March 13, 2013 [Menafn]- Blueknight Energy Partners LP reported Wednesday that profits were slightly down in 2012 although pipeline and terminal revenues increased for the oil, gas and asphalt storage and transportation firm.
Net income totaled 31.6 million on 182.4 million in revenues for all of 2012, compared with 33.5 million and 176.7 million, respectively, in the previous year. Blueknight’s fourth-quarter profit was 5.5 million, down from 7.6 million for the three months ending Dec. 31, 2011.
“Overall, we are encouraged by the increase in crude oil transportation revenues even though adjusted EBITDA (raw earnings before interest, taxes, deprecation and amortization costs are factored in) decreased quarter over quarter and year over year,” Blueknight CEO Mark Hurley said in a statement.
“Decreased crude oil storage rates at our terminal operation in Cushing associated with our planned transition to longer-term agreements impacted adjusted EBITDA.”
Blueknight’s raw earnings topped 13.1 million for the three months ending Dec. 31, 2012, down 5.5 million from the same period a year earlier. Higher cash flow in revenues, however, allowed the company to increase its fourth-quarter cash distribution to 11.5 cents per common unit, 2.2 percent above what Blueknight paid out in the third quarter.
