Blueknight Announces First Quarter 2020 Results

TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) today announced its financial results for the three months ended March 31, 2020. Net income was $0.0 million for the first quarter of 2020, as compared to net income of $3.8 million for the same period in 2019. Net income for 2020 includes non-cash impairment expense of $5.1 million, primarily due to adjusting the cost basis of pipeline linefill to the market price of crude oil as of March 31, 2020. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $15.0 million for the three months ended March 31, 2020, as compared to $14.5 million for the same period in 2019 (note non-GAAP financial measures reflected exclude non-cash gains and losses on asset sales). The increase in total Adjusted EBITDA year-over-year reflects stable total operating margins, higher other income related to insurance reimbursements and lower corporate overhead expenses.