Blueknight Energy Partners, L.P. (NASDAQ:BKEP) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET


Blueknight Energy Partners, L.P. (NASDAQ:BKEP) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, my name is Ashley, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blueknight Earnings Conference Call for the Second Quarter Results of 2020. [Operator Instructions] I would now like to turn the call over to Chase Jacobson, Blue Knight's Investor Relations Advisor and Managing Director with Vallum Advisors. Please go ahead.

Chase Jacobson

Thank you, and good morning. We are pleased to welcome you today to the conference call where Blueknight will discuss financial and operating results for second quarter 2020. Andy Woodward, Chief Executive Officer will update you on the operational and financial performance as well as external factors influencing the business in addition to longer-term strategy and full year 2020 outlook.

As a reminder the earnings release, which can be found on Blueknight's website includes financial disclosures and reconciliations for non-GAAP financial measures that should help you analyze results. 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 management is under no obligation to update these forward-looking statements in the future. They are subject to risks and uncertainties that could cause actual results to differ from Management's expectations. Similar to previous calls, we will highlight factors that differentiate Blueknight over the long term and especially in today's market. We encourage both new and existing investors to visit the website and download the latest presentation which further highlights the strength and stability of Blueknight's core terminalling portfolio and go-forward strategy. After our prepared remarks today, we're happy to address any of your questions.

With that I will now turn it over to the CEO of Blueknight, Andy Woodward.

Andrew Woodward

Good morning. And thanks to everyone who dialed in today. As Chase mentioned, I will be updating you on our operations, financial performance and external factors influencing our business for the second quarter of 2020 along with the progress we're making as we execute our long-term strategy. Overall, we had a solid quarter considering a challenging backdrop and macro environment. Year-over-year improvements in our core asphalt crude oil terminalling segments. We also exceeded our distribution coverage targets, reduced debt and remain on track to meet our 2020 guidance -- all of which I will discuss in more detail throughout the call.

As announced in late June, I was appointed to the Chief Executive Officer position, which I was deeply honored and grateful to accept. I truly appreciate the support I received in my first six weeks from our Board, the entire Blueknight organization, our customers, investors and other key stakeholders. I'm thrilled to be in this position and I look forward to leading Blueknight as we continue our transformation to becoming a leading differentiated in pure-play Terminalling Company focused on solutions for tomorrow's infrastructure and transportation end markets.

I've spent over a decade in the midstream and MLP industry participating in a variety of strategic and financial roles,