Blueknight Energy Partners is seeking to expand its terminalling networking following stronger operating margins across most of its business segments.
CEO Mark Hurley says that due to the company's solid 2016 results, it was able to make strategic investments in its asphalt terminalling services business segment and that it is working to complete its Oklahoma condensate project to better utilise its Oklahoma crude oil transportation and storage assets.
The company reported its adjusted EBITDA as $69.8 million for 2016 compared to $70.1 million for the same period in 2015. For the three months until the end of December 2016 the company's EBITDA was $17.1 million, compared to $14.1 million for the same period in 2015, an increase of 21%.
Hurley says: 'We were able to make strategic investments in our asphalt terminalling services business segment further strengthening our presence as a terminal-centric, infrastructure-focused company that can provide bulk storage, transportation and terminalling services throughout the US.'
He adds that the company's asphalt products terminalling business continues to perform exceptionally well, with operating margins excluding depreciation and amortilisation increasing by 18% from 2015 to 2016. 'Our asphalt terminalling business is well positioned to take advantage of the increased infrastructure spending we expect to see in the future,' he adds.
'We continue to search for growth opportunities and are looking to expand our terminalling network. We will continue to look to develop additional organic crude oil opportunities both within and outside Oklahoma. We believe our business is well positioned for growth and we believe that our new partnership with Ergon will provide additional access to different opportunities and we are aggressively exploring those as we move forward into 2017.'
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