Net income for October-December 2015 was $6.675 million versus a loss of $1.077 million the year before.

Adjusted EBITDA for 2015 was $42.752 million, up from $15.266 million in 2014. Net income in 2015 was $17.683 million versus a loss of $7.678 million in 2014.

USD Partners is a master limited partnership formed by US Development Group LLC to acquire, develop and operate energy-related logistics assets, including rail terminals and other complementary midstream infrastructure.

The partnership generates substantially all of its operating cash flow from multiyear, take-or-pay contracts for terminaling services.

The partnership’s assets consist primarily of a crude oil origination terminal in Hardisty, Alberta, Canada, with capacity to load up to two 120-rail car unit trains per day, a crude oil terminal in Casper, Wyo., with unit train-capable rail car loading capacity in excess of 100,000 b/d and six customer-dedicated storage tanks with 900,000 bbl of total capacity and two unit train-capable ethanol destination rail terminals in San Antonio, Texas, and West Colton, Calif.

In addition, the partnership provides rail car services through the management of a rail car fleet that is committed to customers on a long-term basis.

Substantially all of the capacity at the partnership’s Hardisty terminal is contracted under multiyear, take-or-pay terminal services agreements that extend through mid-2019. Approximately 83% of the Hardisty terminal’s utilization is contracted with subsidiaries of five investment-grade companies that include major integrated oil companies, refiners and marketers.

Adjusted EBITDA attributable to the Hardisty terminal was negatively impacted by the continued decline in the value of the Canadian dollar relative to the U.S. dollar during the fourth quarter, which was partially offset by $1.4 million received from the settlement of derivative contracts the partnership has put in place to limit the impact of fluctuations in foreign exchange rates.

Adjusted EBITDA attributable to the Casper terminal for the fourth quarter of 2015 was approximately $2.6 million, which included approximately $0.5 million of one-time transaction expenses associated with the partnership’s acquisition of the terminal. Results for the Casper terminal reflect a partial quarter period beginning Nov. 17, 2015, the acquisition closing date. The Casper terminal is expected to contribute approximately $26 million of adjusted EBITDA in 2016 based on minimum contracted payments.

Average throughput for the fourth quarter of 2015 was approximately 10,700 b/d at the partnership’s San Antonio terminal and approximately 5,300 b/d at the partnership’s West Colton terminal, which represents increases of approximately 2% and 1%, respectively, relative to the prior quarter.