Blueknight Announces First Quarter 2020 Results
Blueknight Energy Partners L.P. - Common Units representing Limited Partner Interests (BKEP)
Last blueknight energy partners l.p. - common units representing limited partner interests earnings: 8/7 04:30 pm
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Source: Business Wire
HighlightsNet income of $0.0 million, operating income of $2.8 million and Adjusted EBITDA of $15.0 million; results impacted by $5.1 million non-cash impairment primarily due to lower crude oil pricesAsphalt terminalling off to a strong start with throughput volumes 17% higher versus prior yearCrude oil terminalling benefiting from a deep contango market and current third-party contracted storage reaching its highest level since 2017 at 5.8 million barrelsNo federal government loan program support required to manage market uncertaintyDistributable cash flow up 23% year-over-year and 2020 guidance on track with first quarter distribution coverage of 1.25 times and leverage ratio of 4.27 times TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) today announced its financial results for the three months ended March 31, 2020. Net income was $0.0 million for the first quarter of 2020, as compared to net income of
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