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USD Partners LP reports corporate-status developments tied to the wind-down of a fee-based master limited partnership that historically operated midstream infrastructure and logistics services for crude oil, biofuels and other energy-related products. Its news includes the completed sale of the Hardisty Rail Terminal, its last remaining operating asset, and the Partnership's subsequent cessation of operations.
Recurring updates also cover unaudited financial statements, OTC disclosure statements, credit-agreement forbearance matters, liquidation steps, equity-cancellation plans, and tax reporting considerations for unitholders. Earlier operating disclosures described railcar loading, storage, leased railcars, fleet services, and take-or-pay customer contracts supporting liquid-hydrocarbon transportation by rail.
USD Partners LP (NYSE: USDP) announced a quarterly cash distribution of $0.1235 per unit for Q1 2022, a 2.1% increase from Q4 2021. This distribution aligns with management's previous guidance and is payable on May 13, 2022. The Partnership will announce its Q1 2022 financial results on May 4, 2022, followed by a conference call on May 5, 2022. Founded in 2014, USD Partners LP operates midstream infrastructure and logistics for energy-related products, generating cash flow from multi-year contracts with investment-grade customers.
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 $0.121 per unit for Q4 2021, reflecting a 2.1% increase from Q3 2021's distribution of $0.1185. This aligns with management's guidance and is part of an annualized distribution of $0.484 per unit, payable on February 18, 2022. The Partnership will announce its financial results for Q4 and the full year on March 2, 2022, followed by a conference call on March 3, 2022.
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 $0.1185 per unit for Q3 2021, marking a 2.2% increase from the previous quarter’s distribution. This increase aligns with management's guidance and will be payable on November 12, 2021, to unitholders of record on November 3, 2021.
The Partnership will release its Q3 financial results on November 2, 2021, followed by a conference call on November 3, 2021 at 11:00 a.m. Eastern Time.