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NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P.

Blueknight Energy Partners, L.P. · May 24, 2012 · 34 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. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 1
    NAPTP MLP Investor Conference May 23 24, 2012 NAPTP MLP Annual Investor Conference May 23-24, 2012 (NASDAQ: BKEP & BKEPP)
  2. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 2
    Presenter Alex Stallings Chief Financial Officer NAPTP MLP Annual Investor Conference May 23-24, 2012 3 (NASDAQ: BKEP & BKEPP)
  3. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 3
    Todays Agenda About Blueknight Ownership Structure and Sponsorship Recent Key Events Segment Overviews Growth and Expansion Opportunities Selected Financial Data and Projections Closing Remarks NAPTP MLP Annual Investor…
  4. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 4
    About Blueknight Blueknight Energy Partners, L.P. is a publicly traded master limited partnership formed in July 2007. General Partner owned equally by Vitol and Charlesbank Capital Partners Common units trade on NASDAQ under the…
  5. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 5
    Asset Portfolio Legend Crude Oil Mid-Continent Pipeline System Mid-Continent Storage Facility Longview Pipeline System Longview Storage Facility Asphalt BKEP Asphalt Terminal BKEP Asphalt and Residual Fuel Terminal BKEP…
  6. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 6
    Ownership Structure As of May 17, 2012 NAPTP MLP Annual Investor Conference May 23-24, 2012 7 (NASDAQ: BKEP & BKEPP)
  7. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 7
    Sponsorship Worlds largest independent oil trading Private equity firm with over 2 billion of company capital under management Moves equivalent of over 5 million Long history of making middle-market barrels/day of physical oil…
  8. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 8
    Recent Key Events Announced Reinstated debt/capital quarterly restructuring and TMG-crude distributions Agreement with XTO agreement with oil storage in on common Energy to provide Charlesbank to Cushing, OK units and crude oil…
  9. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 9
    Crude Oil Operations NAPTP MLP Annual Investor Conference May 23-24, 2012 10 (NASDAQ: BKEP & BKEPP)
  10. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 10
    Crude Oil Terminalling & Storage Services 7.8 million barrels of above-ground crude oil terminalling facilities and storage tanks providing our customers the ability to effectively manage their crude oil inventories and adding…
  11. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 11
    Crude Oil Pipeline Mid-Continent/Eagle Mid-Continent Mainline System 820-mile gathering and transportation network that gathers wellhead crude oil at a capacity of 18,000 Bpd. Transports the crude oil to our Cushing terminal, other…
  12. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 12
    Crude Oil Pipeline Longview System East Texas 330 miles of mostly intrastate crude oil pipelines near Longview, Texas. Connected to all major pipeline systems delivering crude oil to the midwest and local markets. Thompson System…
  13. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 13
    Transports and Field Services NAPTP MLP Annual Investor Conference May 23-24, 2012 14 (NASDAQ: BKEP & BKEPP)
  14. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 14
    Crude Oil Transports Trucking operations extend our ability to gather and aggregate crude oil on our systems and deliver product for third parties to their facilities. More than 150 owned or leased tanker trucks which have an…
  15. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 15
    Producer Field Services Approximately 130 service trucks providing tailored field services to producers in the Texas and Oklahoma panhandles and in southwest Kansas. Services include: gas gathering pipeline maintenance water…
  16. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 16
    Asphalt Services Overview NAPTP MLP Annual Investor Conference May 23-24, 2012 17 (NASDAQ: BKEP & BKEPP)
  17. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 17
    Asphalt Services 7.2 million barrels of asphalt and residual fuel oil storage capacity in 44 terminals across 22 states. Strategically positioned to provide asphalt services in market areas throughout the continental United…
  18. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 18
    Growth and Expansion Opportunities NAPTP MLP Annual Investor Conference May 23-24, 2012 19 (NASDAQ: BKEP & BKEPP)
  19. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 19
    Terminalling and Storage Opportunities Growth Midland, Longview and on-system storage Re-contract and extend terms of Cushing storage recently announced two new agreements with Vitol replacing 2 million barrel contract expiring…
  20. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 20
    Growth and Expansion Opportunities Extension and volume enhancement of pipelines to support key independent producer relationships Mid-Continent Pipeline Provide creative midstream solutions to infrastructure-light west Texas and…
  21. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 21
    Crude Oil Focus NAPTP MLP Annual Investor Conference May 23-24, 2012 22 (NASDAQ: BKEP & BKEPP)
  22. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 22
    Growth and Expansion Opportunities Expand water handling services -- disposal and reclamation Producer Field Services Searching for emerging opportunities to grow overall service capabilities Growth available with internal…
  23. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 23
    Selected Financial Data and Projections NAPTP MLP Annual Investor Conference May 23-24, 2012 24 (NASDAQ: BKEP & BKEPP)
  24. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 24
    Selected Financial Data in thousands Twelve months ended Three months ended December 31, March 31, % % 2010 2011 Change 2011 2012 Change Total Revenues 152,624 176,707 16% 41,523 44,577 7% Adjusted EBITDA 56,133 68,137 21%…
  25. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 25
    Selected Financial Data Leverage Decreased from 6.7x at December 2009 to 2.9x at March 31, 2012 Ratio Interest Improved from 1.5x at December 2009 to 6.4x at March 31, 2012 Coverage Ratio Liquidity and 82.3 million of…
  26. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 26
    Revenues by Segment 2010 Total Revenues - 152.6MM Q1 2011 Total Revenues - 41.5MM s in thousands) (s in millions) 2011 Total Revenues - 176.7MM Q1 2012 Total Revenues - 44.6MM s in millions (s in millions) NAPTP MLP…
  27. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 27
    Operating Margin by Segment 2010 Operating Margin - 76.4MM Q1 2011 Operating Margin - 18.6MM (s in millions) (s in millions) Excludes depreciation and Excludes depreciation and amortization amortization 2011 Operating Margin -…
  28. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 28
    Financial Guidance 2012 Expected range Adjusted 68 million range EBITDA Assumes no significant incremental project EBITDA or acquisitions. 43 - 47 million Crude Oil Crude oil terminalling and storage is expected to decrease in…
  29. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 29
    Financial Guidance 2012 Expected range 16 - 18 million Maintenance Maintenance expense and maintenance capital will continue to run at a Capex higher rate than normal due to continued deferred or legacy maintenance projects.…
  30. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 30
    Investment Considerations Completed Completed capital and debt restructuring at year end 2011; company is Restructuring well positioned for growth Dividends on units reinstated; targeted long-term coverage of 1.2x Strong balance…
  31. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 31
    Appendix NAPTP MLP Annual Investor Conference May 23-24, 2012 32 (NASDAQ: BKEP & BKEPP)
  32. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 32
    Selected Financial Data (in thousands) Selected Consolidated Statement of Operations Data Twelve months ended Three months ended December 31, March 31, 2010 2011 2011 2012 Service revenue: (unaudited) Crude Oil Terminalling and…
  33. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 33
    Non-GAAP Financial Measures Adjusted EBITDA - defined as earnings before interest, income taxes, depreciation, amortization, impairment and other miscellaneous noncash items, including changes in the fair values of the embedded…
  34. NAPTP MLP INVESTOR CONFERENCE – Blueknight Energy Partners, L.P. – slide 34
    Reconciliation of Non-GAAP Measures Adjusted EBITDA to Net Income Reconciliation (in thousands): Twelve Months Ended Three Months Ended December 31, March 31, 2010 2011 2011 2012 Net income (loss) (23,796) 33,475 2,634 11,994 Interest…

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