SemGroup Energy (SGLP) Reports a Q3 Loss; Announces Name Change
SemGroup Energy Partners, L.P. (OTC: SGLP) announced a net loss of $2.9 million, or $0.08 per basic and diluted common unit, on total revenues of $40.0 million, for the three months ended September 30, 2009. For the nine months ended September 30, 2009, SGLP announced a net loss of $8.0 million, or $0.23 per basic and diluted common unit, on total revenues of $119.7 million.
These results compare to a net loss of $11.9 million and net income of $19.5 million on revenues of $53.8 million and $149.3 million for the three and nine months ended September 30, 2008, respectively.
On October 8, 2009, SGLP announced that Vitol, Inc. entered into an agreement to purchase the general partner of SGLP. Vitol Inc. is the principal U.S. subsidiary of the Vitol Group. Vitol is engaged in the global physical supply and distribution of crude oil, petroleum products, coal, natural gas, and other commodities. Vitol was founded in 1966, and is headquartered in the Netherlands. Vitol moves over 5 million barrels of crude oil and petroleum products every day throughout the world, charters more than 3,000 ships annually and had annual revenues of $191 billion in 2008.
Kevin Foxx, President and Chief Executive Officer of SGLP's general partner, stated, "Third quarter results and the pending change of control of our general partner are anticipated to further stabilize our transportation and storage business. We expect the Vitol transaction to close in the near future after consent is received from our lenders and look forward to the new era with Vitol as the owner of our general partner. Lastly, we are pleased to announce that we are changing our name to Blueknight Energy Partners, L.P. and expect the change to become effective on December 1, 2009.
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