USD Partners Commences Operations at Stroud Destination Terminal Near Cushing, Oklahoma
HOUSTON–(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.
Contacts
USD Partners LP
Jim Albertson, 587-349-9670
Vice President,
Commercial Development, Canada
[email protected]
or
Adam
Altsuler, 281-291-3995
Vice President, Chief Financial Officer
[email protected]
or
Ashley
Means Zavala, 281-291-3965
Director, Finance & Investor Relations
[email protected]
