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BKEPP - Blueknight Energy Preferred: Strong Q3 Results And A Fully Covered 13.8% Yield
Blueknight Energy Partners L.P. Series A Preferred Units
The last couple of years have not been kind to Blueknight Energy Partners L.P. (BKEP) and Blueknight Energy Partners L.P. Preferred (BKEPP). Margins fell at its Cushing oil storage facilities as oil moved into backwardation. This forced a reduction in the quarterly common dividend from 14.5 cents to 4 cents. The planned Cimarron Express pipeline project was aborted at a cost of $12 million as the expected production growth in the STACK area failed to materialize and former pipeline partner Alta Mesa Resources (AMR) spiraled towards bankruptcy.