Blueknight Declares Quarterly Distributions

Source Press Release
Company Blueknight Energy Partners, L.P. 
Tags Financial & Operating Data, Strategy - Corporate
Date July 19, 2018

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 distributions are payable on August 14, 2018, on all outstanding common and preferred units to unitholders of record as of the close of business on August 3, 2018.

Comment from BKEP CEO Mark Hurley:

“We continue to execute on the transactions outlined in our first quarter earnings conference call. During that call we indicated that we would amend our credit facility, undertake an asset sale and reduce our common unit distribution. Just prior to the end of the quarter we amended our credit facility and announced the $90.0 million sale of three asphalt terminals to Ergon located in Saginaw and Lubbock, Texas and Memphis, Tennessee. The sale transaction closed on July 12th. Today we announce the change in our common unit distribution from $0.145/quarter to $0.08/quarter. These actions decrease our anticipated proforma leverage to less than 5.0x and provide the intended additional financial flexibility. We are now entering into the busy season for our asphalt facilities and crude oilactivity in Oklahoma remains robust. We look forward to discussing second quarter results the first week of August.”

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd