Exhibit 99.1

 

 

Picture 2

News Release

 

USA Compression Partners, LP

 

100 Congress Avenue, Suite 450

 

Austin, Texas 78701

 

usacompression.com

 

USA Compression Partners, LP Reports Fourth Quarter and Full-Year 2016 Results;

Provides 2017 Outlook

 

AUSTIN, Texas, February 13, 2017 

—USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the fourth quarter and full-year 2016.

 

Fourth Quarter and Full-Year 2016 Summary Results

·

Revenues increased in fourth quarter 2016 and decreased in full-year 2016; fourth quarter up 9.2% from fourth quarter 2015 and full-year 2016 down 1.7% over full-year 2015

·

Net income increased;  fourth quarter 2016 up 102.0%  from fourth quarter 2015 and full-year 2016 up 108.4% over full-year 2015

·

Net cash provided by operating activities decreased; fourth quarter 2016 down 73.7%  from fourth quarter 2015 and full-year 2016 down 11.7% over full-year 2015

·

Adjusted EBITDA decreased;  fourth quarter 2016 down 3.9% from fourth quarter 2015 and full-year 2016 down 4.5% over full-year 2015

·

Distributable Cash Flow increased in fourth quarter 2016 and decreased in full-year 2016;  fourth quarter 2016 up 2.4%  from fourth quarter 2015 and full-year 2016 down 2.1% over full-year 2015

·

Fourth quarter 2016 cash distribution of $0.525 per common unit, consistent with fourth quarter 2015

·

Distributable Cash Flow  Coverage of 0.94x for fourth quarter 2016

·

Cash Coverage of 1.09x for fourth quarter 2016

 

Full-Year 2017 Outlook

USA Compression is providing the following full-year 2017 guidance:

·

Net income range of $15.8 million to $30.8 million;  

·

A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow;  

·

Adjusted EBITDA range of $145.0 million to $160.0 million; and

·

Distributable Cash Flow range of $108.0 million to $123.0 million. 

 

Operational and Financial Data 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Year Ended

 

 

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

 

 

 

2016

 

2016

 

2015

 

2016

 

2015

 

 

Operational Data

   

 

 

   

 

 

   

 

 

 

 

 

 

 

 

 

 

Fleet Horsepower (at period end)

 

 

1,720,547

 

 

1,716,296

 

 

1,712,196

 

 

1,720,547

 

 

1,712,196

 

 

Revenue Generating Horsepower (at period end)

 

 

1,387,073

 

 

1,364,059

 

 

1,424,537

 

 

1,387,073

 

 

1,424,537

 

 

Average Revenue Generating Horsepower

 

 

1,366,371

 

 

1,356,423

 

 

1,420,060

 

 

1,377,966

 

 

1,408,689

 

 

Revenue Generating Compression Units (at period end)

 

 

2,552

 

 

2,502

 

 

2,737

 

 

2,552

 

 

2,737

 

 

Horsepower Utilization (at period end) (1)

 

 

87.1

%

 

88.3

%

 

89.2

%

 

87.1

%

 

89.2

%

 

Average Horsepower Utilization (for the period) (1)

 

 

87.4

%

 

87.3

%

 

89.5

%

 

87.4

%

 

90.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

74,913

 

$

61,130

 

$

68,615

 

$

265,921

 

$

270,545

 

 

Average Revenue Per Revenue Generating Horsepower Per Month (2)

 

$

15.07

 

$

15.35

 

$

15.97

 

$

15.41

 

$

15.90

 

 

Net income (loss)

 

$

3,269

 

$

(2,146)

 

$

(159,630)

 

$

12,935

 

$

(154,273)

 

 

Operating income (loss)

 

$

8,894

 

$

3,187

 

$

(155,324)

 

$

34,408

 

$

(135,605)

 

 

Net cash provided by operating activities

 

$

9,101

 

$

36,139

 

$

34,658

 

$

103,697

 

$

117,401

 

 

Gross Operating Margin (3)

 

$

45,120

 

$

42,245

 

$

47,285

 

$

177,760

 

$

189,006

 

 

Gross Operating Margin Percentage

 

 

60.2%

 

 

69.1%

 

 

68.9%

 

 

66.8%

 

 

69.9%

 

 

Adjusted EBITDA (3)

 

$

36,461

 

$

34,634

 

$

37,955

 

$

146,648

 

$

153,572

 

 

Adjusted EBITDA Percentage

 

 

48.7%

 

 

56.7%

 

 

55.3%

 

 

55.1%

 

 

56.8%

 

 

Distributable Cash Flow (3)

 

$

28,703

 

$

27,223

 

$

28,041

 

$

118,329

 

$

120,850

 

 

1


The following information was filed by Usa Compression Partners, Lp (USAC) on Monday, February 13, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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