Solid performance from Blueknight Energy Partners’ asphalt and crude oil terminalling segments has helped the company post strong third quarter financial results.
The company reported a 28% increase in its adjusted EBITDA for the third quarter of 2015 compared to the same period in 2014.
CEO Mark Hurley credits this performance to its diversified asset portfolio.
He says: ‘Our company continues to post strong results in a very challenging low commodity price environment.
‘The solid performance of our asphalt and crude terminalling segments offet the more market-driven and volume-sensitive tucking segment.
‘Favourable storage market conditions and our ability to replace expiring storage rates with increased rates contributed to another strong performance by our crude terminalling segment.
‘Challenges continue to exist in our trucking and services segment because of rate pressures, increased competition for barrels and an increase in pipeline connected barrels. ‘
The company are continuing to pursue several growth projects including the Knight Warrior Pipeline and the Oklahoma Condensate project.
Hurley adds: ‘In the immediate future, we will continue to develop projects organically, but will take a more measured pace as we monitor production volumes, pricing and drilling activities.
‘As exploration and production and midstream companies accelerate their disposition of assets to raise cash, we will also consider pursuing those assets that play to our strengths, particularly in terminalling and storage, pipeline and gathering and processing.