USD Partners LP (USDP): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at a company that's not planning for growth anymore; you're looking at the final chapter for USD Partners LP. As a seasoned analyst, I can tell you that seeing a firm execute a full strategic wind-down after selling its last operating asset in 2025 is rare, but it happens when debt management becomes the sole focus. Honestly, with a trailing twelve-month revenue of $71.79 Million ending October 2025, yet a market capitalization barely scraping $243.18K by November, the old marketing playbook is completely obsolte. So, let's break down the current 4Ps-Product, Place, Promotion, and Price-to see exactly how a midstream logistics player manages its exit while tackling approximately $196.96 million in debt. That's the real story here.

USD Partners LP (USDP) - Marketing Mix: Product

You're looking at the product element for USD Partners LP (USDP) as of late 2025, and honestly, the product offering is defined almost entirely by its cessation. The current 'product' is the managed process of exiting the business, not the ongoing delivery of midstream services.

• - Management of the strategic wind-down and dissolution process. The primary product activity is the execution of the strategic wind-down, following the sale of the Hardisty Rail Terminal, the last remaining operating asset, which was completed on April 10, 2025. The Partnership intends to take steps to wind down or dissolve following this final asset sale.
• - Residual cash flow from final asset sales and contract settlements. The final asset sale was the Hardisty Rail Terminal. Following this sale, the Partnership expected the lenders to terminate the revolving credit facility and write off the remaining debt balance. As a point of reference before the final sale, borrowings outstanding under the credit agreement were approximately $169.9 million as of May 2, 2024. Specific residual cash flow amounts available to unitholders post-dissolution are not publicly detailed in the latest available announcements.
• - Historical core: Fee-based midstream logistics for crude oil and biofuels. The historical product involved fee-based services, generating substantially all operating cash flow from multi-year, take-or-pay contracts. These services included railcar loading, storage, and related logistics for crude oil and biofuels. The Partnership was formed in 2014.
• - Minimal remaining railcar fleet services from the former Fleet Services segment. The Fleet Services segment historically provided customers with leased railcars and fleet services for transporting liquid hydrocarbons and biofuels under take-or-pay contracts. As of late 2025, this segment is effectively dormant or being settled as part of the dissolution, with no specific current fleet size provided post-asset sales.

To give you a clearer picture of the historical scope before the wind-down, here's a look at the structure that is now being liquidated:

The product's current state is entirely focused on the orderly conclusion of operations, which means the value proposition is now tied to the final realization of asset value and contract settlements to satisfy creditor obligations, rather than service delivery. Finance: draft 13-week cash view by Friday.

USD Partners LP (USDP) - Marketing Mix: Place

The 'Place' strategy for USD Partners LP (USDP) as of late 2025 reflects a transition away from physical asset distribution toward corporate wind-down activities, managed from its central office.

The corporate headquarters, which manages the final affairs of the Partnership, remains located at 811 Main, Suite 2800; Houston TX. 77002. Contact information associated with this location includes a phone number of P 281.291.0510 and a fax number of F 281.291.3990. This location is the base from which the entity manages its remaining obligations following the divestiture of its operating network.

Trading of the common units has been relegated to the Over-The-Counter (OTC) market. Following notification from the New York Stock Exchange (NYSE) on November 15, 2023, trading was suspended and proceedings to delist commenced, due to non-compliance with an NYSE listing requirement necessitating an average market capitalization of at least $15 million over a consecutive 30 trading-day period. The common units began trading on the OTC Pink Market under the ticker symbol USDP, effective November 16, 2023. As of late 2025, the stock is quoted on the OTC exchange, with a recent quote noted on December 2, 2025.

The distribution network, which historically involved physical assets, has been substantially dismantled. USD Partners LP completed the sale of the Hardisty Rail Terminal, identified as its last remaining operating asset, on April 10, 2025. This sale was a condition precedent to entering into a forbearance agreement with its lenders. Following this transaction, the Partnership confirmed it 'will have sold substantially all of its assets' and expects to terminate its revolving credit facility, with intentions to take steps to wind down or dissolve.

Distribution channel engagement is now focused on administrative and financial relationships rather than physical throughput. The structure of prior operations relied on multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners, and marketers. The current engagement involves direct interaction with lenders, as the asset sale was mandated under a forbearance agreement entered into with lenders and the administrative agent under the Credit Agreement.

Here's a quick view of the key 'Place' data points:

The current distribution strategy is characterized by the following administrative realities:

• - Corporate management operating from Houston, TX.
• - Unit trading occurring on the OTC market.
• - Trading commenced on OTC effective November 16, 2023.
• - Substantially all operating assets divested by April 2025.
• - Final asset sale price proceeds used to address borrowings under the Credit Facility.
• - Prior cash flow derived from contracts with investment grade customers.

The forbearance agreement, which obligated the sale of the Hardisty Rail Terminal, was established with lenders to avoid exercising rights arising from events of default. Finance: draft 13-week cash view by Friday.

USD Partners LP (USDP) - Marketing Mix: Promotion

You're looking at the promotion strategy for USD Partners LP (USDP) in late 2025, and honestly, it's less about driving new sales and more about managing the final obligations of a dissolution. The entire promotional focus has pivoted from growth messaging to mandatory compliance and stakeholder management, which is a defintely different playbook.

The core of USD Partners LP's communication in this phase is centered on fulfilling its duties to regulators, lenders, and the remaining unitholders. External marketing spend is effectively zero; the primary channels are formal disclosures and direct, high-stakes correspondence.

Here's a look at the key communication activities and milestones that defined the promotion strategy for USD Partners LP as the wind-down progressed through 2025.

Investor Relations and Mandatory Disclosures

For a partnership in dissolution, investor relations is almost entirely about regulatory compliance and transparency regarding the wind-down process. You need to know exactly what was communicated and when, especially since the units trade OTC: USDP.

• Focus on investor relations for mandatory financial disclosures.
• The Partnership posted its annual unaudited financial statements and annual OTC Disclosure Statement for the year ended $\text{December 31, 2024}$, on $\text{March 10, 2025}$.
• As of $\text{December 2, 2025}$, the last reported trading price was $\text{0.01}$.
• The number of shares outstanding was $\text{33,774,427}$ as of $\text{March 8, 2025}$.

This commitment to disclosure shows a final effort to maintain governance standards even as operations cease. One clean one-liner: Transparency is the last product you deliver.

Press Releases Detailing Asset Sale and Wind-Down

The most significant promotional events were the press releases announcing the final asset disposition, which directly triggered the dissolution plan. These releases served as the official public narrative for the end of the operating business.

Direct Communication with Lenders and Debt Management

Managing the debt load was the critical driver for the entire 2025 strategy. The promotion here is not to the public, but a direct, high-stakes negotiation and compliance effort with the lending syndicate.

• Direct communication with lenders was necessary to manage the approximately $\text{ \$196.96 million}$ debt.
• The sale of the Hardisty Rail Terminal was a direct obligation under a forbearance agreement entered into on $\text{June 21, 2024}$.
• The forbearance agreement required adherence to an operating budget and an obligation to repay borrowings with excess cash on hand.
• The lenders required the sale of the Hardisty Rail Terminal as a condition to forbear from exercising rights arising from events of default.

Shift to Dissolution Strategy

The entire promotional posture shifted from one of growth and partnership value to one of managed exit. This is a complete reversal of the initial marketing mix, where the goal is no longer market penetration but orderly cessation.

For the 12 months ending October 2025, the Partnership generated $\text{ \$7.25 million}$ in operating cash flow. Still, the focus was on the final use of proceeds to satisfy creditors, not on reinvestment or growth campaigns. The strategy was minimal external marketing because the business entity itself was being dismantled.

Finance: draft final cash distribution plan by next Tuesday.

USD Partners LP (USDP) - Marketing Mix: Price

Price, for USD Partners LP, historically centered on securing long-term revenue stability through contractual agreements. The model relied on multi-year, take-or-pay contracts featuring fixed fees. This structure provided predictable cash flows based on committed capacity rather than fluctuating commodity prices or spot market movements.

The current pricing environment is entirely different, reflecting the company's transition to asset disposition. You see this reflected in the market's valuation of the remaining entity. As of November 2025, the market capitalization for USD Partners LP is extremely low, around $243.18K.

This valuation is set against a revenue stream that is effectively winding down. The trailing twelve months (TTM) revenue, as of the period ending October 2025, is reported at $71.79 Million, which is a significant drop from prior years, signaling the cessation of core operations.

The primary focus for any remaining pricing or transactional value is maximizing asset sale proceeds to satisfy creditor obligations. This strategic imperative overrides traditional marketing pricing policies. The final operating asset, the Hardisty Rail Terminal, was sold on April 10, 2025, as a condition under a forbearance agreement with lenders.

Here's a quick look at the key financial markers framing this price realization strategy:

The pricing strategy is now entirely dictated by the liquidation process, meaning the 'price' achieved for the final asset was a function of debt settlement terms, not market competitiveness for ongoing service.

Key facts underpinning the current pricing focus include:

• Final operating asset sale completed on April 10, 2025.
• Sale was mandated by lenders under a forbearance agreement.
• Proceeds are directed toward satisfying outstanding borrowings under the revolving credit facility.
• Following the sale, USD Partners LP intends to take steps to wind down or dissolve.
• Historical revenue in 2022 was $111.10M, showing the revenue decline trend.