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.
On January 31, 2023, USD Partners LP (NYSE:USDP) and its subsidiary entered into an amendment to their revolving credit agreement. This amendment offers the Partnership relief from specific compliance ratios until the agreement's maturity date as management seeks to renew or replace expired agreements. The CFO emphasized the importance of this amendment in managing liquidity during the re-contracting phase in 2023. USD Partners operates midstream infrastructure for energy products, generating cash flows predominantly from take-or-pay contracts with investment-grade customers.
USD Partners LP (NYSE: USDP) announced a quarterly cash distribution of $0.1235 per unit for Q4 2022, matching the previous quarter's amount. The Partnership's Sponsor will waive its distribution on 17.3 million units, reducing the total distribution by approximately $2.1 million. This distribution is payable on February 17, 2023, to unitholders on record as of February 8, 2023. CEO Dan Borgen expressed optimism about future heavy crude oil production in Western Canada and the partnership's strategic positioning for renewing contracts amid high Canadian storage utilization levels.
USD Partners LP (NYSE: USDP) reported financial results for Q3 2022, generating Net Cash Provided by Operating Activities of $13.5 million, Adjusted EBITDA of $12.3 million, and Distributable Cash Flow of $9.6 million. The Partnership faced a net loss of $69.4 million primarily due to a non-cash impairment related to the Casper terminal. A quarterly cash distribution of $0.1235 per unit was declared, maintaining strong coverage. Management anticipates renewing agreements to address expired contracts due to market conditions.
USD Partners LP (NYSE: USDP) declared a quarterly cash distribution of $0.1235 per unit for Q3 2022, maintaining the same amount as the previous quarter. The distribution is set to be paid on November 14, 2022, to unitholders of record by November 2, 2022. The company plans to report its Q3 2022 financial results after market close on November 1, 2022, followed by a conference call on November 2, 2022. USD Partners specializes in midstream infrastructure for crude oil and biofuels across North America.
USD Partners LP (NYSE:USDP) announced the availability of its 2021 Schedule K-3 online for unitholders. This document is essential for specific reporting requirements, particularly for foreign unitholders and those calculating foreign tax credits. Previously, the Schedule K-1 was made available in March 2021. Unitholders can obtain an electronic copy by contacting Tax Package Support. USD Partners operates midstream infrastructure for energy products, generating cash flows from long-term contracts with investment-grade customers, and develops logistics solutions across North America.
USD Partners LP (NYSE:USDP) announced its participation in the 2022 Citi One-on-One Midstream/Energy Infrastructure Conference on August 16-17, 2022. Presentation materials will be available on the Partnership’s website prior to the event. USD Partners, established in 2014, operates midstream infrastructure focused on crude oil and biofuels, generating cash flow through multi-year contracts with investment-grade clients. Key assets include crude oil terminals in North America, facilitating heavy crude transport.
USD Partners LP (NYSE: USDP) reported its financial results for Q2 2022, showcasing a Net Cash from Operating Activities of $6.2 million and a Net Income of $3.8 million. The Partnership declared a cash distribution of $0.1235 per unit, maintaining a Distributable Cash Flow Coverage of approximately 2.5x. Significant developments included the acquisition of Hardisty South Terminal, enhancing its operational capacity to approximately 262,500 barrels per day, while facing a 74% decline in Net Cash Provided by Operating Activities compared to Q2 2021 due to lower revenues and higher interest expenses.
USD Partners LP (NYSE: USDP) declared a quarterly cash distribution of $0.1235 per unit for Q2 2022, identical to the previous quarter, annualizing to $0.494 per unit. This distribution is payable on August 12, 2022, to unitholders of record as of August 3, 2022. The Partnership will release its Q2 2022 earnings on August 3, 2022, with a conference call scheduled for August 4, 2022, at 11:00 a.m. ET. The Partnership operates midstream infrastructure with a focus on multi-year, take-or-pay contracts with major clients.
USD Partners LP (NYSE:USDP) announced participation in the Energy Infrastructure Council 2022 Investor Conference on May 16-17, 2022, in West Palm Beach, Florida. Presentation materials will be available on their website prior to the event. USD Partners LP is a fee-based master limited partnership focused on midstream infrastructure and logistics solutions for crude oil and biofuels. Its principal assets include crude oil terminals facilitating transportation from Western Canada to North America. The partnership operates under multi-year contracts with primarily investment-grade customers.
USD Partners LP (NYSE: USDP) reported its Q1 2022 financial results, achieving a Net Income of $9.0 million and Adjusted EBITDA of $10.0 million. The Partnership declared a quarterly cash distribution of $0.1235 per unit, showing a 2.1% increase. The quarter was marked by the acquisition of Hardisty South for $75 million in cash and units, aiming to enhance growth and operational synergy. However, Net Cash Provided by Operating Activities decreased 15%, and Adjusted EBITDA and Distributable Cash Flow fell 31% and 33%, respectively, due to lower revenue from key terminals.