USD Partners LP Business Summary

USD Partners LP (USDP) historically operated as a fee-based master limited partnership (MLP) providing midstream infrastructure and logistics solutions, primarily for Western Canadian heavy crude oil and biofuels. The company generated revenue through two primary business segments: Terminalling Services, which utilized take-or-pay contracts for railcar loading and storage, and Fleet Services, which provided leased railcars and related logistics. However, as of March 2026, the partnership has ceased all operations and is in the final stages of a court-mandated liquidation and wind-down. Following the April 2025 sale of its final operating asset, the Hardisty Rail Terminal, to satisfy lender obligations, the company initiated the cancellation of its equity and the distribution of final Schedule K-1 tax forms to unitholders. In its active years, USDP competed directly with major midstream infrastructure providers such as Gibson Energy, Keyera Corporation, and Enbridge, positioning itself as a flexible "virtual pipeline" provider that bridged takeaway constraints in the North American energy corridor. Leadership is currently centered on the management team of its sponsor, USD Group LLC, which is overseeing the partnership's dissolution. The team is led by Co-founder, Chairman, and CEO Dan Borgen, a veteran of the energy and investment banking sectors with over 30 years of experience. Key executive roles include Kyle Schornick, who serves as Senior Vice President and Chief Financial Officer (promoted in February 2024), and Joshua Ruple, the Executive Vice President and Chief Operating Officer. The board of directors includes notable figures such as Adam Altsuler and Lieutenant General Leslie Smith (Ret.). USD Group LLC, the controlling entity, maintains a high-pedigree investor base that includes Goldman Sachs and Energy Capital Partners, alongside employee ownership. This leadership group has managed the strategic pivot from a growth-oriented MLP to a liquidating entity following the structural shifts in the Canadian crude-by-rail market.