USD Partners LP completed its $225 million acquisition of the Casper, Wyo., crude oil terminal, the company said Nov. 17.
The Casper terminal assets include a unit train-capable rail loading terminal, 900,000 barrels of tank capacity for storage and blending operations and a pipeline connection from Spectra Energy Partners LP’s Express crude oil pipeline, currently the primary source of crude oil delivered to the terminal.
The Casper terminal is supported by take-or-pay contracts and will probably contribute about $26 million of adjusted EBITDA in 2016 based on minimum contracted payments, USD said.
USD also said that on Nov. 13, the senior secured credit agreement was amended, increasing borrowing capacity to $400 million. Goldman Sachs Bank USA was added to the bank group of lenders. The ability to request an additional $100 million of incremental revolving credit facility commitments was also reset, but all other terms and conditions of the agreement remain unchanged.
USD Partners LP is based in Houston.
Recommended Reading
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.