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Blueknight Energy Partners building stability

Blueknight Energy Partners is poised for growth after stabilizing itself with a new sponsor.
BY JAY F. MARKS Modified: November 1, 2012 at 4:35 pm •  Published: November 11, 2012

Things are looking up at Blueknight Energy Partners.

The one-time SemGroup Corp. subsidiary has restructured its debt and capital spending since Charles Bank joined Dutch energy trading company Vitol as its sponsor in late 2010, said Alex Stallings, Blueknight's chief financial officer.

“We really right-sized everything with the help of our sponsors,” he said.

Blueknight ranked 10th on this year's Oklahoma Inc. list of the state's top publicly traded companies, fueled by its 133 percent growth in earnings per share.

“Looking toward the future, it's all about growth for us,” Mark Hurley, Blueknight Energy Partners CEO said. “We can't emphasize that enough. We hope to be a larger and larger presence in the midstream business.”

Blueknight's business has stabilized, with some incremental growth from its transportation unit. It was able to pay a distribution to unit holders in 2012 for the first time in about four years.

Blueknight moved its corporate headquarters to Oklahoma City this year, settling into a former car dealership in the historic MidTown district, near downtown. Its accounting, human resources and information technology departments remain in Tulsa, but its senior executives are at 201 NW 10.

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