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) is a leading company in the midstream infrastructure sector, focusing on the acquisition, development, and operation of assets and logistics solutions for crude oil, biofuels, and other energy-related products. Operating primarily in the United States and Canada, the company is divided into two key segments: Terminalling Services and Fleet Services.
The Terminalling Services segment owns and operates the Hardisty Terminal, an essential origination point for loading various grades of Canadian crude oil onto railcars for efficient transportation to end markets. It also manages the Stroud Terminal in Oklahoma, which facilitates rail-to-pipeline shipments of crude oil, and the Casper Terminal in Wyoming, offering crude oil storage, blending, and railcar loading services. Additionally, the West Colton Terminal in California is capable of handling unit trains and transloads approximately 13,000 barrels per day of ethanol received by rail from producers onto trucks.
The Fleet Services segment provides leased railcars and related fleet services, ensuring the efficient transportation of energy products across the network. This segment enhances the company's logistics capabilities and supports the seamless movement of commodities from production sites to end markets.
USD Partners LP continues to strengthen its position in the market through strategic partnerships and ongoing projects aimed at improving infrastructure and expanding service offerings. The company's financial condition remains robust, backed by a strong asset base and a focused approach to operational excellence.
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.
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
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
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