USD Partners Announces Quarterly Distribution Increase, Full-Year Distribution Guidance & Its First Quarter 2021 Earnings Rel...
April 22 2021 - 4:26PM
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 $0.1135 per unit for the first
quarter of 2021 ($0.454 per unit on an annualized basis),
representing an increase of $0.0025 per unit, or 2.25% over the
distribution declared for the fourth quarter of 2020. The
distribution is payable on May 14, 2021, to unitholders of record
at the close of business on May 5, 2021.
In addition, the Partnership announced today that Management
intends to recommend to the Board of Directors of its general
partner to increase its quarterly cash distribution per unit by an
additional $0.0025 per quarter for the second, third and fourth
quarters in 2021.
First Quarter 2021 Earnings Release Date and Conference Call
Information
The Partnership plans to report first quarter 2021 financial and
operating results after market close on Wednesday May 5, 2021. The
Partnership will host a conference call and webcast regarding first
quarter 2021 results at 11:00 a.m. Eastern Time (10:00 a.m. Central
Time) on Thursday, May 6, 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 (877)
266-7551 domestically or +1 (339) 368-5209 internationally,
conference ID 4593597. 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) 585-8367 domestically or +1 (404)
537-3406 internationally, conference ID 4593597. 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 (“USDG”) 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, refiners and marketers. 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.
USDG, 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. USDG 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, USDG, along with its partner Gibson Energy, Inc.,
is pursuing long-term solutions to transport heavier grades of
crude oil produced in Western Canada through the construction of a
Diluent Recovery Unit at the Hardisty terminal. USDG 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 USDG’s website is
not part of this press 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 first
quarter 2021 cash distribution, the Partnership’s full-year 2021
cash distribution guidance and the business prospects of the
Partnership and USDG. No distribution amount is finally determined
until declared by the Board of Directors of the Partnership’s
general partner. Words and phrases such as “plans,” “expects,”
“will,” “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, USDG’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/20210422006100/en/
Investor Relations Contacts: Adam Altsuler, (281)
291-3995 Senior Vice President and Chief Financial Officer
Jennifer Waller, (832) 991-8383 Director, Financial Reporting
and Investor Relations
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