USDP Q1 net income $9M, DCF down 33% YoY; closes Hardisty South acquisition

USD Partners LP

Net income of $9.0M; Adjusted EBITDA $10.0M; DCF $8.4M; cash distribution raised to $0.1235/unit (2.1% increase).
Hardisty South acquisition closed April 6 for $75M cash + 5.75M common units; funded with credit facility draw.
Revenue lower at Stroud and Casper terminals; West Colton partially offset; operating costs rose YoY.
Expects $2.0–$2.5M additional transaction expenses in Q2 2022.
As of May 2, outstanding debt $238M on $275M revolver; borrowing capacity limited to 5.0x EBITDA through Dec 2022.

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