USDP Q1 net income $2M, DCF negative; distribution suspended, Casper terminal sold for $33M

USD Partners LP

Net income of $2.0M, down from $7.5M YoY; Adjusted EBITDA $3.3M (down 67%); DCF negative ($1.6M).
Closed sale of Casper Terminal for $33M cash on March 31, 2023; used $19.1M to repay credit facility.
Board suspended quarterly distribution to preserve liquidity; exploring strategic alternatives.
Senior secured credit facility matures Nov 2, 2023; had $195.9M outstanding as of April 30, 2023.
Revenue decline driven by reduced Hardisty Terminal contracted capacity and Stroud contract expiration.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

USD Partners LP reported financial results for three months ended March 31, 2023.

Period: three months ended March 31, 2023
Result: reported results

Exact text from the filing

On May 3, 2023, USD Partners LP (the “Partnership”) issued a press release announcing its operating and financial results for the three months ended March 31, 2023.

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USD Partners LP filing history →

Source: SEC EDGAR

accession 0001610682-23-000027

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