USD Partners Announces Quarterly Distribution Increase and its Third Quarter 2021 Earnings Release Date
October 21 2021 - 4:35PM
Business Wire
USD Partners LP (NYSE: USDP) (the “Partnership”) announced today
that the Board of Directors of its general partner declared a
quarterly cash distribution of $0.1185 per unit for the third
quarter of 2021 ($0.474 per unit on an annualized basis),
representing an increase of $0.0025 per unit, or 2.2% over the
distribution declared for the second quarter of 2021. The quarterly
increase is in-line with management’s previously stated guidance.
The distribution is payable on November 12, 2021, to unitholders of
record at the close of business on November 3, 2021.
Third Quarter 2021 Earnings Release Date and Conference Call
Information
The Partnership plans to report third quarter 2021 financial and
operating results after market close on Tuesday, November 2, 2021.
The Partnership will host a conference call and webcast regarding
third quarter 2021 results at 11:00 a.m. Eastern Time (10:00 a.m.
Central Time) on Wednesday, November 3, 2021.
To listen live over the Internet, participants are advised to
log on to the Partnership’s website at www.usdpartners.com and
select the “Events & Presentations” sub-tab under the
“Investors” tab. To join via telephone, participants may dial (866)
342-8591 domestically or +1 (203) 518-9713 internationally,
conference ID 2035204. Participants are advised to dial in at least
five minutes prior to the call.
An audio replay of the conference call will be available for
thirty days by dialing (800) 839-4514 domestically or +1 (402)
220-2680 internationally, conference ID 2035204. In addition, a
replay of the audio webcast will be available by accessing the
Partnership's website after the call is concluded.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited
partnership formed in 2014 by US Development Group, LLC (“USD”) to
acquire, develop and operate midstream infrastructure and
complementary logistics solutions for crude oil, biofuels and other
energy-related products. The Partnership generates substantially
all of its operating cash flows from multi-year, take-or-pay
contracts with primarily investment grade customers, including
major integrated oil companies and refiners. The Partnership’s
principal assets include a network of crude oil terminals that
facilitate the transportation of heavy crude oil from Western
Canada to key demand centers across North America. The
Partnership’s operations include railcar loading and unloading,
storage and blending in on-site tanks, inbound and outbound
pipeline connectivity, truck transloading, as well as other related
logistics services. In addition, the Partnership provides customers
with leased railcars and fleet services to facilitate the
transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is
engaged in designing, developing, owning, and managing large-scale
multi-modal logistics centers and energy-related infrastructure
across North America. USD’s solutions create flexible market access
for customers in significant growth areas and key demand centers,
including Western Canada, the U.S. Gulf Coast and Mexico. Among
other projects, USD, along with its partner Gibson Energy, Inc., is
progressing on a long-term solution to transport heavier grades of
crude oil produced in Western Canada to the U.S Gulf Coast through
a Diluent Recovery Unit at the Hardisty Terminal and USD’s
destination terminal in Port Arthur, Texas. Both projects are
currently operating in the start-up phase. USD is also currently
pursuing the development of a premier energy logistics terminal on
the Houston Ship Channel with capacity for substantial tank
storage, multiple docks (including barge and deepwater), inbound
and outbound pipeline connectivity, as well as a rail terminal with
unit train capabilities. For additional information, please visit
texasdeepwater.com. Information on websites referenced in this
release is not part of this release.
Qualified Notice to Nominees
This release serves as qualified notice to nominees as provided
for under Treasury Regulation Section 1.1446-4(b)(4) and (d).
Please note that we believe that 100 percent of the Partnership’s
distributions to foreign investors are attributable to income that
is effectively connected with a United States trade or business.
Accordingly, all of the Partnership’s distributions to foreign
investors are subject to federal income tax withholding at the
highest effective tax rate for individuals or corporations, as
applicable. Nominees, and not the Partnership, are treated as
withholding agents responsible for withholding distributions
received by them on behalf of foreign investors.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws, including statements
with respect to the amount and timing of the Partnership’s third
quarter 2021 cash distribution and the business prospects of the
Partnership and USD. Words and phrases such as “plans,” “expects,”
“will,” “progressing on,” “pursuing,” and similar expressions are
used to identify such forward-looking statements. However, the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements relating to the
Partnership are based on management’s expectations, estimates and
projections about the Partnership, its interests, USD’s projects
and the energy industry in general on the date this press release
was issued. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. The current economic
downturn and pandemic introduces unusual risks and an inability to
predict all risks that may impact the Partnership’s business and
outlook. Therefore, actual outcomes and results may differ
materially from what is expressed or forecast in such
forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include those as set forth under the
heading “Risk Factors” in the Partnership’s most recent Annual
Report on Form 10-K and in its subsequent filings with the
Securities and Exchange Commission. The Partnership is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
Category: Earnings
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version on businesswire.com: https://www.businesswire.com/news/home/20211021006067/en/
Investor Relations Contacts:
Adam Altsuler, (281) 291-3995 Executive Vice President and Chief
Financial Officer
Jennifer Waller, (832) 991-8383 Director, Financial Reporting
and Investor Relations
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