Blueknight Energy

EnerCom Oil & Gas Conference
August 17 18, 2015
The Smart Move in Energy

Private and Confidential
EnerCom Oil & Gas ConferenceAugust 2015

(NASDAQ: BKEP & BKEPP)
Legal Disclaimer
Forward-Looking Statements
This presentation includes forward-looking statements. Statements included in this

presentation that are not historical facts (including any statements or forecasts
concerning expectations relating to BKEPs crude oil or asphalt operations and any
statements concerning plans and objectives of management for future operations or
economic performance, or assumptions related thereto) 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 future
operations of BKEPs crude oil and asphalt businesses, uncertainties relating to market
conditions, governmental regulations and other factors discussed in BKEPs filings with
the Securities and Exchange Commission (the SEC). These documents are available
free of charge at the SECs web-site at www.sec.gov and from Investor Relations at
BKEPs website at www.bkep.com. If any of these risks or uncertainties materializes, or
should underlying assumptions prove incorrect, actual results or outcomes may vary
materially from those expected. BKEP undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or
otherwise.
2
Partnership Overview
Blueknight Energy Partners, L.P. (BKEP) is a publicly traded master limited
partnership
Headquartered in Oklahoma City, Oklahoma; established in 2007
General Partner owned equally by Vitol and Charlesbank Capital Partners
Our strategically located assets position us to be a leading provider of midstream

services in the energy industry. We provide services to our customers by focusing on
four operational areas:
Crude Oil Terminalling and Storage Services
Crude Oil Pipeline Services
Crude Oil Trucking and Producer Field Services

Asphalt Services
3
Common and Preferred Units
Market
Symbol
Outstanding
Yield at 8/5/15
Distribution
Comment
Common Units
NASDAQ
BKEP
32,945,556
8.2%
Twelfth consecutive quarterly distribution
increase to 14.25 cents
Preferred Units
NASDAQ
BKEPP
30,158,619
8.9%
$0.715/unit annual distribution
2.2% increase over the previous quarter's

distribution and a 7.5% increase over the
second quarter of 2014's distribution
Convertible to common units on a

1-1 basis under certain conditions
beginning on or after October 25,
2015
Market Capital/Enterprise
Value (1)
$469.6MM
(combined for Common and Preferred Units)
(1) Market value as of August 12, 2015. Enterprise value calculation utilizes balance sheet data as of June 30, 2015
4
Sponsorship Overview
Worlds largest independent oil trading

company
Private equity firm with over $2 billion of

capital under management
Moves equivalent of over 5 million

barrels/day of physical oil and oil products
Long history of making middle-market

investments, primarily in US companies
Privately owned by principal employees
Completed 49th consecutive year of

profitable operations in 2014
Since 1991, $2.9 billion of investments in 67

companies
Proven ability to support and finance growth

projects including:
Over 50 million barrels of storage capacity

on 5 continents
Strong liquidity and equity capital
Co-founded Regency Gas Services by

buying assets from El Paso
Co-founded Southcross Energy by buying
assets from Crosstex
5
Ownership
Charlesbank Capital Partners
Vitol Holding B.V.
CB-Blueknight, LLC
Blueknight Energy Holding, Inc.
50.0%
Ownership
Interest
14.3% Limited
Partner Interest
50.0%
Ownership
Interest
Blueknight GP Holding, LLC (DE)

100.0% Indirect
Ownership Interest
Blueknight Energy Partners G.P., L.L.C. (DE)
14.3% Limited
Partner Interest
Public Unitholders
1.8% General
Partner Interest
Blueknight Energy Partners, L.P. (DE)
69.6% Limited
Partner Interest
100.0% Ownership
Interest
BKEP Operating Subsidiaries
6
Diversified Operations
Asphalt Terminal
Network (58.2%)
Crude Oil Terminalling and

Storage (24.5%)
6.6 million barrels of
Cushing, OK storage
Longview, TX storage
Operate 1.0 million barrel
Cushing, OK terminal for
TransMontaigne

asphalt and residual
fuel oil storage
43 terminals across
22 states
Largest
independently owned
asphalt terminal
network
Crude Oil Trucking
& Producer Field
Services (4.2%)
Approximately 250 crude
transports and service
trucks that complement the
pipeline gathering and
transportation business
Producer services include

gas gathering pipeline
maintenance and water
services.
Crude Oil Pipeline

Services (13.1%)
3 primary gathering and
transportation pipelines
Operate and own 30% of
West Texas Pecos River
Pipeline (Advantage
Pipeline)
Note: This map is deemed reliable but provided as is without any representation of accuracy, timeliness, reliability or completeness. These map documents do not
Represent a legal survey of the land and are for graphical purposes only.
Primary geographic
locations include Kansas,
Oklahoma, Texas and New
Mexico
Total length of 900 miles

160 miles Knight Warrior
Pipeline servicing the
Eaglebine / Woodbine area;
expected completion 2Q
2016
Note: Percentages above represent segment share of 6 months ended 6/30/15 operating margin (excluding D&A)
7
Partnership Objectives and Strategy

Partnership Objectives
Deliver unit-holder value through unit

price appreciation and increasing
quarterly distributions
Leverage relationships with sponsors

Be a responsible and involved
member of the community
Provide clear and transparent

communication with stakeholders
Business Strategy
Grow crude transportation business

in shale production areas
Improve efficiency of trucking

business
Grow asphalt business primarily

through acquisitions
Target highly selective accretive

acquisitions across all BKEP
business segments
8
Asphalt Services
Largest independently owned asphalt terminal network
7.3 million barrels of asphalt and residual fuel oil storage

capacity in 43 terminals across 22 states
Generate revenues by charging fees for the lease of

asphalt storage and processing terminals, as well as for
processing and marketing activities
Facilities are both operated and non-operated
Minimal direct exposure to commodity prices
Many terminals include multiple loading/unloading options

including truck, marine and rail capabilities
Contracts are typically long-term in nature
9
Cheyenne, WY Asphalt Terminal Acquisition
Colas USA Mountain States Asphalt Plant

Cheyenne, WY
Plant constructed in 2003
220,000 barrels of storage
10 acres of property, plus Rail Yard
Produces PMAC, Emulsions, AC
Easily Expandable
Acquisition of terminal completed on May

6th, 2015
Entered into a long-term lease contract with

existing Asphalt counter-party
Transaction is immediately accretive to

unitholders
10
Crude Oil Terminalling & Storage Services

Customer Value Creation
Provides our customers the ability to effectively manage their

crude oil inventories and add significant flexibility in their
marketing and operating activities
Cushing Interchange
34 crude oil storage tanks with approximately 6.6 million

barrels of storage capacity with access and connectivity to all
the terminals located within the Cushing Interchange
Capable of receiving and/or delivering 350,000 bpd of crude oil
Longview Terminal
430,000 barrels of storage capacity in Longview, Texas. This

terminal is connected to our Longview gathering and
transportation pipeline
Third Party Terminal Operations
Operate 1.0 million barrel Cushing, OK terminal for

TransMontaigne
Note: Remaining 761,000 barrels of storage capacity consists of miscellaneous storage tanks located at various points along our pipeline and gathering system
11
Crude Oil Pipeline Services: Oklahoma Systems

Mid-Continent Mainline System
500-mile gathering and transportation network that gathers

wellhead crude oil at a capacity of 20,000 bpd
Transports the crude oil to our Cushing terminal, other

storage facilities and area refiners
Newly constructed 60-mile Arbuckle pipeline commenced

operations in September 2013. Pipeline constructed as part
of a long-term transportation agreement with XTO Energy,
Inc., a subsidiary of Exxon Mobil Corporation
Eagle North Pipeline System
200-mile system originating in Cushing and supplying

Valero's Ardmore, Oklahoma refinery with a capacity of
approximately 20,000 bpd
100% of capacity contracted under take-or-pay agreement
12
Crude Oil Pipeline Services: West Texas
BKEP has 30% ownership and operates the 16

Pecos River Pipeline under a long-term service
agreement with Advantage Pipeline, L.L.C.
Provides crude transportation from west Texas to

the Gulf Coast markets
In September 2013, commercial service began

from Grandfalls, Texas to the Longhorn Pipeline in
Crane, TX
Phase II was completed in October 2014 and

extends the pipeline an additional 29 miles to the
west to provide service for customers in Reeves,
Culberson, Pecos and Ward counties
Exploring options to add gathering systems, truck

stations and further extensions of the Pecos River
Pipeline system into additional Delaware Basin /
West Texas markets
13
Crude Oil Trucking & Producer Field Services

Crude Trucking
Crude oil trucking operations extend our ability to gather

and aggregate crude oil on our systems and deliver
product for third parties to their facilities
Approximately 155 tanker trucks serving production in

Oklahoma, Kansas, Texas, New Mexico, and Colorado
Transport more than 55,000 bpd of crude oil as of June

30, 2015
Producer Field Services
Approximately 95 service trucks providing tailored field

services to producers in the Texas and Oklahoma
panhandles and in southwest Kansas. Services include:
Gas gathering pipeline maintenance
Water transport
Deep well disposal
14
Knight Warrior Pipeline
New construction, 160 mile, 16 pipeline with an initial

capacity of 100,000bpd (expandable up to 200,000bpd) and
terminal system to meet infrastructure needs of producers
and marketers in the developing East Texas
Eaglebine/Woodbine production area
Estimated $300 million of capital at an attractive EBITDA /

cash flow multiple
Pipeline will be linked to Oiltanking Partners, L.P.s crude oil

and product terminal on the Houston Ship Channel.
Two terminals at North Zulch, TX and Midway, TX with

truck unloading facilities capable of batching segregated
crude from the area
Project is backed by multiple long-term shipping

commitments
Strong Eaglebine play fundamentals with multiple large &

small producers.
Stations currently under construction, long lead time

equipment orders placed and right of way acquisition to
begin in the third quarter; expected in service late 2Q 2016.
15
Operations
24.5%
13.1%
Leading Midstream Company

With Four Diversified
Operating Segments
Crude Oil Terminalling & Storage Services
4.2%
58.2%
BKEPs Diversified Portfolio

Provides Resilience in a Lower
Price Crude Environment

Crude Oil Trucking & Producer
Field Services
Asphalt Services
Note: Percentages above represent segment share of 6 months ended 6/30/15 operating margin (excluding D&A)
16
Adjusted EBITDA and Distributable Cash Flow
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$2013
2014
Adjusted EBITDA
YTD 6/30/14
YTD 6/30/15
Distributable Cash Flow
$s in thousands
17
Fee-based Business Model

Segment
Fixed-Fee
Variable-based Fee
Crude oil terminalling and storage
90.5%
9.5%
Asphalt services
94.3%
5.7%
Crude oil pipeline services
26.5%
73.5%
Crude oil trucking and producer field services
0.0%
100.0%
BKEPs operating margin is highly fixed and includes:

Cents/bbl contracts for specified volumes in the Crude oil terminalling and storage segment
Minimum take or pay agreements in the Pipeline Services segment
Minimum cents/ton for specified volumes or lease fees in the Asphalt Terminalling segment
Overall, more than 74.8% of overall margin is highly fixed and/or contracted
Percentages are based on 2014 Operating Margin
18
Key Investment Highlights

Attractive Core Base
of Energy Midstream
Infrastructure
Significant Growth
Potential
Solid and Stable

Financial Profile
Cushing Interchange: Resident player at core location for crude oil distribution and marketing
Asphalt Facilities: Geographic diversification in key domestic markets with multiple potential
counterparties at most locations
Gathering / Transportation: 900 miles of strategically positioned gathering and transportation

pipelines in Oklahoma and Texas
~$300 million Knight Warrior Project underway; expected to be completed in 2016 at an

attractive EBITDA / cash flow multiple
Additional organic growth and acquisition opportunities under consideration and being
evaluated. Completed Cheyenne, Wyoming asphalt terminal acquisition in May of 2015
Prudent and conservative approach to growing our business through acquisitions
Consistent profitability and earnings
Recently completed equity offering de-levers the balance sheet, facilitating future growth
capex
Adequate ability to fund current maintenance and near-term expansion capital expenditures
Minimal commodity price exposure and high quality customer base
Strong alignment with Vitol and Charlesbank
General Partner
Sponsorship
Vitol and Charlesbank potential sources of growth opportunities
Access to capital through Vitol / Charlesbank Development Company
Deep and
Experienced
Management Team
Tenured management team with many years of industry experience
Proven ability to manage through cycles and generate executable growth opportunities
19
Appendix

Selected Historical Financial Data

($s in thousands)
Tw elve Months Ended
Six months ended
December 31,
June 30,
2013
2014
2014
2015
Selected Consolidated Statement of Operations Data

Service revenue:
Crude Oil Terminalling and Storage Services
31,058
22,782
12,790
12,207
24,676
26,405
11,369
13,503
Crude Oil Trucking and Producer Field Services
73,190
70,047
36,640
29,187
Asphalt Services
65,747
Total revenue
67,392
31,440
34,033
194,671
186,626
92,239
88,930
133,610
134,245
69,976
65,768
Expenses:
Operating
General and administrative
17,482
Total expenses
Gain (loss) on sale of assets
17,498
151,092
549
44,128
Net cash provided by operating activities
Net cash used in investing activities

Net cash provided by (used in) financing activities
Operating income
8,857
9,644
151,743
78,833
75,412
2,464
37,347
972
264
14,378
13,782
60,551
58,240
19,874
19,224
(80,698)
(34,305)
$ (17,150)
$ (24,663)
20,152
(24,456)
Selected Consolidated Statement of Cash Flows Data
(4,308)
5,132
21
Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income

The following table presents a reconciliation of adjusted EBITDA to net income for the
periods shown:
Twelve Months Ended
Six months Ended
December 31,
($s in thousands)
Net income
Interest expense
Unrealized gains on investments held for sale
Income taxes
Depreciation and amortization
Asset impairment expense
Non-cash equity-based compensation
Other
Asset impairment charge included in income (loss) from discontinued ops
Adjusted EBITDA
Cash proceeds from sale of investments
Cash interest expense
Cash tax expense
Maintenance capital expenditures, net of reimbursable expenditures
Eagle North loan amortization
Distributable Cash Flow
2013
28,035
11,615
593
24,241
524
2,347
621
5,732
73,708
(9,644)
(419)
(13,472)
(521)
49,652
June 30,
2014
27,572
12,268
(2,079)
469
26,045
2,322
66,597
(9,085)
(508)
(5,916)
51,088
2014
7,512
6,686
234
12,771
1,043
28,246
(4,535)
(513)
(2,490)
20,708
2015
9,289
6,234
(267)
198
13,384
1,275
-
30,113
2,346
(4,825)
(384)
(2,926)
24,324
Key Credit Statistics

Leverage Ratio
3.6x
3.2x
3.8x
3.5x
Interest coverage ratio
7.8x
7.4x
8.7x
7.3x
22

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EnerCom Oil & Gas Conference

August 17 18, 2015

The Smart Move in Energy

EnerCom Oil & Gas ConferenceAugust 2015

This presentation includes forward-looking statements. Statements included in this

Private and Confidential

EnerCom Oil & Gas ConferenceAugust 2015

Our strategically located assets position us to be a leading provider of midstream

Crude Oil Trucking and Producer Field Services

Private and Confidential

EnerCom Oil & Gas ConferenceAugust 2015

Common and Preferred Units

2.2% increase over the previous quarter's

Convertible to common units on a

(combined for Common and Preferred Units)

Private and Confidential

EnerCom Oil & Gas ConferenceAugust 2015

Worlds largest independent oil trading

Private equity firm with over $2 billion of

Moves equivalent of over 5 million

Long history of making middle-market

Privately owned by principal employees

Completed 49th consecutive year of

Since 1991, $2.9 billion of investments in 67

Proven ability to support and finance growth

Over 50 million barrels of storage capacity

Strong liquidity and equity capital

Co-founded Regency Gas Services by

Private and Confidential

EnerCom Oil & Gas ConferenceAugust 2015

Vitol Holding B.V.