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 Second Quarter 2017 Results

 

AUSTIN, Texas, August 4, 2017 

—USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the second quarter 2017. Revenues for the second quarter of 2017 were $66.0 million, compared to $66.0 million for the first quarter of 2017 and  $63.5 million for the second quarter of 2016. 

 

Net income was $0.6 million for the second quarter of 2017, compared to $1.6 million for the first quarter of 2017 and $3.3 million for the second quarter of 2016. Net cash provided by operating activities was  $34.0 million for the second quarter of 2017, compared to $18.3 million for the first quarter of 2017 and $36.5 million for the second quarter of 2016.

 

Adjusted EBITDA was  $36.7 million for the second quarter of 2017, compared to $36.0 million for the first quarter of 2017 and $37.1 million for the second quarter of 2016.  Distributable Cash Flow was  $27.1 million for the second quarter of 2017, compared to $27.2 million for the first quarter of 2017 and  $30.5 million for the second quarter of 2016. 

 

“In the second quarter, USA Compression benefitted from increasing customer demand for our compression services, with contract compression service revenues up almost 5% over the first quarter and average revenue generating horsepower increasing over 4%, or almost 60,000 horsepower,” said Eric D. Long, USA Compression’s President and Chief Executive Officer. “This demand and the resulting increase in our active fleet horsepower contributed to increased utilization and strong gross operating margins.  As our customer base continues to adapt to the current and future commodity price environment, we have better future visibility and are seeing new demand for our compression services reaching well into 2018. As a result, we are expanding our fleet of large horsepower assets by taking delivery of approximately 70,000 horsepower during the second half of 2017 and we have made commitments to take delivery of approximately 150,000 horsepower throughout 2018, all of which consists of large horsepower units.  We expect the continued deployment of this new horsepower to drive increased Adjusted EBITDA and Distributable Cash Flow in the coming quarters and beyond.”

 

Average revenue generating horsepower increased to 1,465,401 for the second quarter of 2017 from 1,406,206 for the first quarter of 2017 and 1,378,496 for the second quarter of 2016.  Average revenue per revenue generating horsepower per month decreased to $14.95 for the second quarter of 2017 from $14.98 for the first quarter of 2017 and $15.52 for the second quarter of 2016 due, in part, to fluctuation in the mix of small and large fleet horsepower between comparable periods. 

 

Operating income was $6.7 million for the second quarter of 2017, compared to $7.4 million for the first quarter of 2017 and $8.5 million for the second quarter of 2016. Gross operating margin was  $44.4 million for the second quarter of 2017, compared to $43.5 million for the first quarter of 2017 and  $44.9 million for the second quarter of 2016. Gross operating margin as a percentage of total revenues was 67.3% for the second quarter of 2017, compared to 65.9% for the first quarter of 2017 and 70.6% for the second quarter of 2016.

 

Expansion capital expenditures were $14.5 million, maintenance capital expenditures were $3.7 million and cash interest expense, net was $5.5 million for the second quarter of 2017.  

 

On July 20, 2017, the Partnership announced a cash distribution of $0.525 per unit on its common units.  This second quarter distribution corresponds to an annualized distribution rate of $2.10 per unit.  The distribution will be paid on August 11, 2017 to unitholders of record as of the close of business on August 1, 2017.   USA Compression Holdings, LLC, the owner of approximately 39.8% of the Partnership’s outstanding limited partner interests, elected to reinvest 50% of this distribution with respect to its units pursuant to the Partnership’s Distribution Reinvestment Plan (the “DRIP”).  For the second quarter of 2017, the Partnership’s Distributable Cash Flow Coverage Ratio was 0.81x and Cash Coverage Ratio was 1.03x.

 

1


The following information was filed by Usa Compression Partners, Lp (USAC) on Friday, August 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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