What USD Partners LP does

USD Partners LP was a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (USD Group) to acquire, develop, and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels, and other energy-related products. The partnership operated a network of crude oil terminals in Western Canada and North America that facilitated transportation of heavy crude oil from Western Canada to key demand centers across the continent. Service offerings included railcar loading and unloading, storage, inbound and outbound pipeline connectivity, truck transloading, and leased railcars with fleet services for liquid hydrocarbons. USD Partners was publicly traded on the OTC market under ticker USDP, headquartered at 811 Main, Suite 2800, Houston, Texas, and controlled by USD Group through its general partner.

The partnership pioneered the hydrocarbon-by-rail concept for transporting liquid hydrocarbons over long distances and co-owned (with Gibson Energy Inc.) the Diluent Recovery Unit (DRU) adjacent to its Hardisty rail terminal, which enabled recovery of diluent from heavy crude to support shipper economics. Revenue was generated under multi-year, take-or-pay contracts with primarily investment-grade customers, comprising major integrated oil companies, refiners, and marketers; the partnership effectively served as a contracted logistics intermediary rather than a commodity price-taker.

Following the sale of the Stroud rail terminal in April 2024 and the Hardisty Rail Terminal in April 2025 (its last remaining operating asset, divested after a June 2024 Forbearance Agreement with lenders due to failure to satisfy credit milestones), with approximately $169.9 million of borrowings outstanding under its credit facility as of May 2024, the partnership ceased operations on December 31, 2025, announced its intention to cancel equity, and requested FINRA to halt trading of remaining units. Unitholders will not receive any payments or distributions upon wind-down, which is targeted for completion as early as January 1, 2026.

Name

USD Partners LP

Legal name

USD Partners LP

Website

https://usdpartners.com

Company type

Public

Founded year

2014

Operating status

Closed

Short description

USD Partners LP was a fee-based master limited partnership operating crude oil rail terminals and integrated logistics across North America for oil majors, refiners, and marketers under take-or-pay contracts. Ceased operations in December 2025 and entered wind-down.

Ownership category

akta.pro rank

Product category

Midstream Energy Logistics Services

NAICS

Petroleum Bulk Stations and Terminals (424710)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Liquid Bulk Petroleum Terminals (Crude, Refined Products) (TLAHABAH)

akta.pro secondary industries

Crude Oil & Petroleum Products Tanker Transport (TLADALAA), Truck Transportation of Crude, Refined Products & LPG (Bulk Road Haulage) (EUALADAJ)

Keywords

• Midstream logistics services
• Crude oil terminals
• Railcar fleet services
• Hydrocarbon rail transport
• Diluent recovery systems

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others

Revenue model

1. Terminal Services and Logistics Fees: Fee-based revenue generated from railcar loading and unloading, storage, pipeline connectivity, truck transloading, and other related logistics services at crude oil terminals. Revenue is generated under multi-year, take-or-pay contracts with primarily investment grade customers.
2. Railcar Fleet Services: Revenue from providing customers with leased railcars and fleet management services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

USD Partners LP operated a network of crude oil terminals providing midstream infrastructure and complementary logistics solutions for crude oil, biofuels, and other energy-related products. Services included railcar loading and unloading, storage, inbound and outbound pipeline connectivity, truck transloading, and leased railcars with fleet management. The Partnership generated fee-based revenue under multi-year, take-or-pay contracts with primarily investment-grade customers, facilitating transportation of heavy crude oil from Western Canada to key demand centers across North America.

Product overview

USD Partners LP was a fee-based, growth-oriented master limited partnership offering midstream infrastructure and complementary logistics solutions for crude oil, biofuels, and other energy-related products. The company operated a network of crude oil terminals (including Hardisty Rail Terminal and Stroud Rail Terminal) that facilitated transportation of heavy crude oil from Western Canada to key demand centers across North America. Services included railcar loading and unloading, storage, inbound and outbound pipeline connectivity, truck transloading, and leased railcars with fleet services. The company also had involvement in the Diluent Recovery Unit (DRU) technology for heavy oil processing. As of December 2025, the Partnership has ceased operations and is in the process of winding down and liquidating after selling all assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Terminals Network
• Railcar Loading and Unloading Services
• Railcar Leasing and Fleet Services
• Pipeline Connectivity Services
• Truck Transloading Services
• Storage Services
• Diluent Recovery Unit (DRU)

Quantifiable outcome

• Over 20 years of industry experience as pioneer in hydrocarbon-by-rail logistics

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Gibson Energy Inc.coreStrategic or Co-development Partner · 1 January 2014Gibson Energy Inc. is a co-owner of the Diluent Recovery Unit (DRU) with US Development Group, LLC. The DRU is located adjacent to USD Partners' Hardisty rail terminal and provides diluent recovery services for heavy crude oil transportation from Western Canada. The DRU was not part of the Hardisty Rail Terminal sale completed in April 2025.

Scale indicators5 records

Recent moves8 records

Broad incumbents

• Plains All American Pipeline: Plains All American operates extensive crude oil pipeline, terminal, and storage infrastructure across North America, including significant Western Canadian operations. It is comparable to USD Partners as a midstream crude oil logistics provider, though with a broader pipeline-focused asset base.
• Enterprise Products Partners L.P. Enterprise Products Partners is a major midstream MLP with diversified crude oil, NGL, natural gas, and petrochemical transportation and storage assets. Its crude oil terminal and pipeline operations are comparable to USD Partners' terminal-focused model, though it operates at much larger scale.
• Targa Resources Corp: Targa Resources is a large publicly traded midstream MLP with operations spanning natural gas processing, NGL transportation, and crude oil logistics. While much larger and more diversified than USD Partners, it is broadly comparable as a midstream infrastructure operator serving energy producers.
• Enbridge Inc. Enbridge operates the largest crude oil pipeline system in North America, including the mainline system transporting Western Canadian crude to U.S. refineries. It is broadly comparable as a major Western Canadian crude midstream operator, though with pipeline-focused operations.
• Holly Energy Partners: Holly Energy Partners operates petroleum product and crude oil pipelines, terminals, and storage facilities primarily serving refining operations. It is comparable as a fee-based midstream MLP with terminal and pipeline assets, though more focused on refined products logistics.
• Kinder Morgan, Inc. Kinder Morgan operates one of the largest energy infrastructure networks in North America, including crude oil and refined products terminals and pipelines. It is broadly comparable to USD Partners as a fee-based midstream infrastructure operator with multi-modal capabilities.
• NuStar Energy L.P. NuStar Energy operates pipelines, terminals, and storage facilities for crude oil, refined products, and renewable fuels across the U.S. It is comparable as a midstream MLP with terminal and storage operations, including intermodal capabilities.
• Pembina Pipeline Corporation: Pembina Pipeline is a major Canadian midstream company operating pipelines, terminals, and natural gas processing facilities across Western Canada. It is broadly comparable to USD Partners as a Western Canadian midstream infrastructure provider serving oil and gas producers.

Direct peers

• US Development Group (USD Group): USD Group is the parent company of USD Partners LP and operates large-scale multi-modal logistics centers for energy-related products across North America. It is directly comparable as the originator of the hydrocarbon-by-rail concept and the operator of the same type of midstream infrastructure as USD Partners.
• Gibson Energy Inc. Gibson Energy is a Canadian midstream infrastructure company focused on crude oil terminals, processing, and diluent recovery. It is a direct peer through its co-ownership of the DRU with USD Group and operates crude oil storage and terminal facilities in Western Canada serving the same heavy crude corridor as USD Partners.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about USD Partners LP