Blueknight Energy Partners, L.P. (BKEPP)
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Blueknight successfully sold its energy assets leaving a pure play asphalt terminalling business. This is an attractive business (network effects, long-term contracts, relatively asset light).
The sale of the oil business shifted risk in a way that's highly favorable to the preferred.
Blueknight Energy: Paving The Highways To Stable And Generous Dividends
Blueknight is now a pure-play asphalt terminalling business that should benefit from increased infrastructure spending.
There's no oil exposure left in Blueknight Energy. They have sold their oil assets at a sensible price. The remaining business is an attractive asphalt terminalling asset with take or pay contracts (averaging 6-year remaining terms).
Blueknight sold its crude oil businesses for $162 million in gross proceeds. This reduces its debt by over 60% while reducing its EBITDA by a bit over 20%.
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