Note 1 - Organization and Nature of Business

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1. ORGANIZATION AND NATURE OF BUSINESS

Blueknight Energy Partners, L.P. and subsidiaries (collectively, the “Partnership”) is a publicly traded master limited partnership with operations in

27

states. The Partnership provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. The Partnership manages its operations through

four

operating segments: (i) asphalt terminalling services, (ii) crude oil terminalling services, (iii) crude oil pipeline services and (iv) crude oil trucking services. On

April 24, 2018,

the Partnership sold the producer field services business. As a result of the sale of the producer field services business, the Partnership changed the name of the crude oil trucking and producer field services operating segment to crude oil trucking services during the

second

quarter of

2018.

See Note

6

 for additional information. The Partnership’s common units and Preferred Units, which represent limited partnership interests in the Partnership, are listed on the Nasdaq Global Market under the symbols “BKEP” and “BKEPP,” respectively. The Partnership was formed in

February 2007

as a Delaware master limited partnership initially to own, operate and develop a diversified portfolio of complementary midstream energy assets.