USD Partners LP has announced its operating and financial results for the three and nine months ended September 30, 2021.
“During the third quarter, we were excited to announce that construction of the Sponsor’s Diluent Recovery Unit, or DRU, and its destination facility at Port Arthur were completed,” said Dan Borgen, the partnership’s chief executive officer.
He added: “Both the DRU and the Port Arthur Terminal are now operating in the start-up phase, and throughput volumes are consistent with contractual obligations and our customer’s expectations. As mentioned previously, our DRUbit™ by Rail™ network has already enhanced the sustainability and quality of the partnership’s cash flows by significantly increasing the tenor of three terminalling services agreements at the Partnership’s Hardisty terminal, representing approximately 32 percent of the terminal’s capacity, through 2031.
“In addition, our DRUbit™ by Rail™ network provides transportation safety and environmental benefits to our customers, as well as increased market access and additional jobs along the rail routes.”
Financial highlights with respect to the third quarter of 2021 include the following:
- Generated Net Cash Provided by Operating Activities of $11.0 million, Adjusted EBITDA (of $12.3 million and Distributable Cash Flow of $10.7 million.)
- Reported Net Income of $3.8 million
- Amended and extended existing revolving credit agreement, extending the maturity date by one year to November 2, 2023
- Increased quarterly cash distribution to $0.1185 per unit ($0.474 per unit on an annualized basis) with over 3.0x Distributable Cash Flow Coverage(2)
Borgen added: “We look forward to keeping our investors updated with future announcements regarding the DRU.”
For more information visit usdpartners.com
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