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 2017 Results; Provides 2018 Outlook

 

AUSTIN, Texas, February 12, 2018 

—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 2017.    Net income was $4.5 million for the fourth quarter of 2017, compared to $4.8 million for the third quarter of 2017 and $3.3 million for the fourth quarter of 2016.  Net cash provided by operating activities was  $39.3 million for the fourth quarter of 2017, compared to $33.0 million for the third quarter of 2017 and $9.1 million for the fourth quarter of 2016.

 

Adjusted EBITDA was  $42.1 million for the fourth quarter of 2017, compared to $40.8 million for the third quarter of 2017 and $36.5 million for the fourth quarter of 2016.  Distributable Cash Flow was  $33.2 million for the fourth quarter of 2017 compared to $30.8 million for the third quarter of 2017 and $28.7 million for the fourth quarter of 2016. 

 

“As it regards our fourth quarter performance, USA Compression ended the year with continued growth, with contract compression service revenues up more than 5% over the third quarter and average revenue generating horsepower increasing over 50,000 horsepower compared to the third quarter,” said Eric D. Long, USA Compression’s President and Chief Executive Officer. “Over the course of 2017, we continued to deploy units and now have approximately 240,000 more revenue-generating horsepower out in the field than we did a year ago. Our primary focus on infrastructure applications and our team’s efforts at redeploying idle equipment has resulted in increased fleet utilization – approaching 95% by the end of 2017. Adjusted EBITDA and Distributable Cash Flow were also both up quarter-over-quarter.”

 

“For 2018, we have made commitments to take delivery of approximately 150,000 horsepower throughout the year, the majority of which consist of very large horsepower units already committed to customers or under contract with customers,” he said.  “The improving performance resulted in leverage of 4.65x and improved total coverage for the quarter at 0.99x.”

 

“In January, we announced a series of transactions which will result, among other things, in USA Compression acquiring the CDM Resource Management business from Energy Transfer Partners and Energy Transfer Equity acquiring USA Compression’s general partner. We expect these transactions to be accretive to USA Compression’s Distributable Cash Flow and continue to expect these transactions to close in the first half of 2018. We will provide additional information as we are able to,” he concluded.

 

Average revenue generating horsepower was 1,602,365 for the fourth quarter of 2017, compared to 1,548,656 for the third quarter of 2017 and 1,366,371 for the fourth quarter of 2016.  Average revenue per revenue generating horsepower per month was  $15.21 for the fourth quarter of 2017, compared to $15.13 for the third quarter of 2017 and $15.07 for the fourth quarter of 2016.  

 

Revenues were $75.4 million for the fourth quarter of 2017, compared to $72.8 million for the third quarter of 2017 and  $74.9 million for the fourth quarter of 2016.   Gross operating margin was  $50.3 million for the fourth quarter of 2017, compared to $49.4 million for the third quarter of 2017 and  $45.1 million for the fourth quarter of 2016. Gross operating margin as a percentage of total revenues was 66.8% for the fourth quarter of 2017, compared to 67.8% for the third quarter of 2017 and 60.2% for the fourth quarter of 2016.    Operating income was $11.5 million for the fourth quarter of 2017, consistent with $11.5 million for the third quarter of 2017 and compared to $8.9 million for the fourth quarter of 2016.

 

Expansion capital expenditures were $50.6 million, maintenance capital expenditures were $2.2 million and cash interest expense, net was $6.3 million for the fourth quarter of 2017.  

 

On January  18, 2018, the Partnership announced a cash distribution of $0.525 per unit on its common units.  This fourth quarter distribution corresponds to an annualized distribution rate of $2.10 per unit.  The distribution will be paid on February 14, 2018 to unitholders of record as of the close of business on February 2, 2018.   USA Compression Holdings, LLC, the owner of approximately 40% of the Partnership’s outstanding limited partner interests, elected not to reinvest any part of this distribution with respect to its units pursuant to the Partnership’s Distribution Reinvestment Plan (the “DRIP”).  For the fourth quarter of 2017, the Partnership’s Distributable Cash Flow Coverage Ratio was 0.99x and Cash Coverage Ratio was 1.00x.

 

1


The following information was filed by Usa Compression Partners, Lp (USAC) on Monday, February 12, 2018 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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