Blueknight Provides 2020 Guidance and Fourth Quarter and Full Year 2019 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 twelve months ended December 31, 2019. Net income was $4.3 million for the fourth quarter of 2019, as compared to a net loss of $50.7 million for the same period in 2018. The increase was driven by 2018 impairment charges related to the Oklahoma pipeline system and the Cimarron Express pipeline project and stronger 2019 performance across the three crude oil business segments. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $16.0 million for the three months ended December 31, 2019, as compared to $13.9 million for the same period in 2018. The 15% year-over-year increase in Adjusted EBITDA was primarily due to stronger performance across the three crude oil business segments.