|USA Compression Partners, LP|
|111 Congress Avenue, Suite 2400|
|Austin, Texas 78701|
USA Compression Partners, LP Reports First Quarter 2021 Results; Confirms 2021 Outlook
AUSTIN, Texas, May 4, 2021 — USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the first quarter 2021.
First Quarter 2021 Highlights
•Total revenues were $157.5 million for the first quarter 2021, compared to $179.0 million for the first quarter 2020.
•Net income was $0.4 million for the first quarter 2021, compared to a net loss of $602.5 million for the first quarter 2020.
•Net cash provided by operating activities was $39.6 million for the first quarter 2021, compared to $50.1 million for the first quarter 2020.
•Adjusted EBITDA was $99.6 million for the first quarter 2021, compared to $106.2 million for the first quarter 2020.
•Distributable Cash Flow was $52.6 million for the first quarter 2021, compared to $54.7 million for the first quarter 2020.
•Announced cash distribution of $0.525 per common unit for the first quarter 2021, consistent with the first quarter 2020.
•Distributable Cash Flow Coverage was 1.03x for the first quarter 2021, compared to 1.08x for the first quarter 2020.
“The first quarter of 2021 came in fairly consistent with the fourth quarter of 2020, reflecting what we expected would be a period of stability as we started the year,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “While the general stability in both crude oil and natural gas prices has allowed customers to better plan their budgets and capital spending programs, lingering uncertainty around the timing of a recovery as well as the impact of potential legislative and regulatory changes on the industry have lent a cautious tone to overall activity.”
He continued, “With overall domestic natural gas production increasing modestly, we are now back at pre-COVID-19 levels, illustrating the importance of clean-burning natural gas to our country’s economy. While we acknowledge that renewable energy will increasingly become a more important contributor to our country’s energy needs, we believe the reliability and abundance of domestic natural gas will remain critical to serving our country’s energy needs.”
“As we previously discussed, our capital spending plans have been meaningfully reduced going into 2021. We continue to expect zero new unit deliveries during the year, instead spending nominal amounts of growth capital, primarily consisting of reconfigurations to prepare units for redeployment and first-time start-up costs. Partly as a result of this capital spending discipline, our debt levels and corresponding leverage were better than we expected for the first quarter.”
“While the recovery takes hold, we continue to focus on things within our control, namely capital spending and expense management. As you’ll note, our operating margins remain strong, reflecting continued focus on the core operations of the business, and helping improve Distributable Cash Flow coverage for the quarter.”
Expansion capital expenditures were $4.2 million, maintenance capital expenditures were $4.5 million and cash interest expense, net was $30.0 million for the first quarter 2021.
On April 14, 2021, 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 7, 2021 to common unitholders of record as of the close of business on April 26, 2021.
The following information was filed by Usa Compression Partners, Lp (USAC) on Tuesday, May 4, 2021 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.