USA Compression Partners LP (USAC)

USA Compression Partners Announces 2025 K-3 Tax Package AvailabilityMay 15, 2026 6:00 PM
Business Wire USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its 2025 Schedule K-3 reflecting items of international tax relevance is available online. Unitholders requiring this information may access their Schedule K-3 at taxpackagesupport.com/usac. A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 is applicable to your federal income tax return filing needs, we encourage you to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with your tax advisor. To receive an electronic copy of your Schedule K-3 via email, unitholders may call Tax Package Support toll free at 855-521-8151. Tax Package Support is available Monday through Friday from 8:00 am to 5:00 pm Central Time. ABOUT USA COMPRESSION PARTNERS, LP USA Compression Partners, LP is one of the nation’s 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 usacompression.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515044591/en/ USA Compression Partners, LP
Mitchell Freer
Sr. Director, Finance
ir@usacompression.com Original: USA Compression Partners Announces 2025 K-3 Tax Package Availability

USA Compression Partners Reports First-Quarter 2026 Results; Confirms 2026 OutlookMay 5, 2026 6:55 AM
Business Wire USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for first-quarter 2026. Financial Highlights Total revenues of $331.3 million for first-quarter 2026, compared to $245.2 million for first-quarter 2025. Net income was $38.3 million for first-quarter 2026, compared to $20.5 million for first-quarter 2025. Net cash provided by operating activities was $86.1 million for first-quarter 2026, compared to $54.7 million for first-quarter 2025. Adjusted EBITDA was $188.6 million for first-quarter 2026, compared to $149.5 million for first-quarter 2025. Distributable Cash Flow was $130.8 million for first-quarter 2026, compared to $88.7 million for first-quarter 2025. Distributable Cash Flow Coverage Ratio was 1.72x for first-quarter 2026, compared to 1.44x for first-quarter 2025. Announced cash distribution of $0.525 per common unit for first-quarter 2026, consistent with first-quarter 2025. Strategic Highlights Acquired J-W Power Company and its parent company, J-W Energy Company (the “J-W Power Acquisition”), adding over 0.8 million active horsepower across key regions, including the Northeast, Mid-Continent, Rockies, Gulf Coast, and Permian Basin, creating a combined fleet of approximately 4.4 million active horsepower. Operational Highlights Average revenue per revenue-generating horsepower per month of $22.73 for first-quarter 2026, compared to $21.06 for first-quarter 2025. Average revenue-generating horsepower of 4.44 million for first-quarter 2026, compared to 3.56 million for first-quarter 2025. Average horsepower utilization of 91.9% for first-quarter 2026, compared to 94.4% for first-quarter 2025. “First-quarter results reflect steady demand and strong operational execution,” said Clint Green, President and CEO. “Since closing the highly accretive J-W Power Acquisition on January 12, our first quarter results reflect improvement in metrics for leverage, cash flow and distribution coverage. Looking ahead, we are encouraged by the J-W cultural alignment across the organization and have visibility into improved earnings of the combined assets. Additionally, as new engine procurement lead times have recently moved out beyond two years, the acquisition of a high-quality fleet and customer base is certainly well-timed. Looking ahead, we remain focused on executing consistently, generating reliable cash flows that support our distribution, and building on first quarter momentum throughout 2026.” Expansion capital expenditures were $26.4 million, maintenance capital expenditures were $9.2 million, and cash interest expense, net was $47.1 million for first-quarter 2026. The results of operations of J-W Power Company, and its parent company, J-W Energy Company, subsequent to their acquisition on January 12, 2026 are reflected in the Partnership’s financial results for first-quarter 2026. On April 16, 2026, the Partnership announced a first-quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution will be paid on May 8, 2026, to common unitholders of record as of the close of business on April 27, 2026. Operational and Financial Data   Three Months Ended   March 31,
2026   December 31,
2025   March 31,
2025 Operational data:           Fleet horsepower (at period end) (1)   4,930,737       3,894,332       3,859,920   Revenue-generating horsepower (at period end) (2)   4,439,968       3,585,452       3,559,624   Average revenue-generating horsepower (3)   4,438,366       3,579,179       3,557,164   Revenue-generating compression units (at period end)   6,430       4,256       4,213   Horsepower utilization (at period end) (4)   92.0 %     94.7 %     94.4 % Average horsepower utilization (for the period) (4)   91.9 %     94.5 %     94.4 %             Financial data ($ in thousands, except per horsepower data):           Total revenues $ 331,275     $ 252,484     $ 245,234   Average revenue per revenue-generating horsepower per month (5) $ 22.73     $ 21.69     $ 21.06   Net income $ 38,342     $ 27,760     $ 20,512   Operating income $ 91,411     $ 76,569     $ 69,391   Net cash provided by operating activities $ 86,103     $ 139,488     $ 54,651   Gross margin $ 126,227     $ 96,388     $ 93,223   Adjusted gross margin (6) $ 213,373     $ 168,748     $ 163,616   Adjusted gross margin percentage (7)   64.4 %     66.8 %     66.7 % Adjusted EBITDA (6) $ 188,587     $ 154,499     $ 149,514   Adjusted EBITDA percentage (7)   56.9 %     61.2 %     61.0 % Distributable Cash Flow (6) $ 130,793     $ 103,211     $ 88,695   Distributable Cash Flow Coverage Ratio (6) 1.72x   1.36x   1.44x ____________________ (1) Fleet horsepower is horsepower for compression units that have been delivered to the Partnership and excludes 14,985, 14,985, and 13,210 of non-marketable horsepower as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. As of March 31, 2026, we had 61,350 large horsepower on order for delivery, all of which is expected to be delivered within the next 12 months. (2) Revenue-generating horsepower is horsepower under contract for which the Partnership is billing a customer.? (3) Calculated as the average of the month-end revenue-generating horsepower for each of the months in the period.? (4) Horsepower utilization is calculated as (i) the sum of (a) revenue-generating horsepower; (b) horsepower in the Partnership’s fleet that is under contract but is not yet generating revenue; and (c) horsepower not yet in the Partnership’s fleet that is under contract but not yet generating revenue and that is expected to be delivered, divided by (ii) total available horsepower less idle horsepower that is under repair.     Horsepower utilization based on revenue-generating horsepower and fleet horsepower was 90.0%, 92.1%, and 92.2% at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.     Average horsepower utilization based on revenue-generating horsepower and fleet horsepower was 90.2%, 92.1%, and 91.9% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. (5) Calculated as the average of the result of dividing the contractual monthly rate, excluding standby or other temporary rates, for all units at the end of each month in the period by the sum of the revenue-generating horsepower at the end of each month in the period. (6) Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage Ratio are all non-U.S. generally accepted accounting principles (“Non-GAAP”) financial measures. For the definition of each measure, as well as reconciliations of each measure to its most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures” below. (7) Adjusted gross margin percentage and Adjusted EBITDA percentage are calculated as a percentage of revenue. Liquidity and Long-Term Debt As of March 31, 2026, the Partnership was in compliance with all covenants under its $1.75 billion revolving credit facility. As of March 31, 2026, the Partnership had outstanding borrowings under the revolving credit facility of $1.25 billion and, after accounting for outstanding letters of credit in the amount of $2.0 million, $497.8 million of remaining unused availability, all of which was available to be drawn, inclusive of restrictions related to compliance with applicable financial covenants. As of March 31, 2026, the outstanding aggregate principal amount of the Partnership’s 7.125% senior notes due 2029 and 6.250% senior notes due 2033 was $1.00 billion and $750.0 million, respectively. Full-Year 2026 Outlook USA Compression confirms its full-year 2026 guidance as follows (in thousands):   Full-Year 2026 Outlook   Low   High Adjusted EBITDA (1) $ 770,000     $ 800,000   Distributable Cash Flow (1) $ 480,000     $ 510,000           Capital Expenditures:       Expansion capital expenditures (2) $ 230,000     $ 250,000   Maintenance capital expenditures $ 60,000     $ 70,000   ____________________ (1) 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. (2) Expansion capital expenditures include $38 million of other capital that is non-compression related. 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 first-quarter 2026 financial and operating results. 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 “Events & Presentations” page of USA Compression’s Investor Relations website. By Webcast:   Connect to the webcast via the “Events & Presentations” page of USA Compression’s Investor Relations website at https://investors.usacompression.com. Please log in at least 10 minutes in advance to register and download any necessary software.       By Phone:   Dial (800) 715-9871 at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call or conference ID 4287799. About USA Compression Partners, LP USA Compression Partners, LP is one of the nation’s 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 usacompression.com. 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’s 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’s 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’s performance, management believes it is important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership’s operating profitability. Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership’s 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, amortization of capitalized SaaS implementation costs, and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess: the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership’s assets; the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and the Partnership’s 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’s GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance as compared to considering solely GAAP results. Management also believes that external users of the Partnership’s financial statements benefit from having access to the same financial measures that management uses to evaluate the results of the Partnership’s 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’s 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, amortization of capitalized SaaS implementation costs, 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’s Distributable Cash Flow, as presented, may not be comparable to similarly titled measures of other companies.? 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’s 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’s 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’s ability to pay distributions to common unitholders out of the cash flows the Partnership generates. The Partnership’s 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 2026 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 “Reconciliation of Non-GAAP Financial Measures” 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 “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “if,” “project,” “outlook,” “will,” “could,” “should,” or other similar words or the negatives thereof, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2026 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” 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’s 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, trade tensions or tariff impacts; changes in the long-term supply of and demand for crude oil and natural gas; our ability to realize the anticipated benefits of the J-W Power Acquisition and to integrate the acquired assets with our existing fleet and operations; competitive conditions in the Partnership’s industry, including competition for employees in a tight labor market; 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’s customers, competitors, and third-party operators; operating hazards, natural disasters, epidemics, pandemics, weather-related impacts, casualty losses, and other matters beyond the Partnership’s control; the deterioration of the financial condition of the Partnership’s customers, which may result in the initiation of bankruptcy proceedings with respect to certain customers; the restrictions on the Partnership’s business that are imposed under the Partnership’s long-term debt agreements; information technology risks, including the risk from cyberattacks, cybersecurity breaches, and other disruptions to the Partnership’s information systems; our ability to realize the anticipated benefits of the shared services integration with Energy Transfer; the effects of existing and future laws and governmental regulations; the effects of future litigation; factors described in Part I, Item 1A (“Risk Factors”) of the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission (the “SEC”) on February 17, 2026, as well as our subsequent filings with the SEC; and other factors discussed in the Partnership’s 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. USA COMPRESSION PARTNERS, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except for per unit amounts – Unaudited)           Three Months Ended     March 31,
2026   December 31,
2025   March 31,
2025 Revenues:           Contract operations $ 293,509     $ 231,713     $ 224,975   Parts and service   21,871       4,165       5,094   Related party   15,895       16,606       15,165   Total revenues   331,275       252,484       245,234   Costs and expenses:           Cost of operations, exclusive of depreciation and amortization   117,902       83,736       81,618   Depreciation and amortization   87,146       72,360       70,393   Selling, general, and administrative   35,357       17,891       18,862   Loss (gain) on disposition of assets   (545 )     1,626       1,325   Impairment of assets   4       302       3,645   Total costs and expenses   239,864       175,915       175,843   Operating income   91,411       76,569       69,391   Other income (expense):           Interest expense, net   (48,966 )     (45,299 )     (47,369 ) Loss on extinguishment of debt   (1 )     (3,006 )     —   Other   20       32       25   Total other expense   (48,947 )     (48,273 )     (47,344 ) Net income before income tax expense   42,464       28,296       22,047   Income tax expense   4,122       536       1,535   Net income   38,342       27,760       20,512   Less: distributions on Preferred Units   —       —       (4,388 ) Net income attributable to common unitholders’ interests $ 38,342     $ 27,760     $ 16,124               Weighted average common units outstanding – basic   142,750       123,741       117,513               Weighted average common units outstanding – diluted   143,131       124,166       118,254               Basic and diluted net income per common unit $ 0.27     $ 0.22     $ 0.14               Distributions declared per common unit for respective periods $ 0.525     $ 0.525     $ 0.525     USA COMPRESSION PARTNERS, LP SELECTED BALANCE SHEET DATA (In thousands, except unit amounts – Unaudited)           March 31,
2026 Selected Balance Sheet Data:   Total assets $ 3,734,442 Long-term debt, net $ 2,980,327   Total partners’ capital $ 316,666       Common units outstanding   144,972,358     USA COMPRESSION PARTNERS, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands — Unaudited)           Three Months Ended     March 31,
2026   December 31,
2025   March 31,
2025 Net cash provided by operating activities $ 86,103     $ 139,488     $ 54,651   Net cash used in investing activities   (467,892 )     (51,181 )     (18,041 ) Net cash provided by (used in) financing activities   387,747       (79,743 )     (36,622 )   USA COMPRESSION PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED GROSS MARGIN TO GROSS MARGIN (In thousands — Unaudited)   The following table reconciles Adjusted gross margin to gross margin, its most directly comparable GAAP financial measure, for each of the periods presented:     Three Months Ended   March 31,
2026   December 31,
2025   March 31,
2025 Total revenues $ 331,275     $ 252,484     $ 245,234   Cost of operations, exclusive of depreciation and amortization   (117,902 )     (83,736 )     (81,618 ) Depreciation and amortization   (87,146 )     (72,360 )     (70,393 ) Gross margin $ 126,227     $ 96,388     $ 93,223   Depreciation and amortization   87,146       72,360       70,393   Adjusted gross margin $ 213,373     $ 168,748     $ 163,616     USA COMPRESSION PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (In thousands — Unaudited)   The following table reconciles Adjusted EBITDA to net income and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:     Three Months Ended   March 31,
2026   December 31,
2025   March 31,
2025 Net income $ 38,342     $ 27,760     $ 20,512   Interest expense, net   48,966       45,299       47,369   Depreciation and amortization   87,146       72,360       70,393   Income tax expense   4,122       536       1,535   EBITDA $ 178,576     $ 145,955     $ 139,809   Unit-based compensation expense (1)   2,405       1,527       3,384   Transaction expenses (2)   3,777       1,914       —   Severance charges and other employee costs (3)   4,085       169       1,351   Loss (gain) on disposition of assets   (545 )     1,626       1,325   Loss on extinguishment of debt (4)   1       3,006       —   Amortization of capitalized SaaS implementation costs   284       —       —   Impairment of assets (5)   4       302       3,645   Adjusted EBITDA $ 188,587     $ 154,499     $ 149,514   Interest expense, net   (48,966 )     (45,299 )     (47,369 ) Non-cash interest expense   1,829       1,949       2,241   Income tax expense   (4,122 )     (536 )     (1,535 ) Non-cash income tax expense   2,711       —       —   Transaction expenses   (3,777 )     (1,914 )     —   Severance charges and other employee costs   (4,085 )     (169 )     (1,351 ) Other   398       436       85   Changes in operating assets and liabilities   (46,472 )     30,522       (46,934 ) Net cash provided by operating activities $ 86,103     $ 139,488     $ 54,651   ____________________ (1) For the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, unit-based compensation expense included $0.1 million, $0.4 million, and $0.7 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards and $0.0 million, $2.0 million, and $2.2 million, respectively, related to the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods. (2) Represents certain expenses related to potential and completed transactions, including the J-W Power Acquisition, and other items. The Partnership believes it is useful to investors to exclude these expenses. (3) Severance charges and other employee costs includes (i) severance payments to former employees of the Partnership, (ii) retention payments to employees of the Partnership that have executed agreements to maintain operations during the shared services or the J-W Power Acquisition integration but do not intend to remain employed with the Partnership after their retention period, and (iii) relocation payments to employees of the Partnership for relocation resulting from the shared services integration and the relocation of the Partnership’s headquarters to Dallas, Texas. These retention payments are incremental to the affected employees’ base pay. For the three months ended March 31, 2026, severance charges and other employee costs included $0.6 million and $0.2 million related to retention and relocation payments, respectively. For the three months ended December 31, 2025, severance charges and other employee costs included $0.1 million and $(0.1) million related to retention and relocation payments, respectively. For the three months ended March 31, 2025, severance charges and other employee costs included $0.4 million and $0.1 million related to retention and relocation payments, respectively. (4) For the three months ended December 31, 2025, the loss on extinguishment of debt of $3.0 million is a result of the redemption of our senior notes due 2027. (5) Represents non-cash charges incurred to decrease the carrying value of long-lived assets with recorded values that are not expected to be recovered through future cash flows.   USA COMPRESSION PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Dollars in thousands — Unaudited)   The following table reconciles Distributable Cash Flow to net income and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:     Three Months Ended   March 31,
2026   December 31,
2025   March 31,
2025 Net income $ 38,342     $ 27,760     $ 20,512   Non-cash interest expense   1,829       1,949       2,241   Depreciation and amortization   87,146       72,360       70,393   Non-cash income tax expense   2,711       436       85   Unit-based compensation expense (1)   2,405       1,527       3,384   Transaction expenses (2)   3,777       1,914       —   Severance charges and other employee costs (3)   4,085       169       1,351   Other (4)   —       —       1,000   Loss (gain) on disposition of assets   (545 )     1,626       1,325   Loss on extinguishment of debt (5)   1       3,006       —   Impairment of assets (6)   4       302       3,645   Distributions on Preferred Units   —       —       (4,388 ) Amortization of capitalized SaaS implementation costs   284       —       —   Maintenance capital expenditures (7)   (9,246 )     (7,838 )     (10,853 ) Distributable Cash Flow $ 130,793     $ 103,211     $ 88,695   Maintenance capital expenditures   9,246       7,838       10,853   Transaction expenses   (3,777 )     (1,914 )     —   Severance charges and other employee costs   (4,085 )     (169 )     (1,351 ) Distributions on Preferred Units   —       —       4,388   Other   398       —       (1,000 ) Changes in operating assets and liabilities   (46,472 )     30,522       (46,934 ) Net cash provided by operating activities $ 86,103     $ 139,488     $ 54,651               Distributable Cash Flow $ 130,793     $ 103,211     $ 88,695               Distributions for Distributable Cash Flow Coverage Ratio (8) $ 76,110     $ 76,109     $ 61,731               Distributable Cash Flow Coverage Ratio 1.72x   1.36x   1.44x ____________________ (1) For the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, unit-based compensation expense included $0.1 million, $0.4 million, and $0.7 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards and $0 million, $2.0 million, and $2.2 million, respectively, related to the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods. (2) Represents certain expenses related to potential and completed transactions, including the J-W Power Acquisition, and other items. The Partnership believes it is useful to investors to exclude these expenses. (3) Severance charges and other employee costs includes (i) severance payments to former employees of the Partnership, (ii) retention payments to employees of the Partnership that have executed agreements to maintain operations during the shared services or the J-W Power Acquisition integration but do not intend to remain employed with the Partnership after their retention period, and (iii) relocation payments to employees of the Partnership for relocation resulting from the shared services integration and the relocation of the Partnership’s headquarters to Dallas, Texas. These retention payments are incremental to the affected employees’ base pay. For the three months ended March 31, 2026, severance charges and other employee costs included $0.6 million and $0.2 million related to retention and relocation payments, respectively. For the three months ended December 31, 2025, severance charges and other employee costs included $0.1 million and $(0.1) million related to retention and relocation payments, respectively. For the three months ended March 31, 2025, severance charges and other employee costs included $0.4 million and $0.1 million related to retention and relocation payments, respectively. (4) Represents incremental cash income tax expense accrued for the period presented as a result of the IRS examination of our tax returns for the federal tax years 2019 and 2020. (5) For the three months ended December 31, 2025, the loss on extinguishment of debt of $3.0 million is a result of the redemption of our senior notes due 2027. (6) Represents non-cash charges incurred to decrease the carrying value of long-lived assets with recorded values that are not expected to be recovered through future cash flows. (7) Reflects actual maintenance capital expenditures for the periods presented. Maintenance capital expenditures are capital expenditures made to maintain the operating capacity of the Partnership’s assets and extend their useful lives, replace partially or fully depreciated assets, or other capital expenditures that are incurred in maintaining the Partnership’s existing business and related cash flow. (8) Represents distributions to the holders of the Partnership’s common units as of the record date.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505632782/en/ Investor Contact:
Mitchell Freer
Senior Director, Finance
ir@usacompression.com Original: USA Compression Partners Reports First-Quarter 2026 Results; Confirms 2026 Outlook

USA Compression Partners Announces First-Quarter 2026 Distribution; First-Quarter 2026 Earnings Release and Conference Call Scheduled for May 5April 16, 2026 5:34 PM
Business Wire
USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced a cash distribution of $0.525 per common unit ($2.10 on an annualized basis) for the first quarter of 2026. The distribution will be paid on May 8, 2026 to unitholders of record as of the close of business on April 27, 2026.


First-Quarter 2026 Earnings Conference Call


In addition, USA Compression will release its first-quarter 2026 results prior to the opening of U.S. financial markets on Tuesday, May 5. Management will conduct an investor conference call the same day starting at 11 a.m. Eastern Time (10 a.m. Central Time) to discuss financial and operating results. 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 “Events & Presentations” page of USA Compression’s Investor Relations website.




By Webcast:






 






Connect to the webcast via the “Events & Presentations” page of USA Compression’s Investor Relations website at https://investors.usacompression.com. Please log in at least 10 minutes in advance to register and download any necessary software.








 






 






 








By Phone:






 






Dial (800) 715-9871 at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call or conference ID 4287799.







ABOUT USA COMPRESSION PARTNERS, LP


USA Compression Partners, LP is one of the nation’s 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 usacompression.com.


QUALIFIED NOTICE


This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of USA Compression’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of USA Compression’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not USA Compression, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold.


FORWARD-LOOKING STATEMENTS


Statements in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416978931/en/
USA Compression Partners, LP

Mitchell Freer

Sr. Director, Finance

ir@usacompression.com


Original: USA Compression Partners Announces First-Quarter 2026 Distribution; First-Quarter 2026 Earnings Release and Conference Call Scheduled for May 5

USA Compression Partners LP Announces 2025 K-1 Tax Package AvailabilityFebruary 20, 2026 4:30 PM
Business Wire
USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its 2025 tax packages, including the Schedule K-1, are now available online and may be accessed at taxpackagesupport.com/usac. USA Compression has begun the process of mailing the 2025 tax packages to unitholders. Unitholders may also call Tax Package Support at 1-855-521-8151 or visit USA Compression’s website at usacompression.com in the Investor Relations section under Financials-K-1 Information.


About USA Compression


USA Compression Partners, LP is one of the nation’s 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. Please find additional information at usacompression.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260220396966/en/
Investor Contact:


Mitchell Freer

Senior Director, Finance

ir@usacompression.com


Original: USA Compression Partners LP Announces 2025 K-1 Tax Package Availability

USA Compression Partners LP Announces Filing of 2025 Annual Report on Form 10-KFebruary 17, 2026 5:50 PM
Business Wire
USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (“SEC”). USA Compression’s Annual Report on Form 10-K is available through its website at www.usacompression.com in the Investor Relations section under Financials-SEC Filings, as well as on the SEC’s website at sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including USA Compression's financial statements, free of charge by writing Investor Relations, USA Compression Partners, LP, 8115 Preston Road, Suite 700, Dallas, TX 75225.


About USA Compression


USA Compression Partners, LP is one of the nation’s 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. Please find additional information at usacompression.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217720731/en/
Investor Contact:

Mitchell Freer

Senior Director, Finance

ir@usacompression.com


Original: USA Compression Partners LP Announces Filing of 2025 Annual Report on Form 10-K

USA Compression Partners reports softer Q4 profit, earnings miss despite record revenueFebruary 17, 2026 10:37 AM
IH Market News
USA Compression Partners LP (NYSE:USAC) on Tuesday posted fourth-quarter 2025 results that came in below analyst forecasts on the bottom line, even as the partnership delivered the highest quarterly revenue in its history.Shares of the natural gas compression services provider gained 1.50% in pre-market trading following the announcement.Net income for the quarter totaled $27.8 million, or $0.22 per common unit, falling short of the $0.28 per unit expected by analysts.Revenue climbed to a record $252.5 million, narrowly missing the $253.43 million consensus estimate but rising 2.7% from $245.9 million in the same period a year earlier.“I want to congratulate our entire team on an exceptional year of value creation in 2025,” said Clint Green, President and CEO. “Our operations and commercial teams continued to deliver for customers day in and day out, while our back-office teams successfully navigated the transition to a shared-services model.”Adjusted EBITDA for the fourth quarter edged down to $154.5 million from $155.5 million in the prior-year period.Distributable Cash Flow rose to $103.2 million, up from $96.3 million in the fourth quarter of 2024. However, the Distributable Cash Flow Coverage ratio declined to 1.36x from 1.56x a year earlier.The partnership held its quarterly cash distribution steady at $0.525 per common unit, unchanged from the previous year.For full-year 2026, USA Compression forecast Adjusted EBITDA in the range of $770 million to $800 million and Distributable Cash Flow between $480 million and $510 million.Expansion capital spending is expected to total $230–250 million, with maintenance capital expenditures projected at $60–70 million.Operationally, average revenue-generating horsepower increased to 3.58 million during the quarter, compared with 3.56 million a year earlier. Average monthly revenue per revenue-generating horsepower improved to $21.69 from $20.85 in the fourth quarter of 2024.USA Compression Partners stock price

Original: USA Compression Partners reports softer Q4 profit, earnings miss despite record revenue

USA Compression Partners Reports Fourth-Quarter 2025 Results and Provides 2026 Outlook; Achieves Record ResultsFebruary 17, 2026 6:55 AM
Business Wire
USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for fourth-quarter 2025.


Financial Highlights



Record total revenues of $252.5 million for fourth-quarter 2025, compared to $245.9 million for fourth-quarter 2024.


Net income was $27.8 million for fourth-quarter 2025, compared to $25.4 million for fourth-quarter 2024.


Net cash provided by operating activities was $139.5 million for fourth-quarter 2025, compared to $130.2 million for fourth-quarter 2024.


Adjusted EBITDA of $154.5 million for fourth-quarter 2025, compared to $155.5 million for fourth-quarter 2024.


Distributable Cash Flow of $103.2 million for fourth-quarter 2025, compared to $96.3 million for fourth-quarter 2024.


Distributable Cash Flow Coverage was 1.36x for fourth-quarter 2025, compared to 1.56x for fourth-quarter 2024.


Paid cash distribution of $0.525 per common unit for fourth-quarter 2025, consistent with fourth-quarter 2024.



Operational Highlights



Average revenue-generating horsepower of 3.58 million for fourth-quarter 2025, compared to 3.56 million for fourth-quarter 2024.


Average revenue per revenue-generating horsepower per month of $21.69 for fourth-quarter 2025, compared to $20.85 for fourth-quarter 2024.


Average horsepower utilization was 94.5% for fourth-quarter 2025, consistent with for fourth-quarter 2024.



“I want to congratulate our entire team on an exceptional year of value creation in 2025,” said Clint Green, President and CEO. “Our operations and commercial teams continued to deliver for customers day in and day out, while our back-office teams successfully navigated the transition to a shared-services model. These efforts produced record adjusted EBITDA and distributable cash flow in 2025 and laid the foundation for strong momentum in 2026, further bolstered by the January closing of the J-W acquisition. As we look ahead, we are excited to integrate J-W operations into USA Compression and to continue creating value for our customers and unitholders.”


Expansion capital expenditures were $40.0 million, maintenance capital expenditures were $7.8 million, and cash interest expense, net was $43.4 million for fourth-quarter 2025.


On January 15, 2026, the Partnership announced a fourth-quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution was paid on February 6, 2026, to common unitholders of record as of the close of business on January 26, 2026.


Operational and Financial Data




 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Operational data:






 






 






 






 






 






 






 






 






 








Fleet horsepower (at period end) (1)






 






3,894,332






 






 






 






3,872,918






 






 






 






3,862,102






 






 






 






3,894,332






 






 






 






3,862,102






 








Revenue-generating horsepower (at period end) (2)






 






3,585,452






 






 






 






3,562,472






 






 






 






3,567,842






 






 






 






3,585,452






 






 






 






3,567,842






 








Average revenue-generating horsepower (3)






 






3,579,179






 






 






 






3,549,412






 






 






 






3,563,306






 






 






 






3,559,300






 






 






 






3,528,172






 








Revenue-generating compression units (at period end)






 






4,256






 






 






 






4,154






 






 






 






4,269






 






 






 






4,256






 






 






 






4,269






 








Horsepower utilization (at period end) (4)






 






94.7






%






 






 






94.0






%






 






 






94.6






%






 






 






94.7






%






 






 






94.6






%








Average horsepower utilization (for the period) (4)






 






94.5






%






 






 






94.0






%






 






 






94.5






%






 






 






94.3






%






 






 






94.6






%








 






 






 






 






 






 






 






 






 






 








Financial data ($ in thousands, except per horsepower data):






 






 






 






 






 






 






 






 






 








Total revenues






$






252,484






 






 






$






250,256






 






 






$






245,892






 






 






$






998,099






 






 






$






950,449






 








Average revenue per revenue-generating horsepower per month (5)






$






21.69






 






 






$






21.46






 






 






$






20.85






 






 






$






21.38






 






 






$






20.43






 








Net income






$






27,760






 






 






$






34,488






 






 






$






25,437






 






 






$






111,319






 






 






$






99,575






 








Operating income






$






76,569






 






 






$






83,937






 






 






$






74,529






 






 






$






306,505






 






 






$






294,449






 








Net cash provided by operating activities






$






139,488






 






 






$






75,879






 






 






$






130,195






 






 






$






394,262






 






 






$






341,334






 








Gross margin






$






96,388






 






 






$






102,083






 






 






$






99,259






 






 






$






384,479






 






 






$






372,967






 








Adjusted gross margin (6)






$






168,748






 






 






$






173,305






 






 






$






168,214






 






 






$






669,295






 






 






$






637,723






 








Adjusted gross margin percentage (7)






 






66.8






%






 






 






69.3






%






 






 






68.4






%






 






 






67.1






%






 






 






67.1






%








Adjusted EBITDA (6)






$






154,499






 






 






$






160,265






 






 






$






155,524






 






 






$






613,760






 






 






$






584,282






 








Adjusted EBITDA percentage (7)






 






61.2






%






 






 






64.0






%






 






 






63.2






%






 






 






61.5






%






 






 






61.5






%








Distributable Cash Flow (6)






$






103,211






 






 






$






103,845






 






 






$






96,259






 






 






$






385,677






 






 






$






355,317






 








Distributable Cash Flow Coverage Ratio (6)






1.36x






 






1.61x






 






1.56x






 






1.45x






 






1.44x








____________________________________



(1)







Fleet horsepower is horsepower for compression units that have been delivered to the Partnership and excludes 14,985 and 20,310 of non-marketable horsepower as of December 31, 2025, and 2024, respectively. As of December 31, 2025, the Partnership had 63,250 horsepower on order. Additionally, as a result of the acquisition of J-W Energy Company and J-W Power Company (the “J-W Power Acquisition”) in January 2026 we added approximately 0.8 million in active horsepower and 1.0 million total horsepower.








(2)







Revenue-generating horsepower is horsepower under contract for which the Partnership is billing a customer.








(3)







Calculated as the average of the month-end revenue-generating horsepower for each of the months in the period.








(4)







Horsepower utilization is calculated as (i) the sum of (a) revenue-generating horsepower; (b) horsepower in the Partnership’s fleet that is under contract but is not yet generating revenue; and (c) horsepower not yet in the Partnership’s fleet that is under contract but not yet generating revenue and that is expected to be delivered, divided by (ii) total available horsepower less idle horsepower that is under repair.








 







Horsepower utilization based on revenue-generating horsepower and fleet horsepower was 92.1%, 92.0%, and 92.4% at December 31, 2025, September 30, 2025, and December 31, 2024, respectively.








 







Average horsepower utilization based on revenue-generating horsepower and fleet horsepower was 92.1%, 91.8%, and 92.2% for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Average horsepower utilization based on revenue-generating horsepower and fleet horsepower was 92.0% and 91.7% for the years ended December 31, 2025 and 2024, respectively.








(5)







Calculated as the average of the result of dividing the contractual monthly rate, excluding standby or other temporary rates, for all units at the end of each month in the period by the sum of the revenue-generating horsepower at the end of each month in the period.








(6)







Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage Ratio are all non-U.S. generally accepted accounting principles (“Non-GAAP”) financial measures. For the definition of each measure, as well as reconciliations of each measure to its most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures” below.








(7)







Adjusted gross margin percentage and Adjusted EBITDA percentage are calculated as a percentage of revenue.







Liquidity and Long-Term Debt


As of December 31, 2025, the Partnership was in compliance with all covenants under its $1.75 billion revolving credit facility. As of December 31, 2025, the Partnership had outstanding borrowings under the revolving credit facility of $795.0 million and, after accounting for outstanding letters of credit in the amount of $0.8 million, $954.2 million of remaining unused availability was available to be drawn, inclusive of restrictions related to compliance with applicable financial covenants. As of December 31, 2025, the outstanding aggregate principal amount of the Partnership’s 7.125% senior notes due 2029 and 6.250% senior notes due 2033 was $1.0 billion and $750 million, respectively.


Full-Year 2026 Outlook


USA Compression is providing its full-year 2026 guidance as follows (in thousands):




 






Full-Year 2026 Outlook








 






Low






 






High








Adjusted EBITDA (1)






$






770,000






 






$






800,000








Distributable Cash Flow (1)






$






480,000






 






$






510,000








 






 






 






 








Capital Expenditures:






 






 






 








Expansion capital expenditures (2)






$






230,000






 






$






250,000








Maintenance capital expenditures






$






60,000






 






$






70,000








____________________________________



(1)







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.








(2)







Expansion capital expenditures includes $38.0 million of other capital that is non-compression related.







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 fourth-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 “Events & Presentations” page of USA Compression’s Investor Relations website.




By Webcast:






 






Connect to the webcast via the “Events & Presentations” page of USA Compression’s Investor Relations website at https://investors.usacompression.com. Please log in at least 10 minutes in advance to register and download any necessary software.








 






 






 








By Phone:






 






Dial (800) 715-9871 at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call or conference ID 8130870.


 







About USA Compression Partners, LP


USA Compression Partners, LP is one of the nation’s 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 usacompression.com.


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’s 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’s 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’s performance, management believes it is important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership’s operating profitability.


Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership’s 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’s financial statements, such as investors and commercial banks, to assess:



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


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


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


the Partnership’s 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’s GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance as compared to considering solely GAAP results. Management also believes that external users of the Partnership’s financial statements benefit from having access to the same financial measures that management uses to evaluate the results of the Partnership’s 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’s 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’s Distributable Cash Flow, as presented, may not be comparable to similarly titled measures of other companies.?


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’s 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’s 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’s ability to pay distributions to common unitholders out of the cash flows the Partnership generates. The Partnership’s 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 2026 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 “Reconciliation of Non-GAAP Financial Measures” 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 “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “if,” “project,” “outlook,” “will,” “could,” “should,” or other similar words or the negatives thereof, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2026 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” 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’s 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, trade tensions or tariff impacts;




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




our ability to realize the anticipated benefits of the J-W Power Acquisition and to integrate the acquired assets with our existing fleet and operations;




competitive conditions in our industry, including competition for employees in a tight labor market;




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




renegotiation of material terms of customer contracts;




actions taken by our customers, competitors, and third-party operators;




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




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




the restrictions on our business that are imposed under our long-term debt agreements;




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




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




the effects of existing and future laws and governmental regulations;




the effects of future litigation; and




other factors discussed in the Partnership’s 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.




USA COMPRESSION PARTNERS, LP




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(In thousands, except for per unit amounts – Unaudited)








 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Revenues:






 






 






 






 






 






 






 






 






 








Contract operations






$






231,713






 






 






$






227,990






 






 






$






222,985






 






 






$






911,955






 






 






$






885,250






 








Parts and service






 






4,165






 






 






 






5,370






 






 






 






6,854






 






 






 






21,136






 






 






 






23,897






 








Related party






 






16,606






 






 






 






16,896






 






 






 






16,053






 






 






 






65,008






 






 






 






41,302






 








Total revenues






 






252,484






 






 






 






250,256






 






 






 






245,892






 






 






 






998,099






 






 






 






950,449






 








Costs and expenses:






 






 






 






 






 






 






 






 






 








Cost of operations, exclusive of depreciation and amortization






 






83,736






 






 






 






76,951






 






 






 






77,678






 






 






 






328,804






 






 






 






312,726






 








Depreciation and amortization






 






72,360






 






 






 






71,222






 






 






 






68,955






 






 






 






284,816






 






 






 






264,756






 








Selling, general, and administrative






 






17,891






 






 






 






16,694






 






 






 






20,302






 






 






 






66,343






 






 






 






72,666






 








Loss on disposition of assets






 






1,626






 






 






 






830






 






 






 






3,826






 






 






 






3,820






 






 






 






4,939






 








Impairment of assets






 






302






 






 






 






622






 






 






 






602






 






 






 






7,811






 






 






 






913






 








Total costs and expenses






 






175,915






 






 






 






166,319






 






 






 






171,363






 






 






 






691,594






 






 






 






656,000






 








Operating income






 






76,569






 






 






 






83,937






 






 






 






74,529






 






 






 






306,505






 






 






 






294,449






 








Other income (expense):






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(45,299






)






 






 






(47,066






)






 






 






(48,616






)






 






 






(187,408






)






 






 






(193,471






)








Loss on extinguishment of debt






 






(3,006






)






 






 






—






 






 






 






—






 






 






 






(3,006






)






 






 






(4,966






)








Gain on derivative instrument






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






5,684






 








Other






 






32






 






 






 






24






 






 






 






27






 






 






 






97






 






 






 






110






 








Total other expense






 






(48,273






)






 






 






(47,042






)






 






 






(48,589






)






 






 






(190,317






)






 






 






(192,643






)








Net income before income tax expense






 






28,296






 






 






 






36,895






 






 






 






25,940






 






 






 






116,188






 






 






 






101,806






 








Income tax expense






 






536






 






 






 






2,407






 






 






 






503






 






 






 






4,869






 






 






 






2,231






 








Net income






 






27,760






 






 






 






34,488






 






 






 






25,437






 






 






 






111,319






 






 






 






99,575






 








Less: distributions on Preferred Units






 






—






 






 






 






(1,950






)






 






 






(4,387






)






 






 






(8,288






)






 






 






(17,550






)








Net income attributable to common unitholders’ interests






$






27,760






 






 






$






32,538






 






 






$






21,050






 






 






$






103,031






 






 






$






82,025






 








 






 






 






 






 






 






 






 






 






 








Weighted average common units outstanding – basic






 






123,741






 






 






 






122,678






 






 






 






117,074






 






 






 






120,756






 






 






 






113,389






 








 






 






 






 






 






 






 






 






 






 








Weighted average common units outstanding – diluted






 






124,166






 






 






 






123,086






 






 






 






118,089






 






 






 






121,274






 






 






 






114,501






 








 






 






 






 






 






 






 






 






 






 








Basic net income per common unit






$






0.22






 






 






$






0.27






 






 






$






0.18






 






 






$






0.85






 






 






$






0.72






 








 






 






 






 






 






 






 






 






 






 








Diluted net income per common unit






$






0.22






 






 






$






0.26






 






 






$






0.18






 






 






$






0.85






 






 






$






0.72






 








 






 






 






 






 






 






 






 






 






 








Distributions declared per common unit for respective periods






$






0.525






 






 






$






0.525






 






 






$






0.525






 






 






$






2.10






 






 






$






2.10






 









USA COMPRESSION PARTNERS, LP




SELECTED BALANCE SHEET DATA




(In thousands, except unit amounts – Unaudited)









 



 







December 31,

2025








Selected Balance Sheet data:







 








Total assets







$






2,619,931






 








Long-term debt, net







$






2,523,970






 








Total partners’ deficit







$






(112,502






)








 







 








Common units outstanding







 






126,795,135






 









USA COMPRESSION PARTNERS, LP




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(In thousands — Unaudited)








 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Net cash provided by operating activities






$






139,488






 






 






$






75,879






 






 






$






130,195






 






 






$






394,262






 






 






$






341,334






 








Net cash used in investing activities






 






(51,181






)






 






 






(23,381






)






 






 






(26,920






)






 






 






(114,957






)






 






 






(202,014






)








Net cash used in financing activities






 






(79,743






)






 






 






(52,500






)






 






 






(103,340






)






 






 






(270,755






)






 






 






(139,317






)









USA COMPRESSION PARTNERS, LP




RECONCILIATION OF NON-GAAP FINANCIAL MEASURES




ADJUSTED GROSS MARGIN TO GROSS MARGIN




(In thousands — Unaudited)




 








 






 






 






 








The following table reconciles Adjusted gross margin to gross margin, its most directly comparable GAAP financial measure, for each of the periods presented:








 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Total revenues






$






252,484






 






 






$






250,256






 






 






$






245,892






 






 






$






998,099






 






 






$






950,449






 








Cost of operations, exclusive of depreciation and amortization






 






(83,736






)






 






 






(76,951






)






 






 






(77,678






)






 






 






(328,804






)






 






 






(312,726






)








Depreciation and amortization






 






(72,360






)






 






 






(71,222






)






 






 






(68,955






)






 






 






(284,816






)






 






 






(264,756






)








Gross margin






$






96,388






 






 






$






102,083






 






 






$






99,259






 






 






$






384,479






 






 






$






372,967






 








Depreciation and amortization






 






72,360






 






 






 






71,222






 






 






 






68,955






 






 






 






284,816






 






 






 






264,756






 








Adjusted gross margin






$






168,748






 






 






$






173,305






 






 






$






168,214






 






 






$






669,295






 






 






$






637,723






 









USA COMPRESSION PARTNERS, LP




RECONCILIATION OF NON-GAAP FINANCIAL MEASURES




ADJUSTED EBITDA TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES




(In thousands — Unaudited)








 






 






 






 








The following table reconciles Adjusted EBITDA to net income and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:








 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Net income






$






27,760






 






 






$






34,488






 






 






$






25,437






 






 






$






111,319






 






 






$






99,575






 








Interest expense, net






 






45,299






 






 






 






47,066






 






 






 






48,616






 






 






 






187,408






 






 






 






193,471






 








Depreciation and amortization






 






72,360






 






 






 






71,222






 






 






 






68,955






 






 






 






284,816






 






 






 






264,756






 








Income tax expense






 






536






 






 






 






2,407






 






 






 






503






 






 






 






4,869






 






 






 






2,231






 








EBITDA






$






145,955






 






 






$






155,183






 






 






$






143,511






 






 






$






588,412






 






 






$






560,033






 








Unit-based compensation expense (1)






 






1,527






 






 






 






1,167






 






 






 






5,552






 






 






 






4,342






 






 






 






16,552






 








Transaction expenses (2)






 






1,914






 






 






 






—






 






 






 






(23






)






 






 






1,914






 






 






 






133






 








Severance charges and other employee costs (3)






 






169






 






 






 






2,463






 






 






 






2,056






 






 






 






4,455






 






 






 






2,430






 








Loss on disposition of assets






 






1,626






 






 






 






830






 






 






 






3,826






 






 






 






3,820






 






 






 






4,939






 








Loss on extinguishment of debt (4)






 






3,006






 






 






 






—






 






 






 






—






 






 






 






3,006






 






 






 






4,966






 








Gain on derivative instrument






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(5,684






)








Impairment of assets (5)






 






302






 






 






 






622






 






 






 






602






 






 






 






7,811






 






 






 






913






 








Adjusted EBITDA






$






154,499






 






 






$






160,265






 






 






$






155,524






 






 






$






613,760






 






 






$






584,282






 








Interest expense, net






 






(45,299






)






 






 






(47,066






)






 






 






(48,616






)






 






 






(187,408






)






 






 






(193,471






)








Non-cash interest expense






 






1,949






 






 






 






2,133






 






 






 






2,245






 






 






 






8,554






 






 






 






8,748






 








Income tax expense






 






(536






)






 






 






(2,407






)






 






 






(503






)






 






 






(4,869






)






 






 






(2,231






)








Transaction expenses






 






(1,914






)






 






 






—






 






 






 






23






 






 






 






(1,914






)






 






 






(133






)








Severance charges and other employee costs






 






(169






)






 






 






(2,463






)






 






 






(2,056






)






 






 






(4,455






)






 






 






(2,430






)








Cash received on derivative instrument






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






6,888






 








Other






 






436






 






 






 






(16






)






 






 






777






 






 






 






466






 






 






 






1,204






 








Changes in operating assets and liabilities






 






30,522






 






 






 






(34,567






)






 






 






22,801






 






 






 






(29,872






)






 






 






(61,523






)








Net cash provided by operating activities






$






139,488






 






 






$






75,879






 






 






$






130,195






 






 






$






394,262






 






 






$






341,334






 









____________________________________








(1)







For the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, unit-based compensation expense included $0.4 million, $0.4 million, and $0.9 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards. Additionally, for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, we paid $2.0 million, $2.6 million, and $5.4 million, respectively, for the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods.








 







For the years ended December 31, 2025 and 2024, unit-based compensation expense included $2.0 million and $3.9 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards. Additionally, for the years ended December 31, 2025 and 2024, we paid $7.7 million and $5.4 million, respectively, for the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods. The remainder of unit-based compensation expense for all periods was related to non-cash adjustments to the unit-based compensation liability.








(2)







Represents certain expenses related to potential and completed transactions and other items. The Partnership believes it is useful to investors to exclude these expenses.








(3)







Severance charges and other employee costs includes (i) severance payments to former employees of the Partnership, (ii) retention payments to employees of the Partnership that have executed agreements to maintain operations during the shared services integration but do not intend to remain employed with the Partnership after their retention period, and (iii) relocation payments to employees of the Partnership for relocation resulting from the shared services integration and the relocation of the Partnership’s headquarters to Dallas, Texas. These retention payments are incremental to the affected employees’ base pay. For the three months ended December 31, 2025 and September 30, 2025, severance charges and other employee costs included $0.1 million and $0.1 million related to retention payments, respectively, and ($0.1) million and $0.3 million related to relocation payments, respectively. For the year ended December 31, 2025, severance charges and other employee costs included $0.6 million related to each of retention payments and relocation payments.








(4)







For the three months and year ended December 31, 2025, the loss on extinguishment of debt of $3.0 million is a result of the redemption of our senior notes due 2027.








 







For the year ended December 31, 2024, the loss on extinguishment of debt is a result of the satisfaction and discharge of the senior notes due 2026. This amount represents the write-off of deferred financing costs of $4.3 million and the difference between (i) the purchase price of U.S. government securities of $748.8 million used to redeem the senior notes due 2026 and (ii) the aggregate outstanding principal balance and accrued interest of the senior notes due 2026 of $748.1 million at the time of purchase of the government securities.








(5)







Represents non-cash charges incurred to decrease the carrying value of long-lived assets with recorded values that are not expected to be recovered through future cash flows.









USA COMPRESSION PARTNERS, LP




RECONCILIATION OF NON-GAAP FINANCIAL MEASURES




DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES




(Dollars in thousands — Unaudited)








 






 






 






 








The following table reconciles Distributable Cash Flow to net income and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:








 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








Net income






$






27,760






 






 






$






34,488






 






 






$






25,437






 






 






$






111,319






 






 






$






99,575






 








Non-cash interest expense






 






1,949






 






 






 






2,133






 






 






 






2,245






 






 






 






8,554






 






 






 






8,748






 








Depreciation and amortization






 






72,360






 






 






 






71,222






 






 






 






68,955






 






 






 






284,816






 






 






 






264,756






 








Non-cash income tax expense (benefit)






 






436






 






 






 






(16






)






 






 






147






 






 






 






466






 






 






 






574






 








Unit-based compensation expense (1)






 






1,527






 






 






 






1,167






 






 






 






5,552






 






 






 






4,342






 






 






 






16,552






 








Transaction expenses (2)






 






1,914






 






 






 






—






 






 






 






(23






)






 






 






1,914






 






 






 






133






 








Severance charges and other employee costs (3)






 






169






 






 






 






2,463






 






 






 






2,056






 






 






 






4,455






 






 






 






2,430






 








Other






 






—






 






 






 






1,876






 






 






 






—






 






 






 






2,876






 






 






 






—






 








Loss on disposition of assets






 






1,626






 






 






 






830






 






 






 






3,826






 






 






 






3,820






 






 






 






4,939






 








Loss on extinguishment of debt (4)






 






3,006






 






 






 






—






 






 






 






—






 






 






 






3,006






 






 






 






4,966






 








Change in fair value of derivative instrument






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,204






 








Impairment of assets (5)






 






302






 






 






 






622






 






 






 






602






 






 






 






7,811






 






 






 






913






 








Distributions on Preferred Units






 






—






 






 






 






(1,950






)






 






 






(4,387






)






 






 






(8,288






)






 






 






(17,550






)








Maintenance capital expenditures (6)






 






(7,838






)






 






 






(8,990






)






 






 






(8,151






)






 






 






(39,414






)






 






 






(31,923






)








Distributable Cash Flow






$






103,211






 






 






$






103,845






 






 






$






96,259






 






 






$






385,677






 






 






$






355,317






 








Maintenance capital expenditures






 






7,838






 






 






 






8,990






 






 






 






8,151






 






 






 






39,414






 






 






 






31,923






 








Transaction expenses






 






(1,914






)






 






 






—






 






 






 






23






 






 






 






(1,914






)






 






 






(133






)








Severance charges and other employee costs






 






(169






)






 






 






(2,463






)






 






 






(2,056






)






 






 






(4,455






)






 






 






(2,430






)








Distributions on Preferred Units






 






—






 






 






 






1,950






 






 






 






4,387






 






 






 






8,288






 






 






 






17,550






 








Other






 






—






 






 






 






(1,876






)






 






 






630






 






 






 






(2,876






)






 






 






630






 








Changes in operating assets and liabilities






 






30,522






 






 






 






(34,567






)






 






 






22,801






 






 






 






(29,872






)






 






 






(61,523






)








Net cash provided by operating activities






$






139,488






 






 






$






75,879






 






 






$






130,195






 






 






$






394,262






 






 






$






341,334






 








 






 






 






 






 






 






 






 






 






 








Distributable Cash Flow






$






103,211






 






 






$






103,845






 






 






$






96,259






 






 






$






385,677






 






 






$






355,317






 








 






 






 






 






 






 






 






 






 






 








Distributions for Distributable Cash Flow Coverage Ratio (7)






$






76,109






 






 






$






64,410






 






 






$






61,702






 






 






$






266,659






 






 






$






245,990






 








 






 






 






 






 






 






 






 






 






 








Distributable Cash Flow Coverage Ratio






1.36x






 






1.61x






 






1.56x






 






1.45x






 






1.44x









____________________________________








(1)







For the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, unit-based compensation expense included $0.4 million, $0.4 million, and $0.9 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards. Additionally, for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, we paid $2.0 million, $2.6 million, and $5.4 million, respectively, for the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods.








 







For the years ended December 31, 2025, and 2024, unit-based compensation expense included $2.0 million and $3.9 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding unit awards. Additionally, for the years ended December 31, 2025 and 2024, we paid $7.7 million and $5.4 million, respectively, for the cash portion of the settlement of phantom unit awards upon vesting, a portion of which is included in the unit-based compensation expense for these periods. The remainder of unit-based compensation expense for all periods was related to non-cash adjustments to the unit-based compensation liability.








(2)







Represents certain expenses related to potential and completed transactions and other items. The Partnership believes it is useful to investors to exclude these expenses.








(3)







Severance charges and other employee costs includes (i) severance payments to former employees of the Partnership, (ii) retention payments to employees of the Partnership that have executed agreements to maintain operations during the shared services integration but do not intend to remain employed with the Partnership after their retention period, and (iii) relocation payments to employees of the Partnership for relocation resulting from the shared services integration and the relocation of the Partnership’s headquarters to Dallas, Texas. These retention payments are incremental to the affected employees’ base pay. For the three months ended December 31, 2025 and September 30, 2025, severance charges and other employee costs included $0.1 million and $0.1 million related to retention payments, respectively, and ($0.1) million and $0.3 million related to relocation payments, respectively. For the year ended December 31, 2025, severance charges and other employee costs included $0.6 million related to each of retention payments and relocation payments.








(4)







For the three months and year ended December 31, 2025, the loss on extinguishment of debt of $3.0 million is a result of the redemption of our senior notes due 2027.








 







For the year ended December 31, 2024, the loss on extinguishment of debt is a result of the satisfaction and discharge of the senior notes due 2026. This amount represents the write-off of deferred financing costs of $4.3 million and the difference between (i) the purchase price of U.S. government securities of $748.8 million used to redeem the senior notes due 2026 and (ii) the aggregate outstanding principal balance and accrued interest of the senior notes due 2026 of $748.1 million at the time of purchase of the government securities.








(5)







Represents non-cash charges incurred to decrease the carrying value of long-lived assets with recorded values that are not expected to be recovered through future cash flows.








(6)







Reflects actual maintenance capital expenditures for the periods presented. Maintenance capital expenditures are capital expenditures made to maintain the operating capacity of the Partnership’s assets and extend their useful lives, replace partially or fully depreciated assets, or other capital expenditures that are incurred in maintaining the Partnership’s existing business and related cash flow.








(7)







Represents distributions to the holders of the Partnership’s common units as of the record date.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217558380/en/
Investor Contact:

Mitchell Freer

Senior Director, Finance

ir@usacompression.com


Original: USA Compression Partners Reports Fourth-Quarter 2025 Results and Provides 2026 Outlook; Achieves Record Results