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USA Compression Partners LP Representing Limited Partner Interests (USAC-1.87%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $950.4 million for 2024, an increase from $846.2 million in 2023, primarily due to higher market-based rates and increased demand for compression services.
Cost of operations, excluding depreciation and amortization, rose to $312.7 million from $284.7 million, reflecting increased direct labor and parts expenses.
Net income for 2024 was reported at $99.6 million, up from $68.3 million in 2023, attributed to increased revenue and controlled expenses.
The company recorded Adjusted EBITDA of $584.3 million, a 14.1% increase from the previous year, driven by improved margins and operational efficiencies.
USA Compression Partners LP reported a total fleet horsepower of 3,862,102 as of December 31, 2024, with a utilization rate of 94.6%, indicating strong demand for its services.
The company continues to focus on expanding its compression services in unconventional resource plays across the U.S., with capital expenditures planned between $158 million and $182 million for 2025.
In 2024, the company completed a legal defeasance of its Senior Notes 2026, using proceeds from newly issued Senior Notes 2029, which accrue interest at 7.125% per year.
The filing also notes the implementation of a shared services model with Energy Transfer, aimed at increasing efficiencies and reducing administrative costs.
USA Compression Partners LP does not anticipate any material adverse effects from current regulatory changes or environmental liabilities on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the USA Compression Partners LP Representing Limited Partner Interests annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.