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 $3.8 million for the same period in 2019. Net income for 2020 includes non-cash impairment expense of $5.1 million, primarily due to adjusting the cost basis of pipeline linefill to the market price of crude oil as of March 31, 2020. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was $15.0 million for the three months ended March 31, 2020, as compared to $14.5 million for the same period in 2019 (note non-GAAP financial measures reflected exclude non-cash gains and losses on asset sales). The increase in total Adjusted EBITDA year-over-year reflects stable total operating margins, higher other income related to insurance reimbursements and lower corporate overhead expenses.
Blueknight Energy Partners, L.P. ("Blueknight" or the "Partnership") (Nasdaq: BKEP and BKEPP), announced today that the board of directors of its general partner has declared a quarterly cash distribution on the Partnership’s common units of $0.04 per common unit, as well as a cash distribution of $0.17875 per unit on the Partnership’s preferred units for the quarter ended March 31, 2020. The first quarter 2020 distributions for both the preferred and common units remain unchanged from those paid for the fourth quarter of 2019. The distributions are payable on May 14, 2020, on all outstanding common and preferred units to unitholders of record as of the close of business on May 4, 2020.
Blueknight Energy Partners, L.P. ("Blueknight" or the "Partnership") (NASDAQ: BKEP and BKEPP), plans to release first quarter 2020 financial results after market close on Wednesday, May 6, 2020.
NEW YORK, NY / ACCESSWIRE / March 26, 2020 / Blueknight Energy Partners LP - PRF PERPETUAL USD - Ser A (NASDAQ:BKEP) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call ...