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Usa Compression Partners, Lp (USAC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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USAC Quarterly Reports

Usa Compression Partners, Lp

CIK: 1522727 Ticker: USAC


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Exhibit 99.1
News Release
USA Compression Partners, LP
111 Congress Avenue, Suite 2400
Austin, Texas 78701
usacompression.com
USA Compression Partners, LP Reports First Quarter 2020 Results; Updates 2020 Outlook
AUSTIN, Texas, May 5, 2020
— USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the first quarter 2020.
First Quarter 2020 Highlights
Total revenues were $179.0 million for the first quarter 2020, compared to $170.7 million for the first quarter 2019.
Net loss was $602.5 million for the first quarter 2020, compared to net income of $6.6 million for the first quarter 2019. The net loss for the first quarter 2020 included a $619.4 million charge due to non-cash impairment of goodwill.
Net cash provided by operating activities was $50.1 million for the first quarter 2020, compared to $47.8 million for the first quarter 2019.
Adjusted EBITDA was $106.2 million for the first quarter 2020, compared to $101.4 million for the first quarter 2019.
Distributable Cash Flow was $54.7 million for the first quarter 2020, compared to $54.9 million for the first quarter 2019.
Announced cash distribution of $0.525 per common unit for the first quarter 2020, consistent with the first quarter 2019.
Distributable Cash Flow Coverage was 1.08x for the first quarter 2020, compared to 1.16x for the first quarter 2019.
“The first quarter reflected the stability of USA Compression’s compression services business model, which is focused on the large horsepower asset class utilized in large infrastructure applications located in attractive, active regions,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “During the quarter, we stayed consistent to our business strategy, deploying a limited number of new assets selectively to strong counterparties under fixed-fee contracts.”
He continued, “We certainly find ourselves in unprecedented times, not only for our industry but also worldwide, as we cope with a global pandemic and more specific challenges to the energy industry. As time goes on, we should gain more visibility, but the general uncertainty these dynamics have caused make predicting the future difficult at best, and have led us to take a cautious approach in managing the business. In light of the current environment, we are reducing capital spending and operating expenses to ensure that USA Compression is well-positioned to work through the remainder of 2020 while maintaining safe and reliable operations. While we had initially budgeted for a reduced 2020 capital plan, based on recent market events, we currently plan to reduce further our 2020 growth capital spending by approximately 25%. We have also taken cost-cutting measures across the business, reducing operating expenses by approximately 10%, which we expect will help maintain our strong margins as we work through the present market volatility,” Mr. Long said.
“We continue to believe that the natural gas side of the energy sector is better positioned than other commodities, underpinned by resilient baseload demand and potential for growth as a clean fuel for future energy needs. While the exact extent to which current market factors will affect the domestic natural gas supply/demand balance is uncertain, the expected long-term future demand for natural gas coupled with what we expect will be a meaningful supply decrease from lower associated gas production should drive the natural gas market to rebalance in the not-too-distant future. We expect this dynamic will continue to have a positive impact on the demand for the compression services that USA Compression provides, although our ability to forecast our activity and the future of the market is uncertain.”
Expansion capital expenditures were $46.5 million, maintenance capital expenditures were $8.8 million and cash interest expense, net was $30.5 million for the first quarter 2020.
On April 16, 2020, 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, 2020 to common unitholders of record as of the close of business on April 27, 2020. For the first quarter 2020, the Partnership’s Distributable Cash Flow Coverage was 1.08x.
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The following information was filed by Usa Compression Partners, Lp (USAC) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Usa Compression Partners, Lp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Changes In Partners' Capital
Unaudited Condensed Consolidated Statements Of Changes In Partners' Capital (Parenthetical)
Unaudited Condensed Consolidated Statements Of Operations
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Fair Value (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property And Equipment, Intangible Assets, And Goodwill (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Lease Accounting
Lease Accounting (Tables)
Lease Accounting - Lease Cost (Details)
Lease Accounting - Lessor Accounting (Details)
Lease Accounting - Maturities Of Lease Liabilities (Details)
Lease Accounting - Narrative (Details)
Lease Accounting - Supplemental Balance Sheet (Details)
Lease Accounting - Supplemental Cash Flow Information (Details)
Lease Accounting - Weighted Average (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Summary Of Debt (Details)
Organization And Description Of Business
Other Current Liabilities
Other Current Liabilities (Details)
Other Liabilities (Tables)
Partners' Capital
Partners' Capital (Tables)
Partners' Capital - Cash Distributions (Details)
Partners' Capital - Change In Common Units Outstanding (Details)
Partners' Capital - Earnings Per Unit (Details)
Partners' Capital - Narrative (Details)
Preferred Units
Preferred Units (Tables)
Preferred Units - Narrative (Details)
Preferred Units - Summary Of Changes In Preferred Units (Details)
Property And Equipment, Identifiable Intangible Assets And Goodwill
Property And Equipment, Identifiable Intangible Assets And Goodwill (Tables)
Property And Equipment, Identifiable Intangible Assets And Goodwill - Depreciation And Loss (Gain)On Disposition (Details)
Property And Equipment, Identifiable Intangible Assets And Goodwill - Identifiable Intangible Assets (Details)
Property And Equipment, Identifiable Intangible Assets And Goodwill - Narrative (Details)
Property And Equipment, Identifiable Intangible Assets And Goodwill - Property, Plant And Equipment Useful Lives (Details)
Property And Equipment, Identifiable Intangible Assets And Goodwill - Summary Of Property And Equipment (Details)
Recent Accounting Pronouncements
Related Party Disclosures (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Asset And Contract Liabilities (Details)
Revenue Recognition - Disaggregated Revenue (Details)
Revenue Recognition - Performance Obligation (Details)
Statement Of Financial Position, Classified (Tables)
Subsequent Event
Trade Accounts Receivable
Trade Accounts Receivable - Narrative (Details)
Trade Accounts Receivable - Summary Of Allowance For Credit Losses (Details)
Transactions With Related Parties
Transactions With Related Parties (Details)

Material Contracts, Statements, Certifications & more

Usa Compression Partners, Lp provided additional information to their SEC Filing as exhibits

Ticker: USAC
CIK: 1522727
Form Type: 10-Q Quarterly Report
Accession Number: 0001522727-20-000013
Submitted to the SEC: Tue May 05 2020 5:15:57 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Natural Gas Transmission

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