Blueknight Energy Partners, L.P. in Tulsa will release its second quarter 2020 financial results next month as company leaders hope to turn around their economic conditions.
The company will make known the report after the close of markets on Wednesday, Aug. 5, 2020.
An earnings conference call will be held the next day, Aug. 6 at 10 a.m. CDT where leadership will discuss the results.
The company experienced a tough first quarter as it reported net income of $0.0 million and operating income of $2.8 million while adjusted EBITDA was $15 million. The zero net income compared to $3.8 million a year earlier. Blueknight said the results were affected by a $5.1 million non-cash impairment due to lower crude oil prices.
But the company’s crude oil terminalling end of business reached its highest level since 2017 at 5.8 million barrels.
“Our second largest operating segment, crude oil terminalling, is experiencing a significant increase in demand, and I’m proud to say our storage is more than fully subscribed with the help of our team optimizing our system to maximize available capacity for contract at attractive pricing,” said Mark Hurley, Chief Executive Officer who commented on the first quarter results.