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.
USD Partners LP (NYSE: USDP) announced a quarterly cash distribution of
USD Partners LP (NYSE: USDP) has successfully completed the acquisition of the Hardisty South terminal assets from USD Group LLC for a total of $75 million in cash and approximately 5.75 million common units. The cash was financed through the Partnership's $275 million senior secured credit facility. This acquisition enhances the Hardisty Terminal's capacity to 262,500 barrels per day and promotes operational synergies associated with the Sponsor's Diluent Recovery Unit program. The transaction received Board approval based on independent director recommendations.
USD Partners LP (NYSE: USDP) has announced the acquisition of Hardisty South terminal assets from USD Group LLC for $75 million in cash and 5.75 million common units. This transaction, expected to close in Q2 2022, aims to enhance the Partnership's asset base and is projected to yield double-digit accretion to Distributable Cash Flow per Unit in 2023. Key benefits include improved contract profiles and simplified financial structure, eliminating incentive distribution rights, which aligns interests with unitholders. Future cash flow contributions are estimated between $14 million and $18 million in 2023.
USD Partners LP (NYSE: USDP) has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2021, with the SEC. The report is accessible via the Partnership's website and the SEC's site. Additionally, a tax package including the Schedule K-1 will be available by the week of March 14, 2022. USD Partners LP is a growth-oriented master limited partnership focused on midstream infrastructure and logistics for crude oil and biofuels, generating cash flows through multi-year contracts with investment-grade customers.
USD Partners LP (NYSE: USDP) reported its financial results for Q4 2021, generating $9.4 million in net cash from operations, $11.9 million in Adjusted EBITDA, and $10.7 million in Distributable Cash Flow. The partnership declared a quarterly cash distribution of $0.121 per unit, with a coverage ratio of approximately 3.2x. Despite a decrease in net income to $3.6 million, largely due to reduced revenue at its Stroud terminal and increased operating costs, management is optimistic about 2022, planning a 2.1% increase in quarterly distribution.
USD Partners LP (NYSE: USDP) has declared a quarterly cash distribution of
USD Partners LP (NYSE:USDP) has signed a five-year Terminal Services Agreement with a major ethanol producer at its West Colton, CA terminal, effective January 1, 2022. This agreement replaces a short-term contract and is projected to generate an additional $1.0 to $1.5 million annually in Net Cash from Operating Activities and Adjusted EBITDA. The Partnership also initiated renewable diesel operations at the same terminal, backed by a five-year contract with USD Clean Fuels LLC. Executive VP Brad Sanders emphasized the commitment to sustainable fuels as a growth opportunity.
USD Partners LP (NYSE:USDP) announced the full operational status of its diluent recovery unit (DRU) at the Hardisty Energy Terminal, commencing shipments of DRUbit™ by Rail™. This 50/50 joint venture with Gibson Energy enhances capacity and efficiency, supporting future expansions. DRU technology reduces carbon emissions by 20% compared to dilbit by rail, supporting environmental goals. The Partnership aims to secure long-term contracts with producers and refiners, reinforcing its market position. Websites for USD and the Partnership have been updated with project information.
USD Partners LP (NYSE: USDP) reported its Q3 2021 results, showing Net Cash from Operations of $11.0 million and Adjusted EBITDA of $12.3 million. The Partnership's Net Income was $3.8 million and it amended its revolving credit agreement to extend maturity to November 2, 2023. The quarterly cash distribution increased to $0.1185 per unit, with over 3.0x Distributable Cash Flow Coverage. However, Net Cash from Operations decreased by 34% year-over-year due to lower revenue from the Stroud terminal and higher operating costs. The Partnership remains compliant with its financial covenants.
USD Partners LP (NYSE: USDP) announced a quarterly cash distribution of
The Partnership will release its Q3 financial results on