USD Partners LP (USDP) Reports Q1 Revenues Miss

USD Partners LP (NYSE: USDP) reported Q1 revenue for the quarter came in at $30.21 million versus the consensus estimate of $34.19 million.

“During the first quarter, we made the difficult decision to proactively strengthen our balance sheet by reducing our quarterly distribution in order to divert some of our free cash flow towards paying down debt,” said Dan Borgen, the Partnership’s Chief Executive Officer. “Given the current uncertainty in the energy industry, we believe this is a prudent initiative which will enhance long-term value for our unitholders. The Partnership’s terminals continue to perform well under our long-term, take-or-pay contracts and we continue to be excited about our Sponsor’s previously announced diluent recover unit (“DRU”) project, which we expect will be placed into service in the second quarter of 2021. As a reminder, the Partnership executed long-term, multi-year renewals for the remaining capacity at its Hardisty Terminal with a subsidiary of ConocoPhillips, a portion of which will extend beyond 2030 pending the successful construction and completion of the DRU. We look forward to updating the market about the progress of our DRU project over the next several months.”

For earnings history and earnings-related data on USD Partners LP (USDP) click here.

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