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BP Midstream Partners LP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Mar 11, 2022. Its latest SEC filing is a 15-12B from Apr 15, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Transports crude oil, refined products and natural gas through pipelines for BP and other energy customers, including producers and refiners.

How Did They Make Money?

Pipeline customers pay tariffs and fees for transportation, generally billed monthly; BP Products also pays for minimum contracted volumes even if it ships less.

revenue

Who Were Their Customers?

BP Products contracts for onshore transportation; third-party customers include producers, refiners, marketers and traders, who use connected pipeline systems to move products to market.

Customers above 10% of revenue, FY2021
of revenue from one customer
FY2019: 98% from one customer

Did Revenues Turn Into Profits?

Yes. Its net income in was larger than its revenue.

Operating income,
60% of revenue
▼ −15% vs ($85.4M, 66%)
Net income,
127% of revenue
▼ −10% vs ($168.4M, 131%)

How Were They Changing?

Since the FY2021 annual report
  • Apr 5, 2022 BP completed its acquisition of BP Midstream Partners BPMP became a wholly owned BP subsidiary, and its common units ceased trading on the NYSE.

Grew. Revenue grew 11% in 4 years, from $108.2M in to $119.9M in , about 3% a year.

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