Blueknight Declares Quarterly Distributions

Rhea-AI Summary

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.

Positive

• Quarterly cash distribution of $0.04 per common unit.
• Cash distribution of $0.17875 per preferred unit.
• Distributions remain unchanged from the previous quarter.

Negative

• Risks associated with future cash flows and operations.
• Uncertainty in the Partnership's ability to maintain future distributions.

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 December 31, 2020. The fourth quarter 2020 distributions for both the common and preferred units remain unchanged from those paid for the third quarter of 2020. The distributions are payable on February 12, 2021, on all outstanding common and preferred units to unitholders of record as of the close of business on February 5, 2021.

Forward-Looking Statements and Treasury Regulation Notice

This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s future cash flows and operations, the Partnership’s ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of Blueknight’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Blueknight’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Blueknight, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

About Blueknight

Blueknight owns and operates a diversified portfolio of complementary midstream energy assets consisting of:

• 8.8 million barrels of liquid asphalt storage located at 53 terminals in 26 states;
• 6.9 million barrels of above-ground crude oil storage capacity located primarily in Oklahoma, approximately 6.6 million barrels of which are located at the Cushing Interchange terminalling facility in Cushing, Oklahoma;
• 604 miles of crude oil pipeline located primarily in Oklahoma; and
• 63 crude oil transportation vehicles deployed primarily in Oklahoma and Texas.

Blueknight provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. Blueknight is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership’s website at www.bkep.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126006104/en/

FAQ

What is the quarterly cash distribution for Blueknight Energy Partners for Q4 2020?

The quarterly cash distribution is $0.04 per common unit and $0.17875 per preferred unit.

When will Blueknight Energy Partners pay the Q4 2020 distributions?

The distributions will be paid on February 12, 2021, to unitholders of record as of February 5, 2021.

Did Blueknight Energy Partners increase its distributions for Q4 2020?

No, the distributions for both common and preferred units remain unchanged from Q3 2020.

What risks does Blueknight Energy Partners face regarding future distributions?

The Partnership faces risks related to future cash flows, market conditions, and the ability to pay distributions.