Blueknight Announces Second 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 and six months ended June 30, 2020. Net income was $1.4 million in the second quarter 2020, compared to net income of $3.4 million for the same period in 2019. The decrease in second quarter 2020 net income was primarily driven by non-cash mark-to-market (MTM) adjustments of $3.6 million on commodity activities related to short-term storage contracts that will settle in August and the related products will be sold for a cash gain. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $16.1 million in second quarter 2020, compared to $15.1 million for the same period in 2019. Adjusted EBITDA in second quarter 2020 includes the adjustment for the non-cash MTM charges of $3.6 million and $0.7 million in severance costs and transaction legal fees.