Blueknight Announces Fourth Quarter and Full Year 2020 Results; Provides Outlook as Pure-Play Infrastructure Terminalling Company
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
HighlightsCompleted transition to pure-play infrastructure terminalling company with $164 million sale and exit of crude oil businessFourth quarter and full year 2020 net loss of $29.2 million and $13.5 million, respectively, primarily due to crude oil pipeline impairmentFourth quarter 2020 Adjusted EBITDA of $17.8 million and distribution coverage of 1.64 timesExceeded 2020 financial targets with full year Adjusted EBITDA of $67.5 million, distribution coverage of 1.53 times, and leverage ratio of 3.83 timesFull year 2020 Adjusted EBITDA from continuing operations of $49.7 million, which excludes any expected synergies from the crude oil business sale2021 outlook underpinned by stable cash flows, solid distribution coverage, improved balance sheet and liquidity profile, with pro forma leverage ratio of approximately 2.0 times TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) today reported its financial res
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