secwatch.observer — SEC 8-K summary
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Issuer:     USD Partners LP (USDP)
CIK:        0001610682
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001610682-23-000027
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1610682/000161068223000027/0001610682-23-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1610682/000161068223000027/usdp-20230503.htm
  HTML page:      https://secwatch.observer/filing/0001610682-23-000027

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