Blueknight Declares Quarterly Distributions
April 22 2019 - 5:30PM
Business Wire
Blueknight Energy Partners, L.P. (NASDAQ: BKEP - Common Units)
(NASDAQ: BKEPP - Preferred Units) (“BKEP” or the “Partnership”),
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. “The reduction of the common unit distribution to $0.04 per
common unit is a key step in our efforts to strengthen our balance
sheet,” stated Mark Hurley, CEO of the Partnership. “Our previous
earnings guidance, as well as our year-end targets of distribution
coverage greater than 1.0x and a leverage ratio between 4.0x and
4.5x, remain unchanged.” The distributions are payable on May 14,
2019, on all outstanding common and preferred units to unitholders
of record as of the close of business on May 3, 2019.
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 BKEP’s distributions
to foreign investors as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, BKEP’s distributions to foreign investors are subject
to federal income tax withholding at the highest applicable
effective tax rate. Nominees, and not BKEP, are treated as
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
About Blueknight Energy Partners, L.P.
BKEP 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;
- 646 miles of crude oil pipeline located
primarily in Oklahoma and Texas; and
- 60 crude oil transportation vehicles
deployed primarily in Kansas, Oklahoma and Texas.
BKEP provides integrated terminalling, gathering and
transportation services for companies engaged in the production,
distribution and marketing of liquid asphalt and crude oil. BKEP is
headquartered in Oklahoma City, Oklahoma. For more information,
visit the Partnership’s web site at www.bkep.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190422005547/en/
BKEPInvestor Relations, 918-237-4032investor@bkep.comorBKEP
Media Contact:Brent Gooden, 405-715-3232 or 405-818-1900
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