Blueknight Energy Partners, L.P. (NASDAQ:BKEP) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 11:00 am ET

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Blueknight Energy Partners, L.P. (NASDAQ:BKEP) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Thank you for standing by. This is the conference operator. Welcome to the Blueknight Energy Partners Earnings Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

I would now like to turn the conference over to Andrew Woodward, Blueknight's Chief Financial Officer. Please go ahead.

Executive
Andrew Woodward

Thank you, and good morning. It's my pleasure to welcome you to today's conference call where we will discuss Blueknight's financial and operating results for the first quarter of 2019. Mark Hurley, our Chief Executive Officer, will update you on our operational performance as well as external factors influencing our business, after which I will provide a brief update on financial results for Blueknight. We will then take your questions after our prepared remarks.

As a reminder, the earnings release which can be found on our website includes financial disclosures and reconciliations for non-GAAP financial measures that should help you analyze our results. Our comments and answers to questions during the call will include forward-looking statements that refer to management's expectations or future predictions. These statements are made as of the date of this call, and we are under no obligation to update these forward-looking statements in the future. They are subject to risk and uncertainties that could cause actual results to differ from our expectations.

With that, I will now turn it over to Mark Hurley, our CEO. Mark?

Executive
Mark A. Hurley

Thanks, Andy. Good morning, and thanks to everyone who dialed in today. Before I begin my comments on the business, I would like to welcome two new members of our senior management team. The first is Michael McLanahan, our Chief Accounting Officer. Prior to this promotion, Michael spent seven years as our Controller at Blueknight. Prior to joining Blueknight, Michael spent seven years at Ernst & Young in public accounting.

Secondly, I would like to welcome Andy Woodward to Blueknight. Andy joined Blueknight on April 29th as our Chief Financial Officer. Andy started his career with RBC as an investment banker. He then went over to Andeavor Logistics, where he most recently held the role of VP of Finance and Principal Financial Officer, where he made strong contribution to the growth of that company. We're very lucky to have both Michael and Andy join our leadership team, and I wish them all the best.

Moving back to business. I will be updating you on our strategy, operational performance and external factors influencing our business, and then Andy will provide an update on the financial results for the quarter.

Overall, 2019 is off to a very solid start, and we remain excited about the year ahead and potential opportunities beyond. We continue to execute our plan of strengthening our financial profile and improving on our asset base. Over the course of the quarter, our business performed well. We've raised additional cash from the sale of non-core assets, and we retained more cash flow from operations.

Due