USDP Q2 net income $4.6M, EBITDA down 50%, NYSE non-compliance, distribution suspended

USD Partners LP

Net income of $4.6M vs $3.8M prior year; Adjusted EBITDA of $5.8M, down 50% YoY.
Received NYSE non-compliance notice for unit price below $1.00; six-month cure period.
Quarterly distribution remains suspended; credit agreement forbearance until Oct 10, 2023.
Cash and undrawn capacity ~$12M as of June 30; $195.9M drawn on $275M facility.
New three-month trial terminalling agreement at Stroud Terminal for waxy crude from Uinta Basin.

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 0.95

USD Partners LP reported three and six months ended June 30, 2023 results: net income $4.6 million.

Period: three and six months ended June 30, 2023
Net income: $4.6 million
Result: reported results

Exact text from the filing

Financial highlights with respect to the second quarter of 2023 include the following: • Generated Net Income of $4.6 million • Reported Net Cash Used in Operating Activities of $1.3 million, Adjusted EBITDA (1) of $5.8 million and Distributable Cash Flow (1) of $1.1 million • Announced new three-month, rail-to-truck Terminalling Services Agreement with a third-party customer at the Partnership’s Stroud Terminal; the new customer is entering into the agreement as a trial period to test the Stroud Terminal as a destination for its waxy crude oil production out of the Uinta Basin “During the second quarter, we remained focused on existing and new commercial opportunities at the Partnership’s Hardisty and Stroud terminals and our DRUbitTM by RailTM network, and we remain optimistic that this focus will lead to longer-term, take-or-pay commitments with our new and existing customers, in the

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Source: SEC EDGAR

accession 0001610682-23-000034

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