Blueknight Announces Appointment of New CEO; Changes to Board
September 17 2012 - 7:30AM
Business Wire
Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (NASDAQ: BKEPP)
(“BKEP” or the “Partnership”), a midstream energy company focused
on providing integrated services for companies engaged in the
production, distribution and marketing of crude oil, asphalt and
other petroleum products, today announced that BKEP’s general
partner has appointed Mark Hurley as its new Chief Executive
Officer, effective as of September 20, 2012. Mr. Hurley has served
as the Senior Vice President, Crude Oil and Offshore of Enterprise
Products, LLC since 2010, where he led the newly formed crude oil
and offshore business segment. Mr. Hurley began his career at
Shell, where he served from 1981 to 2009, most recently as
President of Shell Pipeline Co., LP. Mr. Hurley received his
bachelor of science in chemical engineering from North Carolina
State University. Mr. Hurley will replace James Dyer, whose
intended resignation was announced by the Partnership earlier this
year.
In connection with his resignation as Chief Executive Officer,
Mr. Dyer also has resigned from the Board of Directors (the
“Board”) of BKEP’s general partner, effective as of September 20,
2012. Francis Brenner of Vitol Inc. has been appointed to fill Mr.
Dyer’s seat on the Board. Mr. Brenner has served as the Investments
Director for the Americas for Vitol Inc. since 2010. Between 2001
and 2010, Mr. Brenner was with Morgan Stanley, most recently as an
Executive Director in the Morgan Stanley Commodities Group. Prior
to joining Morgan Stanley, Mr. Brenner was involved in the design
and construction of utility infrastructure at Tyco
International.
Mr. Duke R. Ligon, Chairman of the Board of Directors of BKEP’s
general partner, stated, “As we look to the future, we are excited
about the experience and vision that Mark brings to Blueknight, and
we are confident that under his leadership Blueknight will continue
to thrive.” Mr. Ligon continued, “On behalf of the Board of
Directors, we thank James for his commitment and service to
Blueknight over the past three years, both as a member of the Board
and as Chief Executive Officer. We extend a warm welcome to Francis
as he joins the Board and trust that his knowledge and insight will
be valuable to the Board as we continue to seek out strategic
growth opportunities to solidify Blueknight’s role as a leading
midstream service provider.”
Forward-Looking Statements
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 SEC. 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.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary
midstream energy assets consisting of approximately 7.8 million
barrels of crude oil storage located in Oklahoma and Texas,
approximately 6.6 million barrels of which are located at the
Cushing Oklahoma Interchange, approximately 1,285 miles of crude
oil pipeline located primarily in Oklahoma and Texas, approximately
280 crude oil transportation and oilfield services vehicles
deployed in Kansas, Colorado, New Mexico, Oklahoma and Texas and
approximately 7.2 million barrels of combined asphalt product and
residual fuel oil storage located at 44 terminals in 22 states.
BKEP provides integrated services for companies engaged in the
production, distribution and marketing of crude oil, asphalt and
other petroleum products. BKEP is headquartered in Oklahoma City,
Oklahoma. For more information, visit the Partnership’s web site at
www.bkep.com.
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