8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): January 25, 2022

BLUEKNIGHT ENERGY PARTNERS, L.P.

(Exact name of Registrant as specified in its charter)

delaware	001-33503	20-8536826
(State of incorporation or organization)	(Commission file number)	(I.R.S. employer identification number)

6060 American Plaza, Suite 600

Tulsa, Oklahoma 74135

(Address of principal executive offices and zip code)

(918) 237-4000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units	BKEP	The Nasdaq Global Market
Series A Preferred Units	BKEPP	The Nasdaq Global Market

Item 7.01. Regulation FD Disclosure.

On January 25, 2022,  Blueknight Energy Partners, L.P. (the “Partnership”) issued a press release (the “Press Release”) announcing that on February 14, 2022, it will pay quarterly distributions of $0.0425 per common unit and $0.17875 per preferred unit to its common and preferred unitholders of record as of the close of business on February 7, 2022. A copy of the Press Release is furnished as an exhibit to this Current Report.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in the attached exhibit are deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Item 9.01. Financial Statements and Exhibits.

(d)     Exhibits

In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Exchange Act.

EXHIBIT NUMBER		DESCRIPTION
99.1	—	Press release, dated January 25, 2022.
104	—	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

	BLUEKNIGHT ENERGY PARTNERS, L.P.
	By:	Blueknight Energy Partners G.P., L.L.C.
		its General Partner
Date: January 25, 2022	By:	/s/ Matthew R. Lewis
		Matthew R. Lewis
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Blueknight Increases Quarterly Distribution

TULSA, Oklahoma – January 25, 2022 - Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP), announced today that the Board of Directors of its general partner declared a 6.25% increase to the quarterly cash distribution rate to $0.0425 per common unit, or $0.17 per common unit on an annualized basis. The Partnership also announced a quarterly cash distribution of $0.17875 per preferred unit, which is unchanged from the third quarter 2021. The fourth quarter 2021 distributions are payable on February 14, 2022, to unitholders of record as of the close of business on February 7, 2022.

“This announcement represents another significant milestone for Blueknight as we continue to execute and deliver on our strategy,” commented Andrew Woodward, Chief Executive Officer. “The Partnership has increased its common unit distribution based on achieving a stable foundation and generating sustainable growth in our underlying business that meets our long-term coverage target of 1.30 times or greater on all distributions. We will continue to balance these decisions with our steadfast commitment to our capital allocation strategy of prioritizing risk-adjusted returns through growth projects while meeting our financial targets over the long term.”

Forward-Looking Statements and Treasury Regulation Notice

This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s future cash flows and operations, the Partnership’s ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of Blueknight’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Blueknight’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Blueknight, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 9.0 million barrels of liquid asphalt storage capacity across 54 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.

Investor Relations Contact:

Matthew Lewis, Chief Financial Officer

(918) 237-4032

investor@bkep.com

XML

Document And Entity Information	Jan. 25, 2022
Document Information [Line Items]
Entity, Registrant Name	BLUEKNIGHT ENERGY PARTNERS, L.P.
Document, Type	8-K
Document, Period End Date	Jan. 25, 2022
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-33503
Entity, Tax Identification Number	20-8536826
Entity, Address, Address Line One	6060 American Plaza, Suite 600
Entity, Address, City or Town	Tulsa
Entity, Address, State or Province	OK
Entity, Address, Postal Zip Code	74135
City Area Code	918
Local Phone Number	237-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001392091
CommonUnits Custom [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Units
Trading Symbol	BKEP
Security Exchange Name	NASDAQ
SeriesAPreferredUnits Custom [Member]
Document Information [Line Items]
Title of 12(b) Security	Series A Preferred Units
Trading Symbol	BKEPP
Security Exchange Name	NASDAQ