Usa Compression Partners, Lp · NYSE:USAC
Usa Compression Partners, Lp — Citi 2026 Natural Resources Conference
20 slides from Usa Compression Partners, Lp's conference presentation, August 2026
Slide 1: USA Compression Partners, LP Investor Presentation
USA Compression Partners, LP Investor Presentation August 2026
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer Forward Looking Statements This presentation contains forward-looking statements related to the operations of the Partnership that are based on management’s current expectations, estimates, and projections about its operations. You can identify many of these
Slide 3: History of Strong Performance
History of Strong Performance USAC Market Statistics1 Adjusted EBITDA Growth2 ($MM) • Consistent Yield: 8.0% distribution yield, with 50+ 13% straight quarters of stable or increased distributions CAGR • Strong EBITDA Growth: 13% annualized Adjusted $770 – EBITDA2 growth since 2022 $512 $584 $614 $8
Slide 4: Diversified Geography and Service Offering
Diversified Geography and Service Offering Diversified Geography Operational Footprint1 • Broad, differentiated presence: HP Density across the Permian, Northeast, Gulf Coast, Mid-Continent, and Rockies • Scale advantages: Regional density creates operational efficiencies while better supporting cus
Slide 5: Robust Macro Outlook
Robust Macro Outlook Forecasted Natural Gas Production Growth Compression Demand Drivers Bcf/d by Region by 20301 Rising Natural Gas Production Northeast: +5 to +7 BCF • 20+ Bcf/d growth expected by 2030, driven by LNG exports and power demand • Permian, Haynesville, Marcellus remain key growth basi
Slide 6: DCF Growth Formula
1 2 3 DCF Growth Formula 1 2 3 Scale Fleet & Revenue Limit Cost Inflation Maintain Capital Discipline Grow Active Fleet Increase Operational Efficiency Maintain Current Leverage Ratio Horsepower and Gross Profit % Over Time & Optimize Capital Structure Maximize Revenue Dollars Invest in SG&A to Enha
Slide 7: Scale Fleet & Revenue: Active HP and Revenue Dollar Per HP
1 2 3 Scale Fleet & Revenue: Active HP and Revenue Dollar Per HP Active HP Average Revenue per Active HP Active HP & $/HP 1 5,500 Since 2016 $21.38 $22.00 $20.43 5,000 $18.86 $20.00 4,500 $17.35 J-W Acquisition ~4,430 $18.00 $16.65 $16.71 $16.60 $16.09 $15.41 $15.07 $16.00 4,000 3,568 3,585 3,434 $1
Slide 8: Scale Fleet & Revenue: Utilization
1 2 3 Scale Fleet & Revenue: Utilization Horsepower Utilization Horsepower Utilization 1 Since 2016 100% 94.8% 94.3% 94.6% 94.7% 95% 94.0% 93.7% 91.8% 90% 87.1% 85% 82.8% 82.7% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Resilient Fixed Fee Model Robust Contract Lengths1 Go-forward Optional
Slide 9: Limit Cost Inflation: Increase Operational Efficiency
1 2 3 Limit Cost Inflation: Increase Operational Efficiency 2 Consistent Gross Margins Adjusted Gross Profit Margin 1 Since 2022 • Adj. gross profit margin has remained strong and 100% stable, in line with historical range of 66% to 68% 80% • 2026 YTD1 aggregate Adj. GP% of 64%, primarily 66.7% 66.4
Slide 10: Limit Cost Inflation: Achieve Cost Synergies Tied to J-W Acquisition
1 2 3 Limit Cost Inflation: Achieve Cost Synergies Tied to J-W Acquisition Cost Synergies Breakdown SG&A: Overlapping technologies, systems, and processes to enhance efficiencies and support Back Office scalable growth Operations Operations: Scale benefits in parts and fluids, improve route planning
Slide 11: Maintain Capital Discipline: Leverage & Capital Structure
1 2 3 Maintain Capital Discipline: Leverage & Capital Structure Leverage Ratio Improved Debt to EBITDA Since 20221 • Leverage ratio has steadily improved from 4.76x in 2022 to 4.00x in 2025 • Acquisition of J-W supported further deleveraging in 2026, to 3.72x1 as of Q2 4.76x 4.10x 4.02x 4.00x 3.75x
Slide 12: Maintain Capital Discipline: Strategic Investment
1 2 3 Maintain Capital Discipline: Strategic Investment 1 Return on Invested Capital USAC Capital Spend Since 20221 5.3% Delta Return on Invested Capital (ROIC): ROIC nearly doubled from 2022 to 2025 driven by disciplined capital deployment and pricing tailwinds 11.3% 11.8% 9.1% 6.5% Maintenance Cap
Slide 13: Appendix
Appendix 13
Slide 14: Second-Quarter 2026 Highlights
Second-Quarter 2026 Highlights Operational and Financial Results Highlights Record Record average revenue- $ per revenue- • Average active HP grew to 4.45MM generating HP generating HP • Continued strong business execution 4.45 MM $22.84 with total utilization at 92% and large horsepower at 94%2 25%
Slide 15: Operational and Financial Performance
Operational and Financial Performance Average Revenue-generating HP (000s) Adjusted EBITDA ($MM)1 $770- $770- 4,448 $800 $800 $584 $614 3,528 3,559 $512 3,329 $382 2023 2024 2025 2026 YTD 2023 2024 2025 2026 YTD 2026 Guidance 2 Total Capex ($MM) DCF ($MM)1 $230- $275 $250 $480- $243 $480 - $510 $386
Slide 16: Ownership Structure and Energy Transfer Relationship
Ownership Structure and Energy Transfer Relationship USAC Ownership Structure1 Energy Transfer • Supportive parent that owns one of the LP largest and most diversified portfolios of energy assets in the United States • Energy Transfer has owned USAC’s general partner since April 2018 and has not sol
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted gross margin and Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 2026 2025 2026 2025 $ in thousands Q2 Q1 Q4 Q3 Q2 Q1 $ in thousands Q2 Q1 Q4 Q3 Q2 Q1 Total revenues $ 342,146 $ 331,275 $ 252,485 $ 250,255 $ 250,125 $ 245,234 Net income
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage Years Ended December 31, Years Ended December 31, $ in thousands 2025 2024 2023 2022 $ in thousands 2025 2024 2023 2022 Total revenues $ 998,099 $ 950,449 $ 846,178 $ 704,598 Net income (loss) $ 111
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Return on Invested Capital Years Ended December 31, $ in thousands 2025 2024 2023 2022 Numerator (full-year): Net Income 111,319 99,575 68,268 30,318 Interest expense, net 187,408 193,471 169,924 138,050 Non-operating loss (gain) 2,909 (828) (7,576) (91) Less: Taxes on Inter
Slide 20: Basis of Presentation; Explanation of Non-GAAP Financial Measures
Basis of Presentation; Explanation of Non-GAAP Financial Measures This presentation includes the non-U.S. generally accepted accounting principles (“non-GAAP”) financial measures, which may include Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage
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