USA Compression Partners (USAC) Investor Presentation summary

Financial highlights and guidance

• Market cap stands at $3.3 billion, enterprise value at $6.0 billion, and unit price at $28.39 with a 7.40% distribution yield.

• 2025 guidance: Adjusted EBITDA of $590–$610 million and distributable cash flow of $350–$370 million.

• Record 2024 results: revenues of $950.4 million and adjusted EBITDA of $584.3 million, both up double digits year-over-year.

• DCF coverage ratio improved to 1.44x in 2024, with leverage ratio reduced to 4.10x.

• No debt maturities until December 2026; recent upgrades in credit ratings and partial conversion of preferred units to common.

Operational performance and strategy

• Operates 3.9 million horsepower fleet with 95% utilization, focusing on large-horsepower units (>1,000 HP at 99% utilization).

• Services are geographically diversified, with major presence in key U.S. gas growth basins.

• Contracts are fixed-fee, take-or-pay, with most terms spanning three to five years, ensuring stable cash flows.

• Standardized assets and services optimize utilization and minimize operating expenses.

• Strategic focus on creditworthy counterparties and long-term relationships.

Market positioning and growth drivers

• Well positioned to benefit from projected U.S. natural gas demand growth, especially from LNG exports and electrification trends.

• Active fleet concentrated in the Permian and Gulf Coast, regions expected to see the most benefit from increased exports.

• Projected need for significant additional compression capacity to meet incremental demand.

• History of leveraged growth and opportunistic acquisitions, with average leverage of 4.7x since 2013.

• Recognized as a stable midstream participant with consistent equity valuations and a differentiated MLP structure.