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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. (NASDAQ: BKEP) will announce its fourth quarter and full year 2020 financial results post-market on March 9, 2021. A conference call is scheduled for March 10, 2021, at 10:00 a.m. CST (11:00 a.m. EST) to discuss these results. Participants can join via telephone, and an audio replay will be available on the Investor section of their website. Blueknight operates a portfolio of midstream energy assets, including 8.8 million barrels of liquid asphalt storage across 53 terminals and 6.6 million barrels of crude oil storage in Cushing, Oklahoma.
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.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP) announced its participation in upcoming virtual investor conferences. CEO Andrew Woodward and CFO Matthew Lewis will host one-on-one meetings at three events: the RBC Capital Markets Midstream and Energy Infrastructure Conference on November 18, 2020, the Sidoti & Company Virtual Microcap Conference on November 19, featuring a presentation from 12:15 PM to 12:45 PM ET, and the Wells Fargo Midstream and Utility Symposium on December 8. Presentation materials will be available on Blueknight's investor website.
Blueknight Energy Partners, L.P. (BKEP) reported a strong third quarter 2020, with net income increasing to $14.4 million from $7.0 million in Q3 2019. Key drivers included higher operating margins, a $3.6 million non-cash gain from commodity activities, and reduced costs. Adjusted EBITDA rose slightly to $18.6 million. Year-to-date figures show similar growth, while distributable cash flow increased 26% to $15.2 million. The company is focused on transforming into a downstream terminalling entity and is evaluating the potential sale of some crude oil operations, despite market challenges.
Blueknight Energy Partners, L.P. (NASDAQ: BKEP) is set to announce its third quarter 2020 financial results on November 4, 2020, after market close. A conference call to discuss these results will be held on November 5, 2020, at 10:00 a.m. CST. Participants can join via telephone, with access numbers provided for both domestic and international callers. The company operates a diversified portfolio of midstream energy assets, including 8.8 million barrels of liquid asphalt storage and 6.9 million barrels of crude oil storage, primarily in Oklahoma.
