USD Partners' Hardisty Rail Terminal in Alberta, Canada, loads different grades of Canadian crude oil from the Western Canada Sedimentary Basin onto rail cars. (Source: Shutterstock)
Houston-based USD Partners has reached a forbearance agreement with its lenders and administrative agent requiring the sale of the company’s Hardisty Rail Terminal in Alberta, Canada, before the end of the year.
USD announced the agreement through a press release on June 25. A forbearance agreement is a temporary postponement of loan payments granted by a lender instead of forcing the borrower into foreclosure or default. With creditors' approval, the facility's sale deadline may be extended into January 2025.
According to the release, USD has also agreed to an operations budget approved by the lenders’ administrative agent.
The Hardisty is one of three assets USD lists on the company’s website, along with the Stroud Terminal in Oklahoma and a railcar fleet.
In operation since 2014, the Hardisty is an origination terminal where different grades of Canadian crude oil from the Western Canada Sedimentary Basin are loaded onto rail cars.
The terminal is financed by a long-term take-or-pay contract to load diluent recovery unit (DRU) volumes.
Recommended Reading
Microseismic Tech Breaks New Ground in CO2 Storage
2025-01-02 - Microseismic technology has proved its value in unconventional wells, and new applications could enable monitoring of sequestered CO2 and facilitate geothermal energy extraction.
Pioneer Energy’s Tech Offers More Pad Throughput, Fewer Emissions
2025-01-14 - Pioneer Energy’s Emission Control Treater technology reduces emissions and can boost a well’s crude yield by 5% to10%, executives say.
2024 E&P Meritorious Engineering Awards for Innovation
2024-11-12 - Hart Energy’s MEA program highlights new products and technologies demonstrating innovations in concept, design and application.
Halliburton Secures Drilling Contract from Petrobras Offshore Brazil
2025-01-30 - Halliburton Co. said the contract expands its drilling services footprint in the presalt and post-salt areas for both development and exploration wells.
Small Steps: The Continuous Journey of Drilling Automation
2024-12-26 - Incremental improvements in drilling technology lead to significant advancements.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.