USD Partners Commences Operations at Stroud Destination Terminal Near Cushing, Oklahoma
October 16 2017 - 6:55AM
Business Wire
USD Partners LP (NYSE:USDP) (the “Partnership”) announced today
the successful commencement of operations at its destination
terminal in Stroud, Oklahoma (the “Stroud terminal”) on October 1,
2017. The planned retrofit work necessary to handle heavier grades
of crude oil at the terminal was completed on time and under the
Partnership’s initial budget.
“We are very proud to have successfully commissioned this
project,” said Alexandra Batycky, Associate Director of USD Group
LLC (“USD”) and the project leader for the retrofit work on behalf
of the Partnership. “Our ability to deliver on time and under
budget is a testament to the dedication, collaboration, and
execution by the various stakeholders involved including our
customer, the railroads and USD.”
The Stroud terminal provides a destination point for
rail-to-pipeline shipments of heavy crude oil from the
Partnership’s Hardisty terminal in Western Canada and provides
connectivity to one of the largest crude oil storage hubs in North
America. The direct origin-to-destination rail solution provided by
the Partnership’s terminals also preserves the specific quality of
product delivered into Cushing, protecting potential value for
customers.
Approximately 50% of the Stroud terminal’s current capacity is
available and actively being marketed to meet the takeaway needs of
current and future customers.
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 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.
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 Permian Basin and the U.S. Gulf
Coast. Among other projects, USDG is currently pursuing the
development of a premier energy logistics terminal on the Houston
Ship Channel with substantial tank storage capacity, 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.
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 ability to market the remaining capacity at the
Stroud terminal. Words and phrases such as “is expected,” “is
planned,” “believes,” “projects,” 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 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171016005423/en/
USD Partners LPJim Albertson, 587-349-9670Vice President,
Commercial Development, Canadajalbertson@usdg.comorAdam Altsuler,
281-291-3995Vice President, Chief Financial
Officeraaltsuler@usdg.comorAshley Means Zavala,
281-291-3965Director, Finance & Investor
Relationsazavala@usdg.com
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