Welcome to our dedicated page for Usd Partners Lp news (Ticker: USDP), a resource for investors and traders seeking the latest updates and insights on Usd Partners Lp stock.
USD Partners LP (USDP) was a fee-based master limited partnership focused on midstream infrastructure and logistics for crude oil, biofuels and other energy-related products. Over time, its news flow shifted from routine financial reporting toward asset sales, credit facility developments and, ultimately, disclosures about its wind-down and liquidation.
Earlier news items from the Partnership highlighted its business model of generating operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. These updates often covered quarterly and annual unaudited financial statements and OTC disclosure statements, which the Partnership made available through its investor materials.
As its financial and capital structure challenges emerged, news releases began to focus on the forbearance agreement with lenders under its credit agreement, requirements tied to the sale of key assets such as the Hardisty Rail Terminal, and the sale of the Stroud rail terminal. These announcements described how sale proceeds were applied to repay borrowings and manage obligations under the revolving credit facility.
Later corporate updates documented the completion of the sale of the Hardisty Rail Terminal, the Partnership’s last remaining operating asset, and the transition to a wind-down and liquidation process. News items also addressed the expected termination of the revolving credit facility, the anticipated write-off of remaining debt, the decision to cease operations, and the Partnership’s request to halt trading of its equity. The Partnership further disclosed potential tax implications for unitholders arising from cancellation of indebtedness income and indicated that unitholders would not receive payments or distributions upon wind down.
This news page serves as an archive of USD Partners LP’s public communications, from its operating period as a midstream logistics partnership through its restructuring, asset sales and eventual cessation of operations.
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USD Partners LP (NYSE: USDP) will report its first quarter 2023 financial and operational results on May 3, 2023, after market close, providing details on quarterly distributions as well. A conference call is planned for May 4, 2023, at 11:00 AM Eastern Time to discuss these results. USD Partners operates midstream infrastructure primarily through fee-based contracts, focusing on crude oil and biofuels. Their assets include a network of crude oil terminals aiding in the transport of heavy crude oil from Western Canada across North America. USD's growth strategy includes developing logistics solutions in key regions, highlighted by their ongoing project on the Houston Ship Channel. The press release also includes cautionary notes on forward-looking statements, emphasizing potential risks such as crude oil production levels and market volatility.
A wholly-owned subsidiary of USD Partners LP (NYSE: USDP) announced the completion of the sale of the Casper rail terminal to South 49 Holdings Ltd. on March 31, 2023. The transaction was valued at approximately $33.0 million, subject to customary adjustments. Piper Sandler & Co. acted as the exclusive financial advisor, while Gibson, Dunn & Crutcher LLP served as legal advisor. USD Partners focuses on fee-based logistics solutions and midstream infrastructure for energy products, primarily generating cash flows from multi-year contracts with investment-grade customers.
A subsidiary of USD Partners LP (NYSE: USDP) has entered a Membership Interest Purchase Agreement with South 49 Holdings Ltd. to sell its Casper rail terminal for approximately $33 million. The transaction, expected to close by Q2 2023, aims to use the proceeds to repay debt and support general operations. CEO Dan Borgen emphasized a strategic shift towards lower carbon solutions, reaffirming the partnership's commitment to its DRUbit™ by Rail™ network and sustainable practices. Piper Sandler & Co. served as financial advisor for the deal, which will follow customary conditions and adjustments.
USD Partners LP (NYSE: USDP) has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, with the SEC. The report is accessible via the Partnership's website and the SEC's website. The 2022 tax package, which includes Schedule K-1, will be available by March 10, 2023, and mailed by the week of March 13, 2023. USD Partners LP, formed in 2014, focuses on midstream infrastructure for energy-related products and generates cash flow from multi-year contracts with investment-grade customers. Key assets include crude oil terminals in North America, supporting the transport of heavy crude oil from Western Canada.
USD Partners LP (NYSE: USDP) reported its operating and financial results for Q4 and the year ended December 31, 2022. Key highlights include a net cash provided by operating activities of $8.3 million, adjusted EBITDA of $13.3 million, and distributable cash flow of $9.6 million. However, the Partnership recorded a net loss of $3.2 million. A quarterly cash distribution of $0.1235 per unit was declared. The Sponsor waived its distribution on 17.3 million units, saving approximately $2.1 million. Despite a decrease in revenues due to lower contracted capacity and unfavorable exchange rates, the Partnership remains focused on renewing customer agreements.