USA Compression Partners LP Files 2024 10-K

TL;DR

USAC filed its 2024 10-K. All good.

AI Summary

USA Compression Partners, LP filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, operating in natural gas transmission, is headquartered in Dallas, Texas. The filing details its financial performance and operational status for the year.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of USA Compression Partners' financial health and operational activities for the 2024 fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for the industry.

Key Numbers

• 2024 — Fiscal Year End (The period covered by the 10-K filing.)
• 1230 — Document Count (Total number of documents included in the filing.)
• 001-35779 — SEC File Number (The SEC's file number for USA Compression Partners, LP.)

Key Players & Entities

• USA Compression Partners, LP (company) — Filer of the 10-K
• Dallas, TX (location) — Company headquarters and mailing address
• February 11, 2025 (date) — Filing date of the 10-K
• December 31, 2024 (date) — Fiscal year end for the report
• Natural Gas Transmission (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $725.0 million — Exchange Commission Senior Notes 2026 $725.0 million aggregate principal amount of senior no
• $750.0 million — due on April 1, 2026 Senior Notes 2027 $750.0 million aggregate principal amount of senior no
• $1.0 billion — on September 1, 2027 Senior Notes 2029 $1.0 billion aggregate principal amount of senior no

Filing Documents

• usac-20241231.htm (10-K) — 2514KB
• usac202410-kex106.htm (EX-10.6) — 76KB
• usac202410-kex107.htm (EX-10.7) — 71KB
• usac202410-kex108.htm (EX-10.8) — 67KB
• usac202410-kex1020.htm (EX-10.20) — 98KB
• usac202410-kex1023.htm (EX-10.23) — 67KB
• usac202410-kex1024.htm (EX-10.24) — 77KB
• usac202410-kex191.htm (EX-19.1) — 107KB
• usac202410-kex211.htm (EX-21.1) — 2KB
• usac202410-kex221.htm (EX-22.1) — 4KB
• usac202410-kex231.htm (EX-23.1) — 2KB
• usac202410-kex311.htm (EX-31.1) — 10KB
• usac202410-kex312.htm (EX-31.2) — 11KB
• usac202410-kex321.htm (EX-32.1) — 5KB
• usac202410-kex322.htm (EX-32.2) — 5KB
• usac-20241231_g1.jpg (GRAPHIC) — 528KB
• usac-20241231_g2.jpg (GRAPHIC) — 20KB
• usac-20241231_g3.jpg (GRAPHIC) — 23KB
• usaclogo2025.jpg (GRAPHIC) — 528KB
• usaclogo20251a.jpg (GRAPHIC) — 528KB
• usaclogo20252.jpg (GRAPHIC) — 528KB
• 0001522727-25-000010.txt ( ) — 14355KB
• usac-20241231.xsd (EX-101.SCH) — 75KB
• usac-20241231_cal.xml (EX-101.CAL) — 73KB
• usac-20241231_def.xml (EX-101.DEF) — 416KB
• usac-20241231_lab.xml (EX-101.LAB) — 848KB
• usac-20241231_pre.xml (EX-101.PRE) — 635KB
• usac-20241231_htm.xml (XML) — 1372KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II 36 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 52 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III 56 Item 10. Directors, Executive Officers, and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 61 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 86 Item 13. Certain Relationships and Related Transactions and Director Independence 89 Item 14. Principal Accountant Fees and Services 91 PART IV 92 Item 15. Exhibits and Financial Statement Schedules 92 i Table of Contents Glossary The abbreviations, acronyms, and industry terminology used in this Annual Report are defined as follows: Credit Agreement Seventh Amended and Restated Credit Agreement, dated as of December 8, 2021, by and among USA Compression Partners, LP, as borrower, the guarantors party thereto from time to time, the lenders party thereto from time to time, as may be amended from time to time, and any predecessor thereto if the context so dictates CPI Consumer Price Index for all Urban Consumers DERs distribution equivalent rights DRIP distribution reinvestment plan EBITDA earnings before interest, taxes, depreciation, and amortization EIA United States Energy Information Agency Energy Transfer Energy Transfer LP Exchange Act Securities Exchange Act of 1934, as amended GAAP generally accepted accounting principles of the United States of America LNG Liquefied natural gas NYSE New York Stock Exchange Preferred Units Series A Preferred Units representing limited partner interests in USA Compression Partners, LP SEC United States Securities and Exchange Commission Senior Notes 2026 $725.0 million aggregate principal amount of senior notes due on April 1, 2026 Senior Notes 2027 $750.0 million aggregate principal amount of senior notes due on September 1, 2027 Senior Notes 2029 $1.0 billion aggregate principal amount of senior notes due on March 15, 2029 SOFR Secured Overnight Financing Rate U.S. United States of America ii Table of Contents PART I DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements." All statements other than statements of historical fact contained

Business

ITEM 1. Business USA Compression Partners, LP (the "Partnership") is a growth-oriented Delaware limited partnership. We are managed by our general partner, USA Compression GP, LLC (the "General Partner"), which is wholly owned by Energy Transfer. All references in this section to the Partnership, as well as the terms "our," "we," "us," and "its" refer to USA Compression Partners, LP, together with its consolidated subsidiaries, unless the context otherwise requires or where otherwise indicated. 1 Table of Contents Overview We believe that we are one of the largest independent providers of natural gas compression services in the U.S. in terms of total compression fleet horsepower. We have been providing compression services since 1998 and completed our initial public offering in January 2013. On April 2, 2018, we acquired all of the equity interests in CDM Resource Management LLC and CDM Environmental & Technical Services LLC (the "CDM Acquisition"). As of December 31, 2024, we had 3,862,102 horsepower in our fleet. We provide compression services to our customers primarily in connection with infrastructure applications, including both allowing for the processing and transportation of natural gas through the domestic pipeline system and enhancing crude oil production through artificial lift processes. As such, our compression services play a critical role in the production, processing, and transportation of both natural gas and crude oil. We have focused our compression services in unconventional resource plays throughout the U.S., including the Utica, Marcellus, Permian, Denver-Julesburg, Eagle Ford, Mississippi Lime, Granite Wash, Woodford, Barnett, and Haynesville. According to studies promulgated by the EIA, the production and transportation volumes in these unconventional plays, namely tight oil and gas shale plays, are expected to collectively increase over the long term. Furthermore, changes in production volumes and pressures of shale plays over tim

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View this 10-K filing on SEC EDGAR