BKEP - Earnings call transcript Q2 2021 | Blueknight Energy Partners, L.P.

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Operator

Good morning. My name is Ariel, and I will be the conference operator today. At this time, I would like to welcome everyone to the Blueknight Earnings Conference Call for the Second Quarter of 2021. All lines have been placed on mute to prevent any background noise. [Operator Instructions] I would now like to turn the call over to Matt Lewis, Blueknight's Chief Financial Officer. ahead. go Please

Matthew Lewis

good and Thank morning. you

XX, We are questions. open call, the the to prepared June conference lines to of welcome we to second today, will your will ended for you where results discuss Blueknight's operating our any pleased financial we After XXXX. address quarter remarks and

analyze answers reminder, a includes which measures disclosures future the questions reconciliations and uncertainties release, made from should management's financial are and include call actual non-GAAP Officer, of that is found now Andy today financial these Woodward. obligation and differ under expectations future. These date predictions. be that refer forward-looking results over As subject to can that, earnings no results. Executive help With in the during turn update statements our statements They risks to you could it this as or for to to to the are website, on Comments certain the cause may and our call, management's will I management to expectations. statements of forward-looking Chief that

Andrew Woodward

Q&A. growth Thanks, quarter before before call, key and with morning begin I operational On strategy the second will then financial I for Matt. metrics. update in. information today's our will we to an everyone who performance on additional on Matt Good and provides our our highlights dialed results lines with finish open

business crude post X.X the of detail, XXXX, with outperformance during a very divestiture our unit the distributions the I'm go improvements performance prior financial last EBITDA, especially progress if will of quarter see but into we meaningful to to road. forward year. cash half to on the XX% leverage to of business, and maintaining year-over-year. performance achieving improvements more vehicles recall, and this the made Operationally, relative performance pleased adjusted up we on in this the metrics, fewer oil flow, For compared incremental distributions, year, distribution cost initiatives strong our approximately saving our have X.X our in I'm into a saw pulled a construction on X.X distributable of second was excited report solid to from due demand times coverage and on and of Furthermore, translated all more common COVID you in of lot top-tier total lockdowns which first times. the XXXX, times Matt

volumes comparison, were XXXX high. were below By half first volumes year. prior slightly uncharacteristically So the

by X-year volumes the than first are the XXXX higher However, that we fact half encouraged X% previous are average.

In addition, spring. seasonally positive of road second this remainder and weather-related year, the outlook volumes quarter rainy unforeseen more construction slightly or have other With even are year-over-year, a the favorable wet solid a and the absent for we of XXXX momentum any more backlog ahead projects, despite issues.

contract already coming considerable infrastructure made anticipate our our over we've this favorable the progress, executing for years. renewals, As over customers as that of expired more in the year, investment half renewals

sizable see supportive fully constructive being Although lawmakers the towards state and market pursue developments optimistic much-needed budget current to Act, remain level the continue federal These the over directed and are unexpected FAST level, further roadwork backdrop. a federal year. gets achieved this deal bills positive a we hasn't state surpluses state do a infrastructure. at of support we in increases final at been done resolution funding At level, the that

financial our I'll meet to to performance. with of of With more financial for As we X our that second Matt over or year, quarter XXXX outlook confident turn look to we remain guidance. at excess coupled in our favorable last the year that, earnings to months discuss this due we'll guidance exceed Matt? this it time,

Matthew Lewis

Thanks, Andy.

information additional to the afternoon that be Before regarding filed the XX-Q, be we we in Form with results later quarterly please of and partnerships' which on provided SEC expect report will operations on website. started, our this our note get available

to Now, turning financial Blueknight's results.

all XX% fees. continuing the to million Andy coverage EBITDA was from XXXX in year-over-year. was excluded $X.X compared operations year. continuing X.XX highlighted, income separation $X.X flow was times up to our employee Adjusted I'd note prior distributions $X.X the as unit million, related from the transaction was Second and continuing on cash times common year. X.XX compared million, And onetime Distributable operations prior million, $XX from XXX,XXX on prior-year ratio also period distributions. quarter X% and up operations costs

coverage Over XX-month X.XX times distributions. times and common unit on to ratio on X.XX increased our period, the trailing all distributions

amortization at revenue after excluding segment variable compared and was Looking X% our fixed-fee, $XX.X prior take-or-pay year. was asphalt or of depreciation $XX.X to excluding operating million, approximately reimbursements. million, total up terminalling the revenue margin, XX% performance, Total our cost

were renewed an items. and to in arrangement As the up which a asphalt from certain certain a comparing expense period, reminder, or operating and when amended contracts revenue prior to resulted an terminalling increase lease gross year arrangement, of

change to G&A related initiatives the saving cash renewals $X.X of during adjustments million the to consolidation space XX%. more improvements each divestitures, prior in of of included quarter as revenue identified prior annual to of the capture excluding recent and corporate such were than our certain contracts. is the and improved adjustments, to million compared during cost crude year. the oil XX% After onetime million part in This our expense office year. second as of compensation primarily in by XXXX expense equity-based compared due presentation, $X and non-cash CPI Aside from this was General primarily year-over-year to favorable administrative contract $X.X

a to quarter related our liquidity target lower we and range $X.X earnings our As calendar to or of of discussed on move I'll and summary synergy our achieve to approximately activities our end during the last second expect investing call, during highlights now position. XXXX, debt million.

million. $X.X continuing Second This was net capital included maintenance million. $X.X total operations of net quarter XXXX, capital from expenditures

to higher due certain spend sites, XXXX, Looking identified an at non-operated at during we increased capital quarter. tank maintenance half unplanned the and estimates repair anticipate the second of

annual the end total million of expect maintenance upper the on million However, of net capital. in remain $X.X basis, to full-year XXXX guidance to a we range within $X currently

our would I includes and senior X-year $XXX highlight growth May revolving XXXX low-cost facility critical provision liquidity. to our capital we new also total and a The will to efforts. up a million extended support to during like secured debt and to which was credit provide that liquidity future closed commitments million Turning quarter. agreement, through increase to $XXX the

market, improved profile leverage outcome our unchanged The crude post-exiting other oil the in towards to relative prior business. is in we which credited the terms our earnings this arrangement largely believe are agreement, a of favorable

As total debt outstanding of was million. June XX, $XXX XXXX,

facility Our total we was liquidity $XXX to leverage available quarter end, the approximately million. under and ratio down was credit million. paid an additional Subsequent X.XX times $X

million. As of was balance total July, $XXX XX, our debt

positioned allocation Andy an focused capital. to of which and in discipline capital on We're many mentioned, with are that investments. But We varying strategic growth, are stages. the and our it if And in ranges business both a prioritizes on well will believe strategy organic our as of required for evaluating opportunities adjusted we and holders. maximizing early now for provide back risk we turn to over long-term successful creating strategy to emphasize in remain activities. can development and update unit Andy redeploying value be returns, I'll we capital, patient

Andrew Woodward

Matt. Thanks,

and end a specialty continue leading journey business transportation terminalling on to our focused become markets. we As infrastructure

aims made strategic quarter our underpinned and ideas are have opportunities and We and our are that process in efforts that achieving strategic over evaluation vision. These progress considerable generating X by protect believe critical the improving platform. enhance and our framework both on current we

be is superior and high-quality aim service solutions. foremost customers long-term Our first attract customer and to focused and through

target long-term leading strengthen complement specialty assets are terminal network. existing and that our Our positioned second aim over is to the and quality and well

most developing which maximize Our a culture third in leveraging organization over driven will the needs, ultimately to with all the those along our over maximize a first identify becomes risk We is new executing fourth of on opportunities mission-driven best X time. And in value aims, and the core within adjusted asphalt as to to position and focused stakeholders their to our serve to evolving long-term advantages for return. market capital aim stay believe and product needs and is competitive on X, aim, and maintaining strategic these and stewardship we ourselves returns lead stakeholders. create lastly, competencies the discipline allocating customer, value designing our

time. be appropriate In taking considerable and more advancing this advance in I where we evaluating we The opportunities and the feel to do making in fit vision enhances Blueknight. patience, We steps type progress. new to As look protects discipline my growth right of sharing requiring forward the often our With business. that our our our progress on especially we said, not communicated expectations time. have before, will prioritize I'm business and we're long-term take are on opportunities the are for of this of the we at own strategy strategy quarter. we're types feel and us both seriously performance that pass proud will we thoughtfully this framework, very exceed and by of And summary, requires making details our It current potential opportunities. that time, and growth

line Q&A. Now, Operator? for we the will open

Operator

Thank you.

[Operator now session. Beach will of first Bailey ahead. Capital] Instructions] question [ph]. go question-and-answer [Jeff We from begin Our comes the Please

Unidentified Analyst

Can okay? quarter. great me another Andy, and Matt Hey, you hear

Andrew Woodward

clear, and We can Jeff. hear loud you

Unidentified Analyst

on expense like income Wonderful. some would for in Matt, it's the Annualized, there. so the explain interest one-timers statement assume the X.X%, My first I quarter? there are question, you

Matthew Lewis

the filed expenses to But previously have in it, credit additional facility some were Jeff, Sure, that old we'll there. details explain were be written to will this about which off afternoon. there related $XXX,XXX was the that XX-Q, in

look think being think interest should per at it of quarter as a probably how you about the cash you going can on forward. go-forward is basis, if you expense I think $XXX,XXX that actual around So

items related facility just old the noncash that to So there were some number. in

Unidentified Analyst

swaps fix rate the of facility Got fixed least the revolver. previously, on because of variable And, a the Blueknight for debt a didn't next interest about then, you the revolving well, investors for explain on to you interest your calculus decided several talk it. - you rate facility. at next anything? on that And below it, rate credit quarters, Can notice do course, had that, instead some any the to got fixing keeping

Matthew Lewis

of At the at this bottom-end were credit tier. yeah. point, Sure, that revolving the do the have facility we

LIBOR it's X plus until get above So levered. times we X%

Looking XX points. month think at said yield X the LIBOR is right I the curve, I basis around

we exchanging benefiting sure think is makes we for that the at fixed are same that about it point something floating really when we from so, And low rates I component. would evaluate think time, if LIBOR at But sense.

Unidentified Analyst

Okay.

it to anything? or any leave for no you're So now, to swaps floating, get going plans

Matthew Lewis

outstanding. something certainly we debt but do it would a if to evaluate plans, sense of immediate portion makes No that it for the

Andrew Woodward

rate something your That's the X Matt for Andy. is floating on that, consider rates I fixed this thankfully, mentioned, as say long-term again, the permanent curve, for over Jeff, But others, we evaluating forward it's I'd constantly we've mean, currently, looking what where debt. are and exchange been that at something are for not we And we've And, would opted evaluating, just awareness basis last to years. rate.

Unidentified Analyst

worried it and so about because it the just evaluate interesting, unitholders curve But, flat. interest leaving lot so is variable has Yeah, are out signals. X you'll bankers mixed for the worked so the forward. rates about wonderfully inflation, and guess, low yet inflation. are I It's going talk is many of an there's But so last yield much a There open years.

what we in the you're no regarding And, was get repurchased preferred I also? Andy, So, assume quarter preferred, saying. the can so

Andrew Woodward

The similar was we're constantly something last rate announced correct. to interest quarter. evaluating. again, it's, we swaps, purchased only That's preferred But

Unidentified Analyst

a existing services quarters already Okay. But And announcements we transportation into Andy, a opportunities, bit haven't any of of some the sites that and offer different organic growth heard some modes you perhaps, for sites then, the yet. few and about expanding you've talked of own. that

why Or you So that the aren't quite there are that you've maybe far? reason hoped? on might projects be that out assume to another penciling is growth inorganic? been so And those we organic way mostly

Andrew Woodward

here also much good areas business strategic been is a And which, sale, going we've the process question. again, the our primarily closed on both it's crude no, them made to basis things these long-term in projects take stage oil would types that is say announce the we those certain good projects been transaction a announced year, when just to focusing the a own It's even can't on projects that that, a been say place we just where to we a time. for are longer what be And position earlier recently. and advancing. hopeful post a oil of crude basis how And the that fair here at this project we'll in it I question look get last soon. a drive it's that. to we've that And, Yeah, enough, forward. advancing to strategically a was on and our of we focused in than and closed even example on in had probably X year, and growth to around we've I on transaction progress that types process framework that late growth. is works X That was we're months

progress with as to we things think the leave is to hyper-focused I of and And a considerable this just on these something are sense our time. are is So remarks take say it's well. investor on lot making today we the that

Unidentified Analyst

of And what there? difficult energy strategic things the seems in materials, work. Are both space, are bit out, you a hard be it get to would to to Matt may finding all obviously, both projects and ton just environment, at build-it-yourself look at you inflation, looking and of those the because Can or in private around, projects about and buy. whether it's of As - there's and talk floating Understood. it a inorganic out be for make expensive pencil because capital then organic? way you you labor seeing a little like to the

Andrew Woodward

right in we're looking the that of actually the front and perspective, playing solve customer of over seeing opportunities transition the running And and for ways to staying and from of really some opposite think currently outside getting is for energy very into. think a type in said, strategy us namely, core where now. asphalt in the right to think that, is best time. those not front customer. Jeff, I for you serving they're too. which customer strategic our a We're of us, asphalt we're I brings And needs what's out only And now, like strategy environment in And issues of additional but we them on that well

to think well business, liquidity our I a and customers to from needs and our so, help strategic also both we're positioned core over from standpoint a able And solve time. standpoint be their

strategic of forward. expecting. the a that's of So companies other we're same. it and from comments of enhance going then, also that, a some a inorganic ourselves. on year. making seeing of than platform And focused both We're to business, part similar would protect in that own we been patience prophecies goes side, get earlier to is on I and seeing do finding back that say is, on what it that our Again, lot handful And on out activity, sure we're there we've note and discipline, activity but portfolio our right our to more more opportunities were and lot current that and the of that we're area a top see or we the out of last we're also optimization went through starting there

Unidentified Analyst

investors Wonderful, be Thank you wonderful. will very much. well served. Well,

Another great great quarter, a day. guys. Have

Andrew Woodward

Jeff. Thanks,

Operator

[Steve question [ph]. next Our from of go Chick Garden Please Sebi's comes ahead. Capital]

Unidentified Analyst

thanks for Hi, question. my taking

big throughput obviously part were some half So, first with typically year through ago. quarter. most heading you're I second wondering And year. is in variable third throughput into a guess, the And variable off, revenue here and a profitable seasonally volume there the quarter in shifts I'm

a on in you If visibility gets the is this So you've or early, these quarter later of very I the half. general have mean, you, some And, coming variable do thresholds, attained it you've got be behind could too that kind some have much throughput, specifically, that are how first business? does in into pretty the Or quarter? comment threshold of you actually they tailwinds that'd kind you the comparisons. got month and momentum something favorable momentum your off And obviously, that, helpful. of

Matthew Lewis

Sure. in when Yeah, that threshold. hit thanks, terms Steve. by It customer of we varies

activity. it really on so depends their And

last and First the we on then weather activity and that the where in September, we beyond what even Rockies, benefit regions saw going really we we saw third depending uplift, even certain and do into construction like half think, the fourth is into some see of year, similar saw I year, weather that quarter getting the the October. great quarter to the we had

of and And so think would at XX% I it's average the maybe you half operating that what say and the looked total amortization. total it is, on if up of margin I first before depreciation can you year, about

XX% trends, around third margin year. probably for being So, would maybe will of XX% that it about the think we or that follow historical operating the quarter I say

think we new we'll the third number fair number. to get And get quarter, we to more further have visible a as I again once that's use. so And visibility throughout

Unidentified Analyst

That's in kind Okay. your strong to really I and believe current what X.XX these as coverage capital of and your Cash you comments, then, think I And EBITDA relative I - helpful. it that said, what you guess, allocation, of Distributable LTM your said. on and, run times, is, Flow, kind results rate ratio and

per And this kind of just so could like raising you're by, seems you you're looks like pretty raise actually - XX%, mean, common. which like say, the own the I in good still standpoint. quarter, math, a even targets, within on your it exceeding. I'm unit from and usually $X.XX distribution be about at it distribution my prospects the per or well wondering on rate position of point a

are your distribution in what So the thoughts on rate? that

Matthew Lewis

have target The did. we coverage XXXX was on above times all distributions. X.X for to guidance Yeah,

that We greater all to or X.X expanded long-term target distributions. on also times

target. longer-term that to closer are we metric, trailing a on So

in about growth capital That's and preferreds the you're we're or it unit allocation sense, then that, returning to that's on point. evaluating unchanged. do increases. not I at form in of something that distribution that projects think first, there holders, but is buybacks whether after we're makes when the capital Our this we mean,

Unidentified Analyst

Okay.

Andrew Woodward

Andy. Steve, is is This this -

of right too, I now growth. And, I Matt on and think towards I the in it's into unlock underlying from underlying capital looking really back a are the seeing start to trying potentially feel the to that, and we're think, pleased earlier, those deploying we're chunks of sustainability our reading I of think also, of comments lot making long-term growth the and and and sizable start part of included, is the - side things what to flows comfortable over at then here we very cash to is potential after flows cash when the looking in do that sure that growth we distributions at management is fact. what then

something approach very said, And the so of blended ways is Matt to focused different deploy us it it's capital. a we're being up - for And a that as on. ends not all

not over it's at things So the or other, one X X looking it's all combined.

Unidentified Analyst

I'm versus little in versus - able if likelihood But elaborate - evaluating, between And but awful. That's seeing either what's little are more more or you the this on meaningful, growth you on the excited more bit organic the we you M&A? may hand, something side M&A, can growth, some hear mean, wondering be commented side, between say, about are kind organic then by talking year-end? of the less to to I on your a without route? bit more And you and Okay. of I'm tipping just you're earlier. a because projects

Andrew Woodward

questions. good are those Steve,

can we and risk think, counterparty customers, we look and our a And out we towards back excited, And, what of strategically, think that so looking risk, just word to most one, why then, more receiving, selling? part that feel the returns at we little more see sell bit types us be use more is - in for further - over to organic acquisition? quality those of packages opportunities just our for of playing get enough assets. unlocks we the I over, somebody little evaluating. the we're own And, able think start often that us it looking and value that a going our for type for when they of take and that well the think, we're get I that's we our to, And going as I highest bit skepticism more to return, through weigh oftentimes that those And in that's in are business really execute always that for of organic. opportunities we where do really things I I that's to think, time I to And adjusted standpoint, long-term types to are to returns, high bucket with that contracts. on. the come And, minds, two, then, could long-term. from us prioritize can be comes

And point, by of on the go can our call to really over out more with and on we're going And here least I of control. position timeframe. staying wait so, projects I generating that investors. process, could from a what these of to again, your is where, are the and thrilled the enough I'd to having announce ideas year-end standpoint, that's to customers organic, hit front certainly But some good back going in profitability towards in end it's of be we think be what focused a if at ideas something we our to coming gate growth, or by probably year

Unidentified Analyst

helpful. guys. right. really Thanks, That's All Right.

Andrew Woodward

Thanks, Steve.

Operator

of comes Our LLC. Chris from Associates, Cook next Please ahead. question go Zazove

Chris Cook

Hi, quarter, thanks. guys. Nice

the it being the $X.XXX to Just on a in the be QX quarter? because with distributions one. $X.XXX typo a of quick in preferred the real declared first that million? the million, Is respect earnings Shouldn't release buyback

Matthew Lewis

have look that. We'll to at

quarter, we should me that purchased so kind this XXX,XXX in having quarter, Chris. the one…. right, pay look the in distributions on of take the benefit get of - let we'll You're did the those number, six, to a preferred when be at right, first mean, because not it you're units the first we units I

Chris Cook

the in Oh, quarter first well. as

Matthew Lewis

Correct.

Chris Cook

the Okay. first Yeah, I in wasn't back sure it quarter. bought when you

Okay.

in in release? the be the the may it income press - So and first for second quarter wrong

Matthew Lewis

it distribution. think I looking the sorry, - at was you're I looking Well, actually at

that's cash looking I'm which table, the non-GAAP the distributions. quarterly million, the which $X.XXX of at component is So

at on You're looking just allocation the the different… more

Chris Cook

That's No. No. question. my No.

If bought math. can't you with up that deal. that not it's big back but I XXX,XXX anyway, $XXX,XXX a it's a But come item, preferred,

Matthew Lewis

the That's the the we're the there Chris, Yeah, difference there the general seeing share - [indiscernible]. partners' difference we're of units. seeing preferred just

Chris Cook

it. Got Yeah.

Okay.

of get Okay. Because some kits. sort they

Matthew Lewis

percentage They distributions a all Yeah. get of percentage. their on based ownership

Chris Cook

Got you. sorry I'm about that. Yeah.

Sorry Thank you. about that.

Operator

Our [ph], comes Forbes] investor. from go next question a [Tom Please private ahead.

Unidentified Analyst

the I'd you a have would X-year appreciate deal? over if Yes, infrastructure in volume, impact provide on pending could what next, insight a the I bill is little on it your operations for what guess,

Andrew Woodward

Tom. Thanks,

I think that's question. a good

our I we considered right standpoint, And it's at of level, to think think what's basis, be spent road basis annual dollars on as think at look if being from an what's to considered billion on could states, and an allocated XX%. around close federal we work. annual construction increase being to incremental that the on federal highway there $XX an you number

we areas. see X us, probably different benefits to the in so And

there's or operating margin from of volume business. from is a it form And, the But, top get other that or lot for a think us, ability higher asphalt EBITDA could to EBITDA excess from it's in, in variables. think to little throughput state, a lot a X% tough EBITDA we're from rewarded and is year. standpoint, of standpoint predict, whether first to anything I in The into And our for into given of customer's variables contracts, standpoint, of that go a volume potential translate on this then bit an so issues. that an X% we

the that's first so And category.

our up any category renewal with to also an us XX% second our renewals think basis, is And of we capacity anywhere The between helps on renewals. for typically our annual had XX%. contract it we've

that then the at feel the And organic this this could we level, category federal customers. type And it so, think of that into renewal favorable more for And we growth projects. spending incremental with translate projects new environments. third us new is supports with

But do fixed-fee to So be we think our will positive and I new going a for that's it for it's want business. be our to highly, all customers. this highly remind positive others to business, outcome that say do is type my

So the more other our it how much in up business will places in be than muted shows industry.

Unidentified Analyst

materializes, added Okay. follow-up can serve And you assuming this question, without expand facilities? significant capital investment a it your to volume

Andrew Woodward

response. not love customer a question. And probably customer. Tom, it's going really my to It's to great you to depend going

for sometimes volumes the think to opportunities sites - is there be had I able handle excess turns customers that other facilities multiple in operate. have or they - operate, to certain additional we at customers already existing to that

And so, some likely capacity. would new require that

So depends. really really, it

Unidentified Analyst

Okay, thank you.

Matthew Lewis

Thanks, Tom.

Operator

Glenn [Operator question Instructions] Gardipee ahead. Our comes of go Systems. Northern Please next from

Glenn Gardipee

You Could mentioned arrangements. and that to the operating you were explain going arrangements you lease more from that is please what company? the effect on

Andrew Woodward

that was in year-over-year the you and arrangement we've revenues, where fixed compare our again, services Sure, if fee place. - got of some

to get benefit year-over-year this net now was that within lease find our And bit new so, margins from expenses now of effect you the what grossed and just little have revenue, we the you'll at previously higher a the kind on netted service we what revenue component are revenue is under that agreement. up a certain expense where operating basis. accounts, really look But want to of it

Glenn Gardipee

Does leasee's your own that facilities the with personnel personnel? mean you're versus the operating that

Andrew Woodward

right. Yeah, that's

Glenn Gardipee

So if your the using that infrastructure own personnel, that that from that the you're package was fact your would passed, standpoint? expenses increase mean would

Andrew Woodward

we increases needed I existing to potential sites, our that can And depends. in the that Potentially. personnel volume, it capital build growth, we from at with with capabilities place. sites, even personnel I the think in handle and Again, standpoint, the a additional have in additional think really

Glenn Gardipee

just other purchase one been sellers? you question. Okay. looking And the of other at plants from Have any blacktop full

Andrew Woodward

mean, at we're which… looking plants? to very blacktop similar our refer plants When own, you I to

Glenn Gardipee

I mean. what that's Yes,

Andrew Woodward

background the by are on were we here provide which fairway opportunities, [indiscernible] that focused what successful bit that X on I if those tier types that existing products Then customers, leveraging on And highly, lead that there been on. we will yes. tier asphalt we And opportunities, Yes, can of internally. that into of then, would those to on to that complementary X we That's the beyond call side start types X the we've a of other into do tier with start we're down calling asphalt. opportunities, think get where highly category. the do opportunities little opportunities

again, So, other will we're over with new lead customers standpoint time. our competency then and from trying to a our strengths leverage core opportunities markets into

Glenn Gardipee

you much. very Thank Okay.

Andrew Woodward

Thanks, Glenn.

Operator

Woodward This like turn to session. over Andy closing the back the would any conference concludes question-and-answer I remarks. to for

Andrew Woodward

of I of it interest, have patience good to you dialing a We appreciate week. turn everyone support, with in. Operator, Thank and I'll your rest to forward back to your look thank speaking want for and many continued and over you. soon. you

Operator

concludes conference call. you. Thank This today's

may and Thank You a day. participating have lines. your pleasant you for disconnect

Blueknight Energy Partners (BKEP) 5 Aug 212021 Q2 Earnings call transcript