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2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P.

Blueknight Energy Partners, L.P. · Dec 6, 2011 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 1
    2011 Pipeline, MLP, and E&P, Services, & Utility Symposium December 6-7, 2011 (NASDAQ: BKEP & BKEPP)
  2. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 2
    Presenters James C. Dyer, IV Chief Executive Officer Alex Stallings Chief Financial Officer 3 (NASDAQ: BKEP & BKEPP)
  3. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 3
    Executive Summary Blueknight Energy Partners, L.P. (BKEP) is a midstream energy partnership (MLP) that provides gathering, transportation, and terminalling services July 2008: SemGroup (former parent company responsible for October…
  4. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 4
    Executive Summary BKEP was reorganized in two phases following the 2009 acquisition of BKEPs general partner by Vitol Phase I Recapitalization stabilized BKEPs balance sheet Recapitalization completed in October 2010 Reduced total…
  5. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 5
    Ownership Structure Charlesbank Vitol Holding B.V. Capital Partners CB-Blueknight, LLC Blueknight Energy Holding, Inc. 9,156,484 Series A Preferred Units 50% 50% 9,156,484 Series A Preferred Units Ownership Ownership Interest…
  6. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 6
    Sponsorship From Vitol/Charlesbank Worlds largest independent oil trading company Primary offices in London, Rotterdam, Houston, Geneva, Moscow, Dubai, and Singapore Moves equivalent of over 5 million barrels/day of physical oil…
  7. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 7
    Sponsorship From Vitol/Charlesbank Charlesbank is a private equity firm with over 2 billion of capital under management and a long history of making middle-market investments, primarily in US companies The senior team has worked…
  8. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 8
    Geographic Footprint BKEPs midstream crude oil and asphalt operating footprint spans 23 states across the U.S. CUSHING TERMINAL LONGVIEW TERMINAL Legend Crude Oil Mid-Continent Pipeline System Mid-Continent Storage…
  9. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 9
    2012 Segment Overviews and Opportunities 10 (NASDAQ: BKEP & BKEPP)
  10. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 10
    2012 Opportunities Overview Growth Focus Overview Domestic Crude Oil: Focus on the Cushing, Oklahoma, Midland, Texas and Longview, Texas triangle Continue extension and expansion of pipelines to support key independent producer…
  11. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 11
    Asphalt Services Overview 12 (NASDAQ: BKEP & BKEPP)
  12. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 12
    Asphalt Services Overview Asphalt Services 7.4 million barrels of asphalt and residual fuel oil storage capacity 45 terminals across 22 states Strategically positioned to provide asphalt services in market areas throughout the…
  13. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 13
    2012 Asphalt Opportunities Asphalt Services Opportunities 43 of our 45 asphalt terminals under long-term contracts most of which expire in late 2016 Volume incentives in place to capture upside with market volume increases…
  14. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 14
    2012 Crude Oil Focus 15 (NASDAQ: BKEP & BKEPP)
  15. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 15
    Storage & Terminalling Overview Crude Oil Terminalling and Storage Services 6.7 million barrels of terminalling facilities and storage tanks located at Cushing BKEP represents approximately 10% of the total storage at Cushing…
  16. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 16
    Cushing Market Share Company 2009 2010 2011 E Prct Total Plains LP 10.8 14.2 14.7 22.4% Enbridge 14.9 14.8 14.8 22.5% Magellan 7.9 7.8 12.1 18.4% Blueknight 6.7 6.7 6.6 10.0% SemGroup 4.1 4.2 5.0 7.6% Mercuria-Deeprock S - - 4.0…
  17. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 17
    Cushing, OK Expansion Potential 18 (NASDAQ: BKEP & BKEPP)
  18. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 18
    2012 Terminalling & Storage Opportunities Storage & Terminalling Opportunities Growth Midland, Longview and on-system storage Recontract and extend terms of Cushing storage Cushing Terminal Commercial Optimization -…
  19. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 19
    Pipeline Overview Crude Oil Pipeline Services Mid Continent Systems Blueknight Energy Partners owns and operates crude oil gathering and transportation systems in the Mid- Continent region of the United States. Oklahoma Mainline…
  20. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 20
    Pipeline Overview Crude Oil Pipeline Services Texas Systems Longview and Thompson Systems 330 miles of tariff-regulated crude oil gathering pipeline near Longview, Texas. The system delivers crude oil to various terminalling,…
  21. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 21
    2012 Pipeline Opportunities Crude Oil Pipeline Services Opportunities Extension and volume enhancement of pipelines to support key independent producer relationships Provide creative midstream solutions to…
  22. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 22
    Transports and Field Services 23 (NASDAQ: BKEP & BKEPP)
  23. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 23
    Transports Overview Crude Oil Transports To complement our pipeline gathering and transportation business, we use approximately 170 owned or leased tanker trucks, which have an average tank size of approximately 200 barrels in…
  24. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 24
    Field Services Overview Crude Oil Field Services We provide a number of producer field services for various third party companies, including: gas gathering pipeline maintenance utilizing specialized vacuum trucks and conventional…
  25. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 25
    2012 Transports and Field Services Opportunities Transports and Field Services Opportunities Utilize trucking assets to provide initial logistics infrastructure until economically advantaged to construct gathering pipelines Upgrade…
  26. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 26
    Financial Exhibits 27 (NASDAQ: BKEP & BKEPP)
  27. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 27
    Selected Financial Data Year Ended Nine Months Ended (in thousands) December 31 September 2009 2010 2010 2011 (unaudited) Adjusted EBITDA Net income (loss) (16,505) (23,796) (10,600) 25,893 Interest expense 51,399 48,638 39,502…
  28. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 28
    Selected Financial Data Year Ended Nine Months Ended (in thousands) December 31 September 2009 2010 2010 2011 (unaudited) Selected Consolidated Statement of Operations Data Service revenue: Crude Oil T erminalling and Storage…
  29. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 29
    Financial Projection Updates 2012 Adjusted EBITDA is expected to be in the 64 - 68 million range, assuming no significant incremental project EBITDA or acquisitions. Crude oil operating margin should be in the 43 - 47 million…
  30. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 30
    Financial Projection Updates Maintenance capex is expected to be in the 15 - 17 million range for 2012 Maintenance expense and maintenance capital will continue to run at higher rate than normal due to continued deferred or legacy…
  31. 2011 PIPELINE MLP AND E&P SERVICES & UTILITY SYMPOSIUM – Blueknight Energy Partners, L.P. – slide 31
    Non-GAAP Financial Measures Adjusted EBITDA - is defined as earnings before interest, income taxes, depreciation, amortization, impairment and other miscellaneous noncash items, including changes in the fair values of the embedded…

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