Company Overview

USD Partners LP is a U.S.-based master limited partnership that owns and operates midstream infrastructure assets focused primarily on rail-based logistics for crude oil, renewable fuels, and other energy-related products. The company has historically operated within the energy infrastructure and transportation sectors, generating revenue through long-term, fee-based terminal services agreements and logistics contracts. Its operations have centered on facilitating the movement, storage, and transloading of petroleum and renewable fuel products between rail networks, pipelines, storage systems, and downstream markets.

The partnership was formed by USD Group LLC and completed its initial public offering in 2014. Over time, the company expanded its portfolio of rail terminals and logistics assets, particularly in North American energy-producing regions. USD Partners became known for its exposure to crude-by-rail infrastructure during periods of constrained pipeline capacity and later positioned parts of its business toward renewable fuels and low-carbon logistics opportunities. Public disclosures indicate that the company’s strategic positioning relied on long-term customer contracts, rail connectivity, and specialized terminal infrastructure.

Business Operations

USD Partners historically generated the majority of its revenue through its terminalling and storage services segment, which included rail-to-storage and storage-to-pipeline transloading operations. Key assets included crude oil rail terminals and related logistics infrastructure, particularly the Hardisty Rail Terminal in Alberta, Canada, which has been one of the partnership’s most significant assets. The company’s operations also included renewable fuel logistics and related infrastructure services tied to rail transportation networks. Revenue was primarily derived from take-or-pay style agreements and throughput fees under multi-year customer contracts.

The partnership operated in both the United States and Canada, with infrastructure connected to major North American rail systems and energy transportation corridors. USD Partners relied on specialized loading, unloading, blending, and storage technologies associated with bulk liquid transportation. The partnership maintained relationships with energy producers, refiners, traders, and transportation providers. Public filings also identified USD Group LLC as an important affiliated entity involved in development and sponsorship activities connected to the partnership’s infrastructure platform.

Strategic Position & Investments

USD Partners pursued a strategy focused on infrastructure assets capable of serving changing North American energy transportation needs. Historically, the company invested in rail logistics facilities designed to provide market access flexibility for crude oil producers during periods of pipeline congestion. In later years, management publicly discussed increasing exposure to renewable fuels and lower-carbon fuel supply chains, reflecting broader industry shifts toward energy transition-related infrastructure.

One of the partnership’s most notable strategic assets was the Hardisty Rail Terminal, which was developed to support large-scale crude-by-rail exports from Western Canada. The company also pursued commercial agreements and infrastructure optimization initiatives intended to improve utilization and cash flow stability. Public information indicates that USD Partners evaluated opportunities tied to renewable diesel and biofuel logistics, though the scale and long-term impact of these initiatives were subject to evolving market conditions. Data inconclusive based on available public sources regarding the extent of future expansion projects beyond disclosed operational assets.

Geographic Footprint

USD Partners’ operations were concentrated in North America, with activities primarily located in the United States and Canada. The partnership maintained its headquarters in Houston, Texas, while its major infrastructure footprint included assets connected to Canadian crude oil production regions and U.S. refining and transportation markets. The company’s logistics network relied heavily on access to major rail corridors and energy transportation hubs.

The partnership’s most strategically important geographic exposure was tied to Western Canada, particularly Alberta’s oil sands region, through the Hardisty Rail Terminal. USD Partners also maintained relationships with customers and transportation providers serving Gulf Coast and Midwestern refining markets in the United States. Its market presence reflected the broader integration of North American energy supply chains and cross-border crude oil transportation systems.

Leadership & Governance

USD Partners was sponsored by USD Group LLC, which played a foundational role in the development and governance of the partnership. The company operated under a leadership structure common to publicly traded master limited partnerships, with executive management overseeing operations, commercial strategy, finance, and infrastructure development. Leadership communications in public filings emphasized disciplined capital allocation, long-term contracted cash flows, and operational reliability as central elements of the partnership’s strategic approach.

Key executives and leadership figures identified in public filings and company disclosures included:

• Dan Borgen – Chief Executive Officer
• Elias Colunga – Chief Financial Officer
• Brad Sanders – Chief Operating Officer
• Leonard Mallett – Chairman of the Board
• James Albertson – Executive Vice President, Commercial

Leadership statements in public disclosures consistently highlighted infrastructure optimization, customer contract stability, and adaptation to evolving North American energy transportation dynamics as core strategic priorities.