USD Partners LP Announces Fourth Quarter and Full Year 2015 Results
Houston, TX - USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three and twelve months ended December 31, 2015. Highlights with respect to the fourth quarter of 2015 include the following:
Acquired strategically-located and complementary crude oil terminal with 900,000 barrels of storage capacity in Casper, Wyoming, for approximately $225 million
Increased borrowing capacity by $100 million to a total of $400 million under its senior secured credit agreement
Increased quarterly cash distribution to $0.30 per unit ($1.20 per unit on an annualized basis)
Reported Adjusted EBITDA of $12.8 million and Distributable Cash Flow of $10.3 million
Reported Net Income of $6.7 million
Ended quarter with approximately $168 million of available liquidity
“The Partnership’s high quality and predictable cash flows, enhanced by our recent Casper terminal acquisition, enable us to stay focused on the opportunities ahead,” said Dan Borgen, the Partnership’s Chief Executive Officer. “We are pleased with the performance of our assets, our safety record and our ability to deliver growth to our unitholders in 2015.”
Terminalling Services Segment
For the fourth quarter of 2015, the Partnership’s Terminalling services segment generated Adjusted EBITDA of approximately $13.8 million and Income from Continuing Operations of approximately $9.0 million. The Partnership’s Terminalling services segment includes the Hardisty, Casper, San Antonio and West Colton terminals. Fourth quarter results include a partial quarter contribution from the Casper terminal acquisition which closed on November 17, 2015.
Substantially all of the capacity at the Partnership’s Hardisty terminal is contracted under multi-year, take-or-pay terminal services agreements that extend through mid-2019. All of the terminal services agreements have renewal options and are subject to inflation-based escalators. Approximately 83% of the Hardisty terminal’s utilization is contracted with subsidiaries of five investment grade companies that include major integrated oil companies, refiners and marketers.
The Partnership’s Adjusted EBITDA for the fourth quarter of 2015 includes a net adjustment of $(0.6) million associated with deferred revenues. The adjustment includes cash receipts in excess of charges implied by actual throughput during the quarter, reduced by amounts related to the recognition of previously deferred revenue, as well as adjustments for corresponding pipeline fees payable to Gibson Energy, which are recognized as an expense concurrently with the recognition of revenue.
The following information was filed by Usd Partners Lp (USDP) on Thursday, March 10, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Usd Partners Lp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Usd Partners Lp.
Ticker: USDP CIK: 1610682 Form Type:10-K Annual Report Accession Number: 0001610682-16-000157 Submitted to the SEC: Thu Mar 10 2016 4:46:18 PM EST Accepted by the SEC: Thu Mar 10 2016 Period: Thursday, December 31, 2015 Industry: Railroad Switching And Terminal Establishments