USA Compression Partners, LP

USA Compression Partners, LP is a Delaware limited partnership that provides natural gas compression services across the United States. Its business centers on owning and operating a large fleet of compression equipment used in gas processing, gas transportation, and crude oil production support.

59,2 %

11,2 %

+5,0 %

1.27

0.55

— USA Compression Partners, LP
%
Contract compression services85% Fixed-fee rental and operation of compression units at customer sites.
Natural gas treating services8% Treating services provided alongside compression for gas handling applications.
Parts and service revenue5% Retail parts, maintenance work, freight, and crane-related services.
Related-party revenue2% Compression and related services provided to Energy Transfer-affiliated customers.

The company serves energy-industry customers that need compression equipment to move, process, or produce hydrocarbons...

  • Integrated oil companiesprimary

    Buy compression services for large-scale production, processing, and transport systems where uptime and reliability matter.

  • Independent exploration and production companiesprimary

    Use compression and artificial lift to improve well performance and reduce operating complexity.

  • Midstream processors and transportersprimary

    Buy compression to move gas through gathering and pipeline systems and maintain throughput.

  • Related-party Energy Transfer customerssecondary

    Receive compression and related services through affiliated transactions in the ordinary course.

  • Parts and service customerssecondary

    Purchase maintenance support, retail parts, and reimbursable field services for installed units.

The business is concentrated in the United States, where it serves unconventional resource plays and domestic pipeline...

  • •United States is the core market for all compression operations
  • •Fleet is deployed across major shale and tight-oil basins
  • •Permian, Marcellus, Utica, Eagle Ford, and Haynesville are key areas
  • •Bakken exposure expanded after the J-W Power Acquisition
  • •Geography matters because basin activity drives unit demand and redeployment

The company’s strategy is to deploy compression horsepower where shale and tight-oil production requires flexible,...

01
Expand and redeploy compression horsepowermedium-term

Fleet scale and placement determine utilization, contract wins, and customer coverage.

02
Renew and replace contracts on favorable termsshort-term

Fixed-fee contracts underpin cash flow stability and customer retention.

03
Maintain operational reliability and uptime

Customers outsource compression to maximize throughput and reduce downtime risk.

The business depends on continued drilling, production, and midstream activity in U.S...

high

Customer concentration

The ten largest customers account for a large share of revenue, so losing one can materially reduce cash flow.

Scope
Top customer accounts and contract renewals
Materiality
high
high

Commodity-cycle exposure through customer activity

Compression demand depends on upstream and midstream activity tied to oil and gas production levels.

Scope
U.S. shale and tight-oil basins
Materiality
high
high

Supplier concentration and lead-time risk

Engines, frames, and other components come from a limited set of vendors, creating delay and pricing risk.

Scope
Caterpillar, Cummins, Ariel, Waukesha, and other key suppliers
Materiality
high
medium

Competitive pressure

Rivals may offer newer fleets, lower prices, or more flexible terms, affecting renewals and market share.

Scope
Contract renewals and new deployments
Materiality
medium
medium

Asset impairment on idle fleet

Units that cannot be redeployed economically may need to be written down to salvage value.

Scope
Idle or underutilized compression units
Materiality
medium
Revenue recognition on fixed-fee compression contracts
Affects reported revenue timing and quarter-to-quarter comparability
Long-lived asset impairment
Can create non-cash charges and reduce asset values
Related-party revenue classification
Affects revenue composition and customer concentration analysis
Unit-based compensation and severance
Affects operating expense comparability

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: 29/04/2026