Blueknight Declares Quarterly Distributions
20 July 2018 - 7:47AM
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 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 oil activity in Oklahoma remains
robust. We look forward to discussing second quarter results the
first week of August.”
Forward-Looking Statements and Treasury Regulation
Notice
This release may include forward-looking statements. Statements
included in this release that are not historical facts 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 future cash flows and operations, the
Partnership's ability to pay future distributions, 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.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees
should treat one hundred percent (100.0%) of BKEP's distributions
to foreign investors as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, BKEP's distributions to foreign investors are subject
to federal income tax withholding at the highest applicable
effective tax rate. Nominees, and not BKEP, are treated as
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary
midstream energy assets consisting of:
- 8.8 million barrels of liquid asphalt
storage located at 53 terminals in 26 states;
- 6.9 million barrels of above-ground
crude oil storage capacity located primarily in Oklahoma,
approximately 6.6 million barrels of which are located at the
Cushing Interchange terminalling facility in Cushing,
Oklahoma;
- 655 miles of crude oil pipeline located
primarily in Oklahoma and Texas; and
- 65 crude oil transportation vehicles
deployed primarily in Kansas, Oklahoma and Texas.
BKEP provides integrated terminalling, gathering and
transportation services for companies engaged in the production,
distribution and marketing of liquid asphalt and crude oil. BKEP is
headquartered in Oklahoma City, Oklahoma. For more information,
visit the Partnership’s web site at www.bkep.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180719005961/en/
BKEPInvestor Relations, 918-237-4032investor@bkep.comorMedia
Contact:Brent Gooden, 405-715-3232 or 405-818-1900
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