Oklahoma City-based Blueknight Energy Partners L.P. says its first quarter earnings totaled $13.6 million, an increase from the $12.9 million reported in the first quarter of 2015.
The $13.6 million was before interest, taxes, deprecation and amortization.
The cash flow was $8.6 million for the three months that ended March 31, 2016 compared to $11 million a year earlier. The company said its distributable cash flow for the 2015 first quarter cash flow included $2.3 million of cash proceeds related to the sale of common units received in connection with the settlement of a 2008 claim with a previously related entity.
Net income for the first quarter totaled $0.7 million on total revenues of $41 million. That compares to net income of $1.6 million on total revenues of $42.4 million for the same period in 2015.
“This increase occurred despite a very challenging and prolonged low crude oil price environment indicating that our focus on a balanced portfolio of assets, financial discipline and operational efficiency are producing favorable results,” said Mark Hurley, CEO.
He said crude oil terminaling and storage operating margin increased 27 percent or $1.1 million year over year. Plus, total volumes on the firm’s pipeline systems increased 16 percent quarter over quarter.