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Blueknight Energy Partners, L.P. (BKEP, BKEPP) has successfully closed a new four-year, $300 million senior secured revolving credit facility, replacing its previous credit facility maturing in May 2022. CEO Andrew Woodward emphasized this move enhances liquidity and financial flexibility, crucial for future growth. Key terms include a facility size allowing $300 million borrowings, an unchanged interest rate of LIBOR plus a margin of 2.00% to 3.25%, and covenants for leverage and interest coverage ratios remaining stable at 4.75 times and 2.50 times, respectively.
Blueknight Energy Partners, L.P. (BKEP, BKEPP) reported a net income of $81.7 million for Q1 2021, a significant rise from $0.0 million in Q1 2020, largely due to a $75.1 million gain from crude oil business sales. Adjusted EBITDA stood at $11.4 million, with revenue increasing to $27.1 million. The partnership's asphalt terminalling services showed a solid operating margin of $14.2 million, and the distribution coverage ratio improved to 1.13 times.
Management emphasized growth and stability, with a focus on disciplined expansion and capital optimization.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP and BKEPP) has declared a quarterly cash distribution of $0.04 per common unit and $0.17875 per preferred unit for Q1 2021. Both distributions remain unchanged from Q4 2020 levels. Payment is set for May 14, 2021, with record date May 7, 2021. The Partnership emphasizes the potential risks affecting future cash flows and distributions, including market conditions and regulatory changes. Blueknight operates the largest independent asphalt terminalling network in the U.S., with substantial storage capacity across 53 terminals in 26 states.
Blueknight Energy Partners, L.P. (BKEP, BKEPP) will announce its first quarter 2021 financial results on May 4, 2021, post-market. A conference call to discuss these results is scheduled for May 5, 2021, at 10:00 a.m. CDT. Interested participants can join by calling 1-855-327-6837 in the U.S. or 1-631-891-4304 internationally. Blueknight operates the largest independent asphalt terminalling network in the U.S., with a capacity of 8.7 million barrels across 53 terminals in 26 states, focusing on integrated solutions for infrastructure and transportation markets.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) announced that CEO Andrew Woodward and CFO Matthew Lewis will participate in virtual investor meetings at the 4th Annual Truist Securities 2021 Utilities, Midstream & Alternative Energy Summit on March 25, 2021. The presentation materials will be available in the 'Investors' section of the Blueknight website.
Blueknight operates the largest independent asphalt terminalling network in the U.S., with 8.7 million barrels of liquid asphalt storage across 53 terminals in 26 states, focusing on integrated solutions for infrastructure and transportation.
Blueknight Energy Partners (BKEP, BKEPP) reported a net loss of $29.2 million for Q4 2020, down from a net income of $4.3 million in Q4 2019, largely due to a $39.1 million impairment of crude oil assets. Adjusted EBITDA rose to $17.8 million in Q4 2020, compared to $16.0 million a year prior. The sale of crude oil operations significantly reduced volatility, with a 21% increase in Q4 distributable cash flow to $13.3 million. Looking ahead, Blueknight expects stable demand in 2021, with a targeted coverage ratio of 1.2 times for distributions.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP, BKEPP) has successfully closed the sale of its crude oil terminalling segment to Enbridge, Inc. for $132 million. This transaction, along with previous sales of its pipeline and trucking segments, marks Blueknight's strategic exit from the crude oil business, transitioning to a focused terminalling company. The total cash consideration from all transactions reached approximately $164 million. Proceeds will reduce borrowings and support general partnership purposes, enhancing Blueknight's leverage and liquidity for future growth opportunities.
Blueknight Energy Partners, L.P. (BKEP, BKEPP) announced a quarterly cash distribution of $0.04 per common unit and $0.17875 per preferred unit for Q4 2020. These distributions remain unchanged from Q3 2020. Payments are scheduled for February 12, 2021, to unitholders on record by February 5, 2021. The PR also includes forward-looking statements regarding future cash flows, market conditions, and regulations affecting potential distributions, emphasizing associated risks and uncertainties.
Blueknight Energy Partners announced agreements to sell its crude oil terminalling, pipeline, and trucking segments for about $162 million. The proceeds will reduce debt under the revolving credit facility. The move shifts Blueknight to a downstream terminalling business, enhancing financial flexibility and resilience with a pro forma leverage ratio of 2.0 times and coverage ratio of 1.2 times on distributions. The sale includes storage facilities in Cushing, Oklahoma and is expected to close within 60 days for the terminalling segment and 45 days for the pipeline segment.
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