-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BkYhZN+hI0TkoTaDGELazbOnEusiNRUAdKQUwAHxrRJzK3/p0RT95KgX3iPy2nVV pIG4AwS5Zk6LUj/HZu/E+w== 0001392091-10-000028.txt : 20100809 0001392091-10-000028.hdr.sgml : 20100809 20100809170030 ACCESSION NUMBER: 0001392091-10-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100809 DATE AS OF CHANGE: 20100809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blueknight Energy Partners, L.P. CENTRAL INDEX KEY: 0001392091 STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610] IRS NUMBER: 208536826 STATE OF INCORPORATION: DE FISCAL YEAR END: 1201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33503 FILM NUMBER: 101002305 BUSINESS ADDRESS: STREET 1: TWO WARREN PLACE STREET 2: 6120 SOUTH YALE AVENUE, SUITE 500 CITY: TULSA STATE: OK ZIP: 74136 BUSINESS PHONE: (918) 237-4000 MAIL ADDRESS: STREET 1: TWO WARREN PLACE STREET 2: 6120 SOUTH YALE AVENUE, SUITE 500 CITY: TULSA STATE: OK ZIP: 74136 FORMER COMPANY: FORMER CONFORMED NAME: SemGroup Energy Partners, L.P. DATE OF NAME CHANGE: 20070305 8-K 1 form8k.htm FORM8K form8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934


Date of report (date of earliest event reported): August 9, 2010


BLUEKNIGHT ENERGY PARTNERS, L.P.
(Exact name of Registrant as specified in its charter)


DELAWARE
001-33503
20-8536826
(State of incorporation
or organization)
(Commission file number)
(I.R.S. employer identification number)


Two Warren Place
6120 South Yale Avenue, Suite 500
Tulsa, Oklahoma
 
74136
(Address of principal executive offices)
(Zip code)

Registrant’s telephone number, including area code:  (918) 237-4000


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 

 
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b))
 
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c))
 

 
 
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
                 
On August 9, 2010, Blueknight Energy Partners, L.P. issued a press release announcing its financial results for the quarter ended June 30, 2010. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein in its entirety by reference.  In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
 
Item 9.01.
Financial Statements and Exhibits.

(d)           Exhibits
 
    In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Exchange Act.

EXHIBIT NUMBER
  
DESCRIPTION
     
99.1
—
Press release dated August 9, 2010.

 
 
2
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLUEKNIGHT ENERGY PARTNERS, L.P.

By:  Blueknight Energy Partners G.P., L.L.C.
        its General Partner


Date:  August 9, 2010                                          By:   /s/ Alex G. Stallings                                                                
Alex G. Stallings
Chief Financial Officer and Secretary

 

 

 
 
 
 

INDEX TO EXHIBITS


EXHIBIT NUMBER
  
DESCRIPTION
     
99.1
—
Press release dated August 9, 2010.


EX-99.1 2 exh99-1.htm EARNINGS RELEASE exh99-1.htm
Exhibit 99.1
BKEP LOGO
 
Blueknight Energy Partners, L.P.
 
Announces Second Quarter 2010 Results
 
TULSA, Okla, August 9, 2010 -- Blueknight Energy Partners, L.P. (Pink Sheets: BKEP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated terminalling, storage, processing, gathering and transportation services for companies engaged in the production, distribution and marketing of crude oil and asphalt product, today announced its financial results for the quarter ended June 30, 2010.
 
Key financial statistics relating to the second quarter of 2010 include:
 
·  
service revenues, including fuel surcharge revenues, of $38.4 million, an increase of 2.4% from the second quarter of 2009;
 
·  
earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $16.3 million, an increase of approximately 17.2% from $13.9 million in the second quarter of 2009;
 
·  
net loss of $2.7 million, or $0.08 per basic and diluted common unit, compared to a net loss of $4.8 million, or $0.13 per basic and diluted common unit, for the second quarter of 2009; and
 
·  
general and administrative expenses of $3.4 million, a decrease of 52.1% from $7.1 million in 2009.
 
Please see the section of this release entitled “Non-GAAP Financial Measures” for a discussion of EBITDA and a reconciliation of such measure to its comparable GAAP measures.
 
“We are beginning to see indications that our transportation and gathering volumes have stabilized and are encouraged by the diligent effort of our operations and management team in aggressively pursuing new opportunities,” commented Mike Cockrell, the President and Chief Operating Officer of the Partnership’s general partner.  “Further, the refinancing and recapitalization of the Partnership remains one of our top management priorities.   While we face near term challenges, we are making steady progress, enhancing our service capabilities to our customers.”
 
Second Quarter Results
 
The Partnership’s service revenues, including fuel surcharge revenues, were $38.4 million for the second quarter of 2010, an increase of 2.4% from $37.5 million for the second quarter of 2009.  The Partnership’s crude oil gathering and transportation revenue and crude oil terminalling and storage revenue each decreased by approximately $0.5 million in the second quarter of 2010 compared to the second quarter of 2009, primarily from decreased utilization of the Partnership’s crude oil assets.  The Partnership’s asphalt services revenue increased by $1.9 million in the second quarter of 2010 compared to the second quarter of 2009 primarily from the timing of contracts the Partnership entered into relating to its asphalt facilities.
 
The Partnership’s financial results continue to be impacted by increased interest expense related to the bankruptcy filings of the Partnership’s former parent.  Interest expense increased by $0.5 million in the second quarter of 2010 compared to the second quarter of 2009.  General and administrative expenses decreased by approximately $3.7 million in the second quarter of 2010 compared to the second quarter of 2009.  This decrease is primarily attributable to a decrease in legal, financial advisory and other professional expenses during the second quarter of 2010 compared to the second quarter of 2009.

 
 
 
 
 
Net loss for the second quarter of 2010 was $2.7 million, or $0.08 per basic and diluted common unit, compared to a net loss of $4.8 million, or $0.13 per basic and diluted common unit, for the second quarter of 2009.  EBITDA for the second quarter of 2010 was $16.3 million, an increase of approximately 17.2% from $13.9 million in the second quarter of 2009 (see the section of this release entitled “Non-GAAP Financial Measures” for a discussion of EBITDA and a reconciliation of such measure to its comparable GAAP measures).  The year over year improvement was primarily attributable to increased asphalt services revenues and decreased general and administrative expenses as discussed above.
 
Six Month Results
 
The Partnership’s service revenues, including fuel surcharge revenues, were $75.5 million for the six months ended June 30, 2010, a decrease of 5.3% from $79.7 million for the six months ended June 30, 2009.  The Partnership’s crude oil gathering and transportation revenue and crude oil terminalling and storage revenue each decreased by approximately $2.3 million for the six months ended June 30, 2010 compared to the six months ended June 30, 2009 from the decreased utilization of the Partnership’s crude oil assets.  The Partnership’s asphalt services revenue increased by $0.4 million for the six months ended June 30, 2010 compared to the six months ended June 30, 2009 due to the timing of the contracts the Partnership entered into relating to its asphalt facilities.
 
Total interest expense of $26.0 million for the six months ended June 30, 2010 was consistent with total interest expense of $25.9 million for the six months ended June 30, 2009.  General and administrative expenses decreased by $8.6 million, or 54%, to $7.2 million for the six months ended June 30, 2010 compared to $15.8 million for the six months ended June 30, 2009.  This decrease is primarily attributable to a decrease in legal, financial advisory and other professional expenses during the six months ended June 30, 2010 compared to six months ended June 30, 2009.
 
Net loss for the six months ended June 30, 2010 was $7.8 million, or $0.22 per basic and diluted common unit, compared to a net loss of $6.5 million, or $0.18 per basic and diluted common unit, for the six months ended June 30, 2009.  The increased loss during the first six months of 2010 is mostly attributed to a one-time gain of $2.6 million recognized in April of 2009 related to a settlement agreement.  EBITDA for the six months ended June 30, 2010 was $29.2 million, a decrease of approximately 6% from $30.9 million in the six months ended June 30, 2009 (see the section of this release entitled “Non-GAAP Financial Measures” for a discussion of EBITDA and a reconciliation of such measure to its comparable GAAP measures).  Net loss and EBITDA for the six months ended June 30, 2010, each include a $0.8 million non-cash impairment charge related to the asphalt services operating segment.
 
Liquidity
 
The Partnership’s credit facility matures on June 30, 2011, at which time all amounts outstanding under the credit facility will be due and payable.  The Partnership is currently in discussions with financial institutions, and the conflicts committee of the board of directors of the Partnership’s general partner has retained a financial advisor, to examine various alternatives to refinance the Partnership’s existing debt.  These alternatives may include the issuance of additional equity or debt securities and may result in the dilution of the Partnership’s current unitholders.  There can be no assurance that the Partnership will be successful in its refinancing efforts.

 
 
 
 

Results of Operations

The following table summarizes the financial results for the three and six months ended June 30, 2009 and 2010 (in thousands except per unit data):
 
   
Three Months Ended
  
Six Months Ended
June 30,
June 30,
   
2009
  
2010
  
2009
  
2010
                                 
Service revenue:
                        
Third party revenue
  
$
30,494
    
$
32,820
    
$
54,604
    
$
66,781
  
Related party revenue
    
7,020
      
5,623
      
25,079
      
8,694
  
Total revenue
    
37,514
      
38,443
      
79,683
      
75,475
  
Expenses:
                                
Operating
    
24,733
      
24,157
      
46,945
      
50,000
  
General and administrative
    
7,126
      
3,385
      
15,833
      
7,153
  
Total expenses
    
31,859
      
27,542
      
62,778
      
57,153
  
Gain on settlement transaction
    
2,585
      
—
      
2,585
      
—
  
Operating income
    
8,240
      
10,901
      
19,490
      
18,322
  
Other expenses:
                                
Interest expense
    
13,029
      
13,549
      
25,878
      
25,972
  
Loss before income taxes
    
(4,789
)
    
(2,648
)
    
(6,388
)
    
(7,650
)
Provision for income taxes
    
47
      
53
      
108
      
102
  
Net loss
  
$
 (4,836
)
  
$
 (2,701
)
  
$
 (6,496
)
  
$
    (7,752
)
Allocation of net loss for calculation of earnings per unit:
                                
General partner interest in net loss
  
$
       (97
)
  
$
       (54
)
  
$
     (130
)
  
$
       (154
)
Loss available to limited partners
  
$
 (4,739
)
  
$
 (2,647
)
  
$
 (6,366
)
  
$
    (7,598
)
                                 
Basic and diluted net loss per common unit
  
$
    (0.13
)
  
$
    (0.08
)
  
$
    (0.18
)
  
$
      (0.22
)
Basic and diluted net loss per subordinated unit
  
$
  (0.13
)
  
$
    (0.08
)
  
$
    (0.18
)
  
$
      (0.22
)
                                 
Weighted average common units outstanding - basic and diluted
    
21,557
      
21,728
      
21,557
      
21,728
  
Weighted average subordinated units outstanding - basic and diluted
    
12,571
      
12,571
      
12,571
      
12,571
  
 
Non-GAAP Financial Measures
 
This press release contains the non-GAAP financial measure of EBITDA. The use of this Non-GAAP financial measure should not be considered as an alternative to GAAP measures such as net income or cash flows from operating activities. EBITDA is presented because the Partnership believes it provides additional information with respect to its business activities and is used as a supplemental financial measure by management and external users of the Partnership’s financial statements, such as investors, commercial banks and others, to assess, among other things, the Partnership’s operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure.
 

 
 
 
 
 
The following table presents a reconciliation of EBITDA to net loss for the periods shown (in thousands):
 
   
Three Months Ended
  
Six Months Ended
   
June 30,
  
June 30,
   
2009
  
2010
  
2009
  
2010
Net loss
   $ (4,836 )   $ (2,701 )   $ (6,496 )   $ (7,752 )
Add:     Interest expense
     13,029       13,549       25,878       25,972  
Income taxes
     47       53       108       102  
Depreciation and amortization
     5,669       5,399       11,410       10,913  
EBITDA
   $ 13,909     $ 16,300     $ 30,900     $ 29,235  
 
Forward-Looking Statements
 
This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements concerning plans and objectives of management for future operations or economic performance or assumptions related thereto) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, the Partnership’s ability to continue as a going concern, uncertainties relating to bankruptcy filings of the Partnership’s former parent company, uncertainties relating to BKEP’s future cash flows, uncertainties relating to the refinancing of BKEP’s debt, uncertainties relating to pursuing strategic alternatives for BKEP’s business, insufficient cash from ope rations, uncertainties related to pending legal proceedings, market conditions, governmental regulations, uncertainties related to future taxation and factors discussed in BKEP’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. BKEP undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
 
About Blueknight Energy Partners, L.P.
 
BKEP owns and operates a diversified portfolio of complementary midstream energy assets consisting of approximately 8.2 million barrels of crude oil storage located in Oklahoma and Texas, approximately 6.7 million barrels of which are located at the Cushing Oklahoma Interchange, approximately 1,300 miles of crude oil pipeline located primarily in Oklahoma and Texas, approximately 185 crude oil transportation and oilfield services vehicles deployed in Kansas, Colorado, New Mexico, Oklahoma and Texas and approximately 7.2 million barrels of combined asphalt and residual fuel storage located at 45 terminals in 22 states. BKEP provides integrated terminalling, storage, processing, gathering and transportation services for companies engaged in the production, distribution and marketing of crude oil and asphalt product. BKEP’s general par tner is controlled by Vitol Holding B.V. and its affiliates, which are engaged in the global physical supply and distribution of crude oil, petroleum products, coal, natural gas and other commodities. BKEP is based in Oklahoma City, Oklahoma and Tulsa, Oklahoma. For more information, visit the Partnership’s web site at www.bkep.com.
 
Contact:
 
BKEP Investor Relations
 
918-237-4032
 
investor@bkep.com
 
or
 
BKEP Media Contact:
 
Brent Gooden (405) 715-3232 or (405) 818-1900

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