USD Partners Announces Reduction of Quarterly Distribution as Prudent Measure to Reduce Debt and Releases First Quarter 2020 Earnings Date
USD PARTNERS LP (USDP)
US:NYSE Investor Relations:
investor.usdpartners.com
Company Research
Source: Business Wire
HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner has declared a quarterly cash distribution of $0.111 per unit for the first quarter of 2020 ($0.444 per unit on an annualized basis), representing a 70% decrease from the prior quarter’s distribution. The distribution is payable on May 15, 2020, to unitholders of record at the close of business on May 5, 2020.“The Board has made a proactive decision to strengthen our financial position by reducing our quarterly distribution and redeploying certain free cash flow to opportunistically pay down debt. Given the current uncertainty in the energy industry, we believe this is a prudent initiative which will enhance long-term value for all stakeholders,” said Dan Borgen, Chief Executive Officer and President. “With our strong contract structure and counterparty credit profile, we have historically been able to manage through down cycles and believe
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