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 Third Quarter 2017 Results and Updates 2017 Outlook

 

AUSTIN, Texas, November 7, 2017 

—USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the third quarter of 2017.    Net income was $4.8 million for the third quarter of 2017, compared to $0.6 million for the second quarter of 2017 and a net loss of $2.1 million for the third quarter of 2016.  Net cash provided by operating activities was  $33.0 million for the third quarter of 2017, compared to $34.0 million for the second quarter of 2017 and $36.1 million for the third quarter of 2016.

 

Adjusted EBITDA was  $40.8 million for the third quarter of 2017, compared to $36.7 million for the second quarter of 2017 and $34.6 million for the third quarter of 2016.  Distributable Cash Flow was  $30.8 million for the third quarter of 2017, compared to $27.1 million for the second quarter of 2017 and $27.2 million for the third quarter of 2016. 

 

“During the third quarter, USA Compression experienced continued growth and overall improved market conditions, with contract compression service revenues up 8% over the second quarter and average revenue generating horsepower increasing over 5%, or over 80,000 horsepower,” said Eric D. Long, USA Compression’s President and Chief Executive Officer. “Continued customer activity driven by new-build infrastructure projects and a strategic focus on redeploying idle equipment led to increased fleet utilization which is back to near record levels. When coupled with increasing monthly service fees, we saw increased gross operating margin, Adjusted EBITDA and Distributable Cash Flow quarter-over-quarter. We expect to take delivery of approximately 45,000 horsepower of very large horsepower units during the last quarter of 2017 to fulfill contracted customer needs. Looking forward, we have made commitments to take delivery of approximately 150,000 horsepower throughout 2018, all of which consist of very large horsepower units that are already committed to specific customers. As expected, the improved market backdrop helped drive improved leverage and coverage metrics for the quarter.”

 

Average revenue generating horsepower was 1,548,656 for the third quarter of 2017, compared to 1,465,401 for the second quarter of 2017 and 1,356,423 for the third quarter of 2016.  Average revenue per revenue generating horsepower per month was  $15.13 for the third quarter of 2017, compared to $14.95 for the second quarter of 2017 and $15.35 for the third quarter of 2016.  

 

Revenues were $72.8 million for the third quarter of 2017, compared to $66.0 million for the second quarter of 2017 and  $61.1 million for the third quarter of 2016.   Gross operating margin was  $49.4 million for the third quarter of 2017, compared to $44.4 million for the second quarter of 2017 and  $42.2 million for the third quarter of 2016. Gross operating margin as a percentage of total revenues was 67.8% for the third quarter of 2017, compared to 67.3% for the second quarter of 2017 and 69.1% for the third quarter of 2016.    Operating income was $11.5 million for the third quarter of 2017, compared to $6.7 million for the second quarter of 2017 and $3.2 million for the third quarter of 2016.

 

Expansion capital expenditures were $26.7 million, maintenance capital expenditures were $3.5 million and cash interest expense, net was $6.0 million for the third quarter of 2017.  

 

On October 19, 2017, the Partnership announced a cash distribution of $0.525 per unit on its common units.  This third quarter distribution corresponds to an annualized distribution rate of $2.10 per unit.  The distribution will be paid on November 10, 2017 to unitholders of record as of the close of business on October  30, 2017.   USA Compression Holdings, LLC, the owner of approximately 40.2% of the Partnership’s outstanding limited partner interests, elected to reinvest 20% of this distribution with respect to its units pursuant to the Partnership’s Distribution Reinvestment Plan (the “DRIP”).  For the third quarter of 2017, the Partnership’s Distributable Cash Flow Coverage Ratio was 0.92x and Cash Coverage Ratio was 1.01x.

 

1


The following information was filed by Usa Compression Partners, Lp (USAC) on Tuesday, November 7, 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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