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Usd Partners Lp (USDP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Usd Partners Lp

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CIK: 1610682 Ticker: USDP

Exhibit 99.1
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March 6, 2019
USD Partners LP Announces Fourth Quarter and Full Year 2018 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, 2018. Financial highlights with respect to the fourth quarter of 2018 include the following:
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Generated Net Cash Provided by Operating Activities of $12.9 million, Adjusted EBITDA of $13.7 million and Distributable Cash Flow of $10.9 million
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Reported Net Income of $1.9 million
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Increased quarterly cash distribution to $0.36 per unit ($1.44 per unit on an annualized basis), delivering distribution growth of 4.0% for the full year 2018
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Ended quarter with $181.8 million of available liquidity and distribution coverage of 1.1x
“2018 was a very successful year for the Partnership,” said Dan Borgen, the Partnership’s Chief Executive Officer. “Over the last twelve months, we re-contracted approximately 80% of the Hardisty terminal’s current cash flows, on an annualized basis, at meaningfully higher terminal rates; we re-financed and extended our revolving credit facility; we’ve grown our quarterly distribution consistent with our previous guidance; and we announced an accretive growth project at our Casper Terminal. In addition, our sponsor has completed the construction of the Hardisty South expansion and we were excited to see that facility go into service in January of this year.”
“Given our recent momentum in re-contracting, supported by multi-year, take-or-pay agreements with primarily investment grade customers, we expect to deliver annualized, mid-single digit distribution growth for the full-year 2019 relative to the full-year 2018, subject to the successful re-contracting of our remaining Hardisty and Stroud capacity and the successful execution of our previously-announced organic growth project at Casper,” said Mr. Borgen.
Market Update
During 2018, oil sands production facilities returned to normal operating levels and new production capacity was and continues to be brought online. Western Canadian crude oil supplies exceeded available pipeline takeaway capacity, resulting in higher apportionment on export pipelines and historically high storage levels. As a result, pricing of Western Canadian Select, or WCS, crude oil fell significantly relative to key benchmarks. This resulted in a substantial increase in customer activity at the Partnership’s Hardisty origination terminal, as strategically-located rail capacity has provided an export outlet for growing oil sands production. In this environment, strategically-located rail terminals, such as the Partnership’s Hardisty, Casper and Stroud terminals, deliver critical takeaway and destination capacity and can preserve substantial value for Western Canadian crude oil.
During the first quarter of 2019 to date, the WCS to West Texas Intermediate, or WTI, crude oil spread has narrowed. We believe the narrowing in the pricing spread is largely the result of the Alberta Government’s announcement in December 2018 to curtail crude oil and bitumen production by 325,000 barrels per day beginning January 1, 2019. The Alberta Government’s objective is to reduce storage levels to a targeted level to ensure more economical prices for a barrel of WCS. On January 31, 2019, the Alberta Government

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The following information was filed by Usd Partners Lp (USDP) on Thursday, March 7, 2019 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.

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Inside Usd Partners Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Partners' Capital
Accounts Receivable
Accounts Receivable (Details)
Collaborative Arrangement
Collaborative Arrangement (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Operating Leases (Details)
Commitments And Contingencies - Rail Service Agreements (Details)
Commitments And Contingencies - Rental Income (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Capacity On Credit Facility (Details)
Debt - Schedule Of Interest Expense (Details)
Debt - Schedule Of Long-Term Debt (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Balance Sheet (Details)
Derivative Financial Instruments - Fair Value (Details)
Derivative Financial Instruments - Interest Rate Contract (Details)
Derivative Financial Instruments - Loss (Gain) On Derivative Instruments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Income Tax And Effective Tax Reconciliation (Details)
Income Taxes - Schedule Of Deferred Tax Assets (Details)
Income Taxes - Schedule Of Income (Loss) Before Income Taxes And Reconciliation Between Interest Expense (Details)
Major Customers And Concentration Of Credit Risk
Major Customers And Concentration Of Credit Risk (Details)
Major Customers And Concentration Of Credit Risk (Tables)
Net Income Per Limited Partner And General Partner Interest
Net Income Per Limited Partner And General Partner Interest (Tables)
Net Income Per Limited Partner And General Partner Interest - Distributions To Limited And General Partners (Details)
Net Income Per Limited Partner And General Partner Interest - Schedule Of Earnings Per Units By Class (Details)
Nonconsolidated Variable Interest Entities
Nonconsolidated Variable Interest Entities (Details)
Nonconsolidated Variable Interest Entities (Tables)
Organization And Description Of Business
Organization And Description Of Business (Tables)
Organization And Description Of Business - General (Details)
Partners' Capital
Partners' Capital (Details)
Partners' Capital (Tables)
Partners' Capital - Schedule Of Stock Issuances (Details)
Property And Equipment
Property And Equipment - Asset Purchase (Details)
Property And Equipment (Details)
Property And Equipment (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Restricted Cash
Restricted Cash (Details)
Restricted Cash (Tables)
Revenues (Tables)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Revenues - Remaining Performance Obligation (Details)
Revenues Revenues
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Reconciliation Of Adjusted Ebitda (Details)
Segment Reporting - Reportable Segment (Details)
Segment Reporting - Revenue And Assets By Geographic Area (Details)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Distribution To Partners (Details)
Subsequent Events - Long-Term Incentive Plan (Details)
Subsequent Events - Revolving Credit Facility (Details)
Subsequent Events - Subordinated Units (Details)
Subsequent Events - Vesting Of Class A Units (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Effect Of Topic 606 Adoption (Narrative) (Details)
Summary Of Significant Accounting Policies - Effect Of Topic 606 Adoption On Balance Sheets (Details)
Summary Of Significant Accounting Policies - Effect Of Topic 606 Adoption On Cash Flow Statements (Details)
Summary Of Significant Accounting Policies - Effect Of Topic 606 Adoption On Income Statement (Details)
Summary Of Significant Accounting Policies - Effect On Partners' Capital (Details)
Summary Of Significant Accounting Policies - Fair Value Measurements (Details)
Summary Of Significant Accounting Policies - Goodwill (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Transactions With Related Parties
Transactions With Related Parties (Tables)
Transactions With Related Parties - Cash Distributions (Details)
Transactions With Related Parties - Contribution Of Capital At Te Stroud Terminal (Details)
Transactions With Related Parties - Indemnification (Details)
Transactions With Related Parties - Nature Of Relationship (Details)
Transactions With Related Parties - Omnibus Agreement (Details)
Transactions With Related Parties - Related Party Revenue And Deferred Revenue (Details)
Transactions With Related Parties - Schedule Of Deferred Revenue, Current Portion - Related Party (Details)
Transactions With Related Parties - Variable Interest Entities (Details)
Unit Based Compensation
Unit Based Compensation (Tables)
Unit Based Compensation - Class A Units (Details)
Unit Based Compensation - Class A Units (Narrative) (Details)
Unit Based Compensation - Long-Term Incentive Plan (Details)
Ticker: USDP
CIK: 1610682
Form Type: 10-K Annual Report
Accession Number: 0001610682-19-000054
Submitted to the SEC: Thu Mar 07 2019 11:28:12 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: Railroad Switching And Terminal Establishments

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