USD Partners LP Announces First Quarter 2019 Results

USD Partners LP (NYSE: USDP) (the "Partnershipa??) announced today its
operating and financial results for the three months ended March 31,
2019. Financial highlights with respect to the first quarter of 2019
include the following:

Generated Net Cash Provided by Operating Activities of $10.2 million,
Adjusted EBITDA(1) of $11.5A million and Distributable Cash
Flow of $8.4 million

Reported Net Income of $1.3 million

Increased quarterly cash distribution to $0.3625 per unit ($1.45 per
unit on an annualized basis), delivering distribution growth of 0.7%
over the prior quarter and 2.8% over the first quarter of 2018

Ended quarter with $181 million of available liquidity

"We are pleased to announce our sixteenth consecutive quarterly
distribution increase, which is consistent with our previously stated
2019 distribution guidance,a?? said Dan Borgen, the Partnershipa??s Chief
Executive Officer. "As we mentioned on our fourth quarter earnings call,
we look forward to transitioning into the second half of this year, when
the higher rates from our recently extended terminalling services
agreements will begin to show up in our financial results. In addition,
the forward curves today show the spread between a Western Canadian
Select and a West Texas Intermediate barrel of crude oil widening to
levels that should incentivize our customers to fully utilize the
capacity at our terminals.a??

First Quarter 2019 Liquidity, Operational and Financial Results

Substantially all of the Partnershipa??s cash flows are generated from
multi-year, take-or-pay terminalling services agreements related to its
crude oil terminals, which include minimum monthly commitment fees. The
Partnershipa??s customers include major integrated oil companies, refiners
and marketers, the majority of which are investment-grade rated.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Февраль 2020    »