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USA Compression Partners Reports Second-Quarter 2025 Results; Confirms 2025 Outlook; Achieves Record Revenues

DALLAS--(BUSINESS WIRE)-- USA Compression Partners, LP (NYSE: USAC) (鈥淯SA Compression鈥� or the 鈥淧artnership鈥�) announced today its financial and operating results for second-quarter 2025.

Financial Highlights

• Record total revenues of $250.1 million for second-quarter 2025, compared to $235.3 million for second-quarter 2024.

• Net income was $28.6 million for second-quarter 2025, compared to $31.2 million for second-quarter 2024.

• Net cash provided by operating activities was $124.2 million for second-quarter 2025, compared to $96.7 million for second-quarter 2024.

• Adjusted EBITDA was $149.5 million for second-quarter 2025, compared to $143.7 million for second-quarter 2024.

• Distributable Cash Flow was $89.9 million for second-quarter 2025, compared to $85.9 million for second-quarter 2024.

• Distributable Cash Flow Coverage was 1.40x for second-quarter 2025, consistent with second-quarter 2024.

• Announced cash distribution of $0.525 per common unit for second-quarter 2025, consistent with second-quarter 2024.

Operational Highlights

• Record average revenue per revenue-generating horsepower per month of $21.31 for second-quarter 2025, compared to $20.29 for second-quarter 2024.

• Average revenue-generating horsepower of 3.55 million for second-quarter 2025, compared to 3.52 million for second-quarter 2024.

• Average horsepower utilization of 94.4% for second-quarter 2025, compared to 94.7% for second-quarter 2024.

鈥淯SA Compression鈥檚 second-quarter financial and operational results reflected another record-setting quarter for revenues and average revenue per-horsepower of $21.31, up 5% from a year ago. We continue to see strong demand for our services across both oil and gas producing basins which drove year-over-year increases in revenues, Adjusted EBITDA, and Distributable Cash Flow,鈥� commented Clint Green, USA Compression鈥檚 President and Chief Executive Officer.

Expansion capital expenditures were $18.1 million, maintenance capital expenditures were $11.7 million, and cash interest expense, net was $45.4 million for second-quarter 2025.

On July 17, 2025, the Partnership announced a second-quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution will be paid on August 8, 2025, to common unitholders of record as of the close of business on July 28, 2025.

In June 2025, the holders of the Partnership鈥檚 Series A Preferred Units (鈥淧referred Units鈥�) elected to convert an aggregate of 100,000 Preferred Units into 4,997,126 common units.

Operational and Financial Data

Liquidity and Long-Term Debt

As of June 30, 2025, the Partnership was in compliance with all covenants under its $1.6 billion revolving credit facility. As of June 30, 2025, the Partnership had outstanding borrowings under the revolving credit facility of $770.6 million and, after accounting for outstanding letters of credit in the amount of $0.8 million, $828.6 million of remaining unused availability, of which, due to restrictions related to compliance with the applicable financial covenants, $735.1 million was available to be drawn. As of June 30, 2025, the outstanding aggregate principal amount of the Partnership鈥檚 6.875% senior notes due 2027 and 7.125% senior notes due 2029 was $750.0 million and $1.0 billion, respectively.

Full-Year 2025 Outlook

USA Compression is confirming its full-year 2025 guidance as follows (in thousands):

Conference Call

The Partnership will host a conference call today beginning at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss second-quarter 2025 performance. The call will be broadcast live over the internet. Investors may participate by audio webcast, or if located in the U.S. or Canada, by phone. A replay will be available shortly after the call via the 鈥淓vents鈥� page of USA Compression鈥檚 Investor Relations website.

About USA Compression Partners, LP

USA Compression Partners, LP is one of the nation鈥檚 largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at .

Non-GAAP Financial Measures

This news release includes the Non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage Ratio.

Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Management believes Adjusted gross margin is useful to investors as a supplemental measure of the Partnership鈥檚 operating profitability. Management uses adjusted gross margin to assess operating performance as compared to historical results, budget and forecast amounts, expected return on capital investment, and our competitors. Adjusted gross margin primarily is impacted by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume, and per-unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units, and property tax rates on compression units. Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin or any other measure presented in accordance with GAAP. Moreover, the Partnership鈥檚 Adjusted gross margin, as presented, may not be comparable to similarly titled measures of other companies. Because the Partnership capitalizes assets, depreciation and amortization of equipment is a necessary element of its cost structure. To compensate for the limitations of Adjusted gross margin as a measure of the Partnership鈥檚 performance, management believes it is important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership鈥檚 operating profitability.

Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership鈥檚 results of operations, and the Partnership tracks this item on a monthly basis as an absolute amount and as a percentage of revenue compared to the prior month, year-to-date, prior year, and budget. The Partnership defines EBITDA as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense (benefit). The Partnership defines Adjusted EBITDA as EBITDA plus impairment of assets, impairment of goodwill, interest income on capital leases, unit-based compensation expense (benefit), severance charges and other employee costs, certain transaction expenses, loss (gain) on disposition of assets, loss on extinguishment of debt, loss (gain) on derivative instrument, and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of the Partnership鈥檚 financial statements, such as investors and commercial banks, to assess:

• the financial performance of the Partnership鈥檚 assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership鈥檚 assets;

• the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;

• the ability of the Partnership鈥檚 assets to generate cash sufficient to make debt payments and pay distributions; and

• the Partnership鈥檚 operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure.

Management believes Adjusted EBITDA provides useful information to investors because, when viewed in conjunction with the Partnership鈥檚 GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership鈥檚 performance as compared to considering solely GAAP results. Management also believes that external users of the Partnership鈥檚 financial statements benefit from having access to the same financial measures that management uses to evaluate the results of the Partnership鈥檚 business.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership鈥檚 Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense (benefit), depreciation and amortization expense, unit-based compensation expense (benefit), impairment of assets, impairment of goodwill, certain transaction expenses, severance charges and other employee costs, loss (gain) on disposition of assets, loss on extinguishment of debt, change in fair value of derivative instrument, proceeds from insurance recovery, and other, less distributions on Preferred Units and maintenance capital expenditures.

Distributable Cash Flow should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership鈥檚 Distributable Cash Flow, as presented, may not be comparable to similarly titled measures of other companies.鈥�

Management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors, and others to compare the cash flows that the Partnership generates (after distributions on Preferred Units but prior to any retained cash reserves established by the Partnership鈥檚 general partner and the effect of the Distribution Reinvestment Plan) to the cash distributions that the Partnership expects to pay its common unitholders.

Distributable Cash Flow Coverage Ratio is defined as the period鈥檚 Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it permits management, investors, and others to assess the Partnership鈥檚 ability to pay distributions to common unitholders out of the cash flows the Partnership generates. The Partnership鈥檚 Distributable Cash Flow Coverage Ratio, as presented, may not be comparable to similarly titled measures of other companies.

This news release also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership for its 2025 fiscal year. The Partnership is unable to reconcile projected Adjusted EBITDA and Distributable Cash Flow to projected net income (loss) and projected net cash provided by operating activities, the most comparable financial measures calculated in accordance with GAAP because components of the required calculations cannot be reasonably estimated, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations.

See 鈥淩econciliation of Non-GAAP Financial Measures鈥� for Adjusted gross margin reconciled to gross margin, Adjusted EBITDA reconciled to net income and net cash provided by operating activities, and net income and net cash provided by operating activities reconciled to Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Forward-Looking Statements

Some of the information in this news release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including 鈥渕ay,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渋f,鈥� 鈥減roject,鈥� 鈥渙utlook,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� or other similar words or the negatives thereof, and include the Partnership鈥檚 expectation of future performance contained herein, including as described under 鈥淔ull-Year 2025 Outlook.鈥� These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other 鈥渇orward-looking鈥� information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors noted below and other cautionary statements in this news release. The risk factors and other factors noted throughout this news release could cause actual results to differ materially from those contained in any forward-looking statement. Known material factors that could cause the Partnership鈥檚 actual results to differ materially from the results contemplated by such forward-looking statements include:

• changes in economic conditions of the crude oil and natural gas industries, including any impact from the ongoing military conflict involving Russia and Ukraine or the conflict in the Middle East;

• changes in general economic conditions, including inflation, supply chain disruptions, or tariff impacts;

• changes in the long-term supply of and demand for crude oil and natural gas;

• competitive conditions in the Partnership鈥檚 industry, including competition for employees in a tight labor market;

• our ability to realize the anticipated benefits of the shared services integration with Energy Transfer;

• changes in the availability and cost of capital, including changes to interest rates;

• renegotiation of material terms of customer contracts;

• actions taken by the Partnership鈥檚 customers, competitors, and third-party operators;

• operating hazards, natural disasters, epidemics, pandemics, weather-related impacts, casualty losses, and other matters beyond the Partnership鈥檚 control;

• the deterioration of the financial condition of the Partnership鈥檚 customers, which may result in the initiation of bankruptcy proceedings with respect to certain customers;

• the restrictions on the Partnership鈥檚 business that are imposed under the Partnership鈥檚 long-term debt agreements;

• information technology risks, including the risk from cyberattacks, cybersecurity breaches, and other disruptions to the Partnership鈥檚 information systems;

• the effects of existing and future laws and governmental regulations;

• the effects of future litigation;

• factors described in Part I, Item 1A (鈥淩isk Factors鈥�) of the Partnership鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on February 11, 2025, Part II Item 1A (鈥淩isk Factors鈥�) of the Partnership鈥檚 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 6, 2025, and subsequently filed reports; and

• other factors discussed in the Partnership鈥檚 filings with the SEC.

All forward-looking statements speak only as of the date of this news release and are expressly qualified in their entirety by the foregoing cautionary statements. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

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Investor Contact:

USA Compression Partners, LP

Investor Relations

[email protected]

Source: USA Compression Partners, LP