2014 Q4 Form 10-Q Financial Statement

#000139209114000094 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.700M $1.400M $1.600M
YoY Change 46.88% -12.5% -68.63%
Cash & Equivalents $2.661M $1.362M $1.642M
Short-Term Investments $2.100M
Other Short-Term Assets $3.805M $3.854M $1.474M
YoY Change -11.94% 161.47% -47.07%
Inventory
Prepaid Expenses
Receivables $9.051M $12.80M $14.31M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.49M $23.73M $25.28M
YoY Change -13.78% -6.15% 0.57%
LONG-TERM ASSETS
Property, Plant & Equipment $310.2M $305.6M $305.1M
YoY Change 4.29% 0.15% 16.18%
Goodwill $7.216M $7.216M $7.216M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.40M $20.00M $19.70M
YoY Change 4.62% 1.52%
Other Assets $2.056M $1.683M $1.417M
YoY Change -3.29% 18.77% -25.66%
Total Long-Term Assets $342.9M $337.7M $337.2M
YoY Change 3.97% 0.17% 22.42%
TOTAL ASSETS
Total Short-Term Assets $21.49M $23.73M $25.28M
Total Long-Term Assets $342.9M $337.7M $337.2M
Total Assets $364.4M $361.5M $362.5M
YoY Change 2.72% -0.27% 20.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.626M $8.089M $12.03M
YoY Change 16.66% -32.74% 78.13%
Accrued Expenses $8.800M $9.500M $9.400M
YoY Change -9.28% 1.06% 10.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $22.07M $23.62M $29.77M
YoY Change -6.42% -20.65% 18.41%
LONG-TERM LIABILITIES
Long-Term Debt $216.0M $212.0M $274.4M
YoY Change -20.88% -22.74% 28.83%
Other Long-Term Liabilities $6.400M $5.300M $100.0K
YoY Change 137.04% 5200.0% -50.0%
Total Long-Term Liabilities $216.0M $212.0M $274.4M
YoY Change -20.88% -22.74% 28.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.07M $23.62M $29.77M
Total Long-Term Liabilities $216.0M $212.0M $274.4M
Total Liabilities $238.1M $235.6M $304.2M
YoY Change -19.73% -22.54% 27.73%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.0M $120.5M $58.20M
YoY Change
Total Liabilities & Shareholders Equity $364.4M $361.5M $362.5M
YoY Change 2.72% -0.27% 20.59%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccountsPayableCurrent
8089000 USD
CY2013Q4 us-gaap Accounts Payable Current
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CY2014Q3 us-gaap Accounts Receivable Net Current
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CY2014Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2013Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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1810000 USD
CY2014Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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153000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
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CY2013Q3 us-gaap Amortization Of Financing Costs
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CY2014Q3 us-gaap Amortization Of Financing Costs
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2014Q3 us-gaap Assets
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CY2013Q4 us-gaap Assets
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us-gaap Proceeds From Sale Of Productive Assets
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CY2014Q3 us-gaap Assets Current
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CY2013Q4 us-gaap Assets Current
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CY2014Q3 us-gaap Assets Held For Sale Current
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CY2013Q4 us-gaap Assets Held For Sale Current
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF CONSOLIDATION AND PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The financial statements have been prepared in accordance with accounting principles and practices generally accepted in the United States of America (&#8220;GAAP&#8221;).&#160;&#160;The consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, the consolidated statement of changes in partners&#8217; capital for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, the statement of cash flows for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, and the consolidated balance sheet as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are unaudited.&#160;&#160;In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary to state fairly the financial position and results of operations for the respective interim periods.&#160;&#160;All adjustments are of a recurring nature unless otherwise disclosed herein.&#160;&#160;The 2013 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.&#160;&#160;These consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership&#8217;s annual report on Form 10-K for the year ended December&#160;31, 2013 filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;12, 2014</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;2013 Form 10-K&#8221;).&#160;&#160;Interim financial results are not necessarily indicative of the results to be expected for an annual period.&#160;&#160;The Partnership&#8217;s significant accounting policies are consistent with those disclosed in Note 4 of the Notes to Consolidated Financial Statements in its 2013 Form 10-K. A reclassification has been made to the consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> 2013 to reflect a recasting of amounts related to discontinued operations (see Note 3). The reclassification has no impact on net income.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Partnership&#8217;s investment in Advantage Pipeline, L.L.C. (&#8220;Advantage Pipeline&#8221;), over which the Partnership has significant influence but not control, is accounted for by the equity method. The Partnership does not consolidate any part of the assets or liabilities of its equity investee. The Partnership&#8217;s share of net income or loss is reflected as one line item on the Partnership&#8217;s Consolidated Statements of Operations entitled &#8220;Equity earnings in unconsolidated affiliate&#8221; and will increase or decrease, as applicable, the carrying value of the Partnership&#8217;s investment in the unconsolidated affiliate on the balance sheet. Distributions to the Partnership will reduce the carrying value of its investment and will be reflected in the Partnership&#8217;s Consolidated Statements of Cash Flows in the line item &#8220;Distributions from unconsolidated affiliate.&#8221; In turn, contributions will increase the carrying value of the Partnership&#8217;s investment and will be reflected in the Partnership&#8217;s Consolidated Statements of Cash Flows in investing activities. The Partnership evaluates its equity investment for impairment in accordance with FASB guidance with respect to the equity method of accounting for investments in common stock. An impairment of an equity investment results when factors indicate that the investment&#8217;s fair value is less than its carrying value and the reduction in value is other than temporary in nature.</font></div></div>
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2014Q3 us-gaap Commitments And Contingencies
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Depreciation Depletion And Amortization
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2014Q3 us-gaap Derivative Fair Value Of Derivative Liability
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us-gaap Gain Loss On Sale Of Other Assets
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap General And Administrative Expense
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
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us-gaap Increase Decrease In Property And Other Taxes Payable
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CY2014Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2013Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Interest Costs Capitalized
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us-gaap Interest Expense
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us-gaap Interest Expense
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8325000 USD
CY2014Q3 us-gaap Interest Expense
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1640000 USD
CY2013Q3 us-gaap Interest Expense Long Term Debt
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CY2014Q3 us-gaap Interest Expense Long Term Debt
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2500000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
8200000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
7300000 USD
CY2014Q3 us-gaap Interest Expense Other
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300000 USD
us-gaap Interest Expense Other
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300000 USD
CY2013Q4 us-gaap Interest Payable Current
InterestPayableCurrent
482000 USD
CY2014Q3 us-gaap Interest Payable Current
InterestPayableCurrent
175000 USD
CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
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CY2014Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description
NewAccountingPronouncementOrChangeInAccountingPrincipleDescription
RECENTLY ISSUED ACCOUNTING STANDARDSIn July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendment provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership adopted this update in January 2014, and the impact was not material.In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership’s quarterly report for the period ending March 31, 2015.In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The amendments in this Update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership’s quarterly report for the period ending March 31, 2017.In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern.” The Update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership's annual report for the period ending December 31, 2016.
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71193000 USD
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0 USD
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2681000 USD
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122000 USD
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1547000 USD
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-930000 USD
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0 USD
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22684000 shares
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0 USD
bkep Amortizationof Financing Costsand Write Offof Debt Issuance Costs
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603000 USD
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3117000 USD
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bkep Chief Executive Officer Non Voting Economic Interest In Company Capital Contribution Related To Profit Interests
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bkep Chief Executive Officer Non Voting Economic Interest In Company Profit Interest Contributions
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bkep Decrease Increaseinaccountsreceivablerelatedtopurchaseofpropertyplantandequipment
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CY2013Q4 bkep Deferred Related Party Revenue Current
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DepreciationDepletionandAmortizationonContinuingOperations
19342000 USD
bkep Depreciation Depletionand Amortizationon Continuing Operations
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5975000 USD
CY2014Q3 bkep General Partner Percentage Interest
GeneralPartnerPercentageInterest
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GeneralPartnerPercentageInterest
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basic
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667000 shares
bkep Increase Decreasein Accounts Receivablefrom Accrued Proceedson Saleof Assets
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0 USD
bkep Gross Income Of Partnership For Any Taxable Year Is Qualifying Income Will Be Taxable As Corporation For Federal Income Tax Purposes For That Taxable Year And All Subsequent Years Maximum
GrossIncomeOfPartnershipForAnyTaxableYearIsQualifyingIncomeWillBeTaxableAsCorporationForFederalIncomeTaxPurposesForThatTaxableYearAndAllSubsequentYearsMaximum
0.90
bkep Increase Decrease In Accrued Interest Payable To Related Parties
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bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
66975000 USD
CY2013Q3 bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
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CY2014Q3 bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
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bkep Operating Margin Excluding Depreciation And Amortization
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57668000 USD
bkep Provisionforuncollectiblereceivablesfromrelatedparty
Provisionforuncollectiblereceivablesfromrelatedparty
0 USD
bkep Provisionforuncollectiblereceivablesfromrelatedparty
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171000 USD
CY2014Q3 bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basic
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasic
725000 shares
CY2013Q3 bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basic
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasic
699000 shares
bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basic
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659000 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001392091
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
32766663 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Blueknight Energy Partners, L.P.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014Q3 invest Derivative Notional Amount
DerivativeNotionalAmount
200000000 USD

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