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, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
OMS Energy Files for IPO, Reports Revenue Growth
2024-11-06 - Singapore-based OMS Energy, a wellhead system manufacturer, has not yet determined its price range and number of shares.
Quantum Raises $10B for Oil, Gas, Midstream, Energy Transition
2024-10-29 - Quantum Capital Group raised $5.25 billion for its private equity flagship, Quantum Energy Partners VIII. A source told Hart Energy that most of the firm’s capital has gone into oil and gas because it offers the best risk-adjusted returns.