,120 2,909 27,284 8,877
Income taxes 72 115 219 264
Depreciation and amortization 5,651 5,792 17,066 17,174
Asset impairment charge — 95 — 1,168
Gain on sale of assets (1,143 ) (46 ) (1,852 ) (5,265 )
Change in fair value of embedded derivative within convertible debt (15,358 ) — (20,224 ) —
Change in fair value of rights offering liability (8,224 ) — (1,838 ) —
Adjusted EBITDA $ 18,723 $ 16,772 $ 46,548 $ 48,266
Investor Conference Call
The Partnership will hold a conference call on Thursday, November 8, 2012 at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss third quarter 2012 results. The conference call can be accessed through the Investors section of the Partnership's Web site at http://investor.bkep.com/presentations or by telephone at 1-877-317-6789. International locations may dial-in by calling 1-412-317-6789.
Participants should dial in five to ten minutes prior to the scheduled start time. An audio replay will be available on the Web site for at least 30 days, and a recording will be available by phone for 30 days. To hear the replay, call 1-877-344-7529 in the U.S. or call 1-412-317-0088 from international locations. The pass code for both is 10020669.
Forward-Looking Statements
This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements concerning plans and objectives of management for future operations or economic performance or assumptions related thereto) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership's debt levels and restrictions in our credit facility, our exposure to the credit risk of our third-party customers, the Partnership's future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership's filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary midstream energy assets consisting of approximately 7.8 million barrels of crude oil storage located in Oklahoma and Texas, approximately 6.6 million barrels of which are located at the Cushing Oklahoma Interchange, approximately 1,289 miles of crude oil pipeline located primarily in Oklahoma and Texas, approximately 280 crude oil transportation and oilfield services vehicles deployed in Kansas, New Mexico, Oklahoma and Texas and approximately 7.2 million barrels of combined asphalt product and residual fuel oil storage located at 44 terminals in 22 states. BKEP provides integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products. BKEP is headquartered in Oklahoma City, Oklahoma. For more information, visit the Partnership's Web site at www.bkep.com.
BKEP
Investor Relations, 918-237-4032
investor@bkep.com
or
Media Contact:
Brent Gooden, 405-715-3232 or 405-818-1900
Source: Blueknight Energy Partners, L.P.
----------------------------------------------
BKEP
Investor Relations
918-237-4032
investor@bkep.com
or
Media
Contact:
Brent Gooden
405-715-3232 or 405-818-1900
Blueknight Announces Appointment of New CEO; Changes to Board
Date : 09/17/2012 @ 8:30AM
Source : Business Wire
Stock : Blueknight Energy Partners L.P., L.L.C. - Common Units Representing Limited Partner Interests (MM) (BKEP)
Quote : $6.63 0.05 (0.76%) @ 4:59PM (pps as of 10/16/2012)
Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (NASDAQ: BKEPP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that BKEP’s general partner has appointed Mark Hurley as its new Chief Executive Officer, effective as of September 20, 2012. Mr. Hurley has served as the Senior Vice President, Crude Oil and Offshore of Enterprise Products, LLC since 2010, where he led the newly formed crude oil and offshore business segment. Mr. Hurley began his career at Shell, where he served from 1981 to 2009, most recently as President of Shell Pipeline Co., LP. Mr. Hurley received his bachelor of science in chemical engineering from North Carolina State University. Mr. Hurley will replace James Dyer, whose intended resignation was announced by the Partnership earlier this year.
In connection with his resignation as Chief Executive Officer, Mr. Dyer also has resigned from the Board of Directors (the “Board”) of BKEP’s general partner, effective as of September 20, 2012. Francis Brenner of Vitol Inc. has been appointed to fill Mr. Dyer’s seat on the Board. Mr. Brenner has served as the Investments Director for the Americas for Vitol Inc. since 2010. Between 2001 and 2010, Mr. Brenner was with Morgan Stanley, most recently as an Executive Director in the Morgan Stanley Commodities Group. Prior to joining Morgan Stanley, Mr. Brenner was involved in the design and construction of utility infrastructure at Tyco International.
Mr. Duke R. Ligon, Chairman of the Board of Directors of BKEP’s general partner, stated, “As we look to the future, we are excited about the experience and vision that Mark brings to Blueknight, and we are confident that under his leadership Blueknight will continue to thrive.” Mr. Ligon continued, “On behalf of the Board of Directors, we thank James for his commitment and service to Blueknight over the past three years, both as a member of the Board and as Chief Executive Officer. We extend a warm welcome to Francis as he joins the Board and trust that his knowledge and insight will be valuable to the Board as we continue to seek out strategic growth opportunities to solidify Blueknight’s role as a leading midstream service provider.”
http://ih.advfn.com/p.php?pid=nmona&article=54193318
Blueknight Energy Partners, L.P. Announces Commencement of Rights Offering
Blueknight Energy Partners, L.P. (NASDAQ: BKEP) ("BKEP" or the "Partnership"), a midstream energy company focused on providing integrated services for companies engaged in the
production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that it has commenced its previously-announced rights offering. The Partnership has distributed, at no charge, to the common unitholders of record as of the close of business on September 27, 2011 (the "Record Date") 0.5412 freely-tradable rights (each a "Right" and collectively the "Rights") for every common unit owned on the Record Date. Each whole Right entitles the holder thereof to acquire, for an exercise price of $6.50, a newly-issued Series A Preferred Unit of the Partnership (the "Basic Subscription Right"). In addition, holders of the Rights will be entitled, subject to limitations, to subscribe for additional Series A Preferred Units that remain unsubscribed as a result of any unexercised Basic Subscription Rights at a subscription price of $6.50 per unit, as described more fully in the prospectus supplement that the Partnership filed with the Securities and Exchange Commission on September 27, 2011.
The Rights will begin trading on the NASDAQ Global Market on October 3, 2011 under the symbol "BKEPR" and can be traded until the close of business on October 31, 2011, the expiration date of the rights offering, unless the rights offering is extended. Any Rights that are not exercised on or before October 31, 2011, unless the rights offering is extended, will expire and have no further value. The rights offering will be made only by means of the prospectus supplement, which the Partnership filed with the Securities and Exchange Commission on September 27, 2011.
About Blueknight Energy Partners, L.P. BKEP owns and operates a diversified portfolio of complementary midstream energy assets
consisting of approximately 8.1 million barrels of crude oil storage located in Oklahoma and Texas, approximately 6.7 million barrels of which are located at the Cushing Oklahoma Interchange, approximately 1,285 miles of crude oil pipeline located primarily in Oklahoma and Texas, approximately 300 crude oil transportation and oilfield services vehicles deployed in Kansas, Colorado, New Mexico, Oklahoma and Texas and approximately 7.4 million barrels of combined asphalt product and residual fuel oil storage located at 45 terminals in 22 states. BKEP provides integrated services for companies engaged in the production, distribution and
marketing of crude oil, asphalt and other petroleum products. BKEP is based in Oklahoma City, Oklahoma and Tulsa, Oklahoma.
For more information, visit the Partnership's web site at
www.bkep.com.
BKEP Investor Relations
918-237-4032
investor@bkep.com
or
BKEP Media Contact:
Brent Gooden, 405-715-3232
or 405-818-1900
*PDF version above
http://investor.bkep.com/profiles/investor/ResLibraryView.asp?BzID=1505&ResLibraryID=47288&Category=1029
Blueknight Energy Partners, L.P. Announces Fourth Quarter and Full Year 2011 Results
http://ih.advfn.com/p.php?pid=nmona&article=51605746&symbol=BKEP
~ Friday! $BKEP ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $BKEP ~ Earnings expected on Friday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=BKEP&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=BKEP&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=BKEP
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=BKEP#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=BKEP+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=BKEP
Finviz: http://finviz.com/quote.ashx?t=BKEP
~ BusyStock: http://busystock.com/i.php?s=BKEP&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=BKEP >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
“The turnaround and stabilization of the Partnership’s business are reflected in the results of the latest quarter. Increasing the utilization of the crude oil gathering and transportation assets remains the primary commercial focus. We are optimistic that projects currently under negotiation will result in improved throughput beginning mid to late 2011. Most importantly, the Partnership should see a return to bottom-line profitability now that the comprehensive refinancing has been completed,” said James Dyer, Chief Executive Officer of the Partnership’s general partner.
TULSA, Okla.--(BUSINESS WIRE)-- Blueknight Energy Partners, L.P. (Pink Sheets: BKEP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated terminalling, storage, processing, gathering and transportation services for companies engaged in the production, distribution and marketing of crude oil and asphalt product, today announced its financial results for the quarter ended September 30, 2010.
Key financial statistics relating to the third quarter of 2010 include:
service revenues, including fuel surcharge revenues, of $38.1 million, a decrease of 5.0% in revenues from the third quarter of 2009;
earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $16.0 million, an increase of approximately 13% from $14.1 million in the third quarter of 2009;
net loss of $2.8 million, or $0.08 per basic and diluted common unit, compared to a net loss of $4.4 million, or $0.12 per basic and diluted common unit, for the third quarter of 2009; and
general and administrative expenses of $3.9 million, a decrease of 45% from $7.1 million in 2009.
Nine Month Results
The Partnership’s service revenues were $113.5 million for the nine months ended September 30, 2010, representing a decrease of 5% from $119.7 million for the nine months ended September 30, 2009. The Partnership’s crude oil gathering and transportation revenue and crude oil terminalling and storage revenue decreased by approximately $2.3 million and $3.7 million, respectively, for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 primarily due to decreased utilization of the Partnership’s crude oil assets as a result of the bankruptcy filings of the Partnership’s former parent. The Partnership’s asphalt services revenue, excluding reimbursement revenues for fuel and power, property tax, and insurance expenses related to the operations of our liquid asphalt facilities, decreased by $1.1 million for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 primarily due to changes in contract terms.
Total interest expense increased by $0.9 million to $39.5 million for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. General and administrative expenses decreased by $11.9 million, or 52%, to $11.0 million for the nine months ended September 30, 2010 compared to $22.9 million for the nine months ended September 30, 2009. This decrease is primarily attributable to a decrease in legal, financial advisory and other professional expenses during the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009.
Net loss for the nine months ended September 30, 2010 was $10.6 million, or $0.30 per basic and diluted common unit, which is consistent with a net loss of $10.9 million, or $0.30 per basic and diluted common unit, for the nine months ended September 30, 2009. EBITDA for the nine months ended September 30, 2010 was $45.3 million, as compared to $45.0 million in the nine months ended September 30, 2009 (see the section of this release entitled “Non-GAAP Financial Measures” for a discussion of EBITDA and a reconciliation of such measure to its comparable GAAP measures). Net loss and EBITDA for the nine months ended September 30, 2010, also include a $0.8 million non-cash impairment charge related to the asphalt services operating segment.
Liquidity
In October of 2010, the Partnership refinanced its outstanding debt and concurrently raised additional capital through the issuance of additional partnership units. The refinancing will result in decreased leverage, reduced interest rates on outstanding borrowings and increased liquidity. For further information please refer to the Partnership’s current report on Form 8-K filed with the Securities and Exchange Commission on October 25, 2010.
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