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Blueknight Energy Partners was a master limited partnership that operated midstream energy infrastructure across the United States. The company provided terminalling, storage, and transportation services for liquid asphalt and crude oil products through an extensive network of facilities and pipeline systems.
The partnership operated one of the largest independent asphalt terminal networks in North America, serving the road construction and infrastructure industries with strategically located storage and distribution facilities. The crude oil business included significant storage capacity at the Cushing Interchange in Oklahoma, a critical hub for crude oil trading and logistics, along with pipeline gathering systems and oilfield service operations.
News coverage of Blueknight typically focused on several key areas including acquisition and divestiture activities as the partnership adjusted its asset portfolio, distribution announcements relevant to unitholders, operational developments at terminal and pipeline facilities, and strategic partnerships with industry participants. The asphalt terminalling business generated interest from construction and infrastructure sectors, while crude oil operations attracted attention during periods of volatility in energy markets.
The partnership underwent significant transformation when Ergon Asphalt and Emulsions acquired full ownership and took the company private. This acquisition consolidated one of the largest asphalt terminal networks under single ownership and integrated the assets into Ergon's broader platform. Following the transaction, Blueknight was delisted from public markets and the partnership structure was dissolved. The former BKEP assets continue to operate as part of Ergon's privately held business serving the asphalt and road construction industries.
Blueknight Energy Partners has announced the availability of its 2021 Schedule K-3, which contains information relevant for international tax reporting. This document is accessible online for unitholders, particularly targeting foreign unitholders and those needing details for foreign tax credits. Unitholders can opt to receive their Schedule K-3 electronically by contacting Tax Package Support. Blueknight operates the largest independent asphalt terminalling network in the U.S., with significant storage capacity across the country.
Blueknight Energy Partners, L.P. (BKEP, BKEPP) reported Q2 2022 income from continuing operations of $6.3 million, a decrease from $7.1 million Y/Y, largely due to non-recurring legal costs from the Ergon merger. Adjusted EBITDA remained stable at $12.1 million. Total revenue rose 6% to $29.5 million, primarily from fixed-fee services. However, total operating expenses increased 13% to $14.8 million, impacting profitability. The distribution coverage ratio decreased to 1.18 times. The merger with Ergon is pending unitholder approval on August 16, 2022.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) declared a quarterly cash distribution of $0.0425 per common unit and $0.17875 per preferred unit for the quarter ending June 30, 2022. These distributions are unchanged from the previous quarter and are payable on August 12, 2022, to unitholders of record by August 5, 2022. Additionally, the company will release its Q2 2022 financial results after market close on August 3, 2022, along with a 10-Q filing on August 4, 2022.
Blueknight Energy Partners reported a 9% year-over-year increase in income from continuing operations to $6.6 million for Q1 2022. Adjusted EBITDA rose to $11.5 million, while distributable cash flow improved to $9.3 million, both reflecting 2% growth over the previous year. The partnership's total revenue reached $28.5 million, with a strong focus on fixed-fee revenue. The company also announced a definitive agreement with Ergon, Inc. for a potential merger, expected to close mid-2022, subject to approvals.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) declared a quarterly cash distribution of $0.0425 per common unit and $0.17875 per preferred unit for Q1 2022, consistent with Q4 2021 distributions. Payments will be made on May 13, 2022, to unitholders on record by May 6, 2022. The company plans to release its financial results for the first quarter on May 4, 2022, and will file its Quarterly Report on Form 10-Q with the SEC on May 5, 2022.
Blueknight Energy Partners announced a merger agreement with Ergon, Inc. to acquire all outstanding common and preferred units not owned by Ergon. The all-cash deal provides $4.65 per common unit, a 51.5% premium over the pre-offer market price, and $8.75 per preferred unit, exceeding its 52-week high. The transaction was approved unanimously by a conflicts committee of independent directors and is set to close in mid-2022, pending usual approvals. The partnership operates the largest independent asphalt terminalling network in the U.S.
Blueknight Energy Partners reported a strong financial performance for Q4 and full year 2021. Income from continuing operations reached $8.9 million in Q4, up 6% YoY, while full year income totaled $34.8 million, a 21% increase. Adjusted EBITDA for Q4 was $13.9 million, and for the full year, it was $54.2 million, reflecting 9% growth YoY. The company is advancing its strategy as a pure-play infrastructure terminalling company, focusing on new projects worth approximately $15 million. Distributions saw a 6.25% increase, showcasing financial robustness and growth potential.
Blueknight Energy Partners, L.P. (NASDAQ: BKEP, BKEPP) plans to release its fourth quarter and full year 2021 financial results on March 8, 2022, after market close. A conference call to discuss these results will take place on March 9, 2022, at 10:00 a.m. CST. Participants can join by calling 1-855-327-6837 (international: 1-631-891-4304). Blueknight operates the largest independent asphalt terminalling network in the U.S., with a storage capacity of 9.0 million barrels across 54 terminals in 26 states, focusing on integrated solutions for infrastructure and transportation markets.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) announced a quarterly cash distribution increase of 6.25% to $0.0425 per common unit, equating to $0.17 annually. The preferred unit distribution remains at $0.17875. Payments are set for February 14, 2022, to unitholders of record by February 7, 2022. CEO Andrew Woodward emphasized the stable foundation and sustainable growth that facilitated this increase, targeting a distribution coverage of 1.30 times or greater in the long term.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) has announced two significant growth projects: the acquisition of an asphalt terminal and a 200-acre industrial park in Colorado, and an organic expansion at an existing terminal. The combined capital investment is estimated at $14-$16 million, with potential future expansion costs of $5-$10 million. The projects should generate attractive returns, supported by long-term contracts averaging eight years. The acquisition will close in 30-60 days, while the expansion is expected to be operational by Q4 2022.
