Slide 1: Earnings Presentation Third Quarter 2025
Earnings Presentation Third Quarter 2025
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: Third-Quarter 2025 Highlights
Third-Quarter 2025 Highlights Operational and Financial Results Highlights Record • Continued strong business execution Average revenue- $ per revenue- with total utilization at 94% and large generating HP generating HP horsepower at 98%2 3.55 MM $21.46 • Pricing continues at record levels 0% Y-o-Y
Slide 4: USAC is Well Positioned to Benefit from Natural Gas Demand Growth
USAC is Well Positioned to Benefit from Natural Gas Demand Growth Projected U.S. Gas Demand (bcf/d) 9 127 15 A marked increase in U.S. natural gas demand is 103 projected primarily from increased LNG exports and the electrification of everything (“EoE”) Northeast Market Leader USAC’s leading market
Slide 5: Operational and Financial Performance
Operational and Financial Performance Average Revenue-generating HP (000s) Adjusted EBITDA ($MM)1 $610 - 3,528 3,552 $620 $584 3,329 $512 $426 $459 3,067 2022 2023 2024 Q3YTD 2022 2023 2024 Q3YTD 2025E 2 2025 2025 Total Capex ($MM) DCF ($MM)1 $370 - $275 $243 $380 $355 $115 – $145 $125 $281 $282 $78
Slide 6: History of Strong and Consistent Returns to Unitholders
History of Strong and Consistent Returns to Unitholders USAC has outperformed the S&P Value Index 82% and MLP peers over the past three years on a 71% total equity return basis1 63% USAC Alerian MLP ETF (AMLP) S&P 500 Value 9% 8% 7% USAC’s durable distribution provides income-seeking investors consi
Slide 7: Appendix
Appendix 7
Slide 8: Preferred Unitholder Partial Conversions of Preferred Units
Preferred Unitholder Partial Conversions of Preferred Units • As of September 30, 2025, EIG Veteran Equity Aggregator, L.P. and FS Specialty Lending Fund (collectively “EIG”) has converted 420,000 Series A Perpetual Preferred Units (the “Preferred Units”) of the Partnership into Common Units represe
Slide 9: Illustrative Example of Potential Preferred Unit Conversions
Illustrative Example of Potential Preferred Unit Conversions Three Months Ended September 30, 2025 As Reported Pro Forma3 ($ in thousands) 84% Converted 100% Assumption4 The potential conversion of Distributable Cash Flow ("DCF") 1 $ 103,845 $ 103,845 100% has minimal impact on Pro Forma increase up
Slide 10: Capital Structure
Capital Structure • Extended majority of debt maturities in Q3 at lower rates • Redeemed 2027 senior notes in October 2025 • $420MM of $500MM Series A Preferred Units have been converted into Common Units in total • Moody’s upgraded corporate and unsecured debt rating in February 2025 Maturity Profi
Slide 11: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted gross margin and Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 2025 2024 2025 2024 $ in thousands Q3 Q2 Q1 Q3 $ in thousands Q3 Q2 Q1 Q3 Total revenues $ 250,255 $ 250,125 $ 245,234 $ 239,968 Net income $ 34,487 $ 28,559 $ 20,512 $ 19,
Slide 12: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage Years Ended December 31, Years Ended December 31, 2024 2023 2022 $ in thousands 2024 2023 2022 Net income $ 99,575 $ 68,268 $ 30,318 Net income $ 99,575 $ 68,268 $ 30,318 Interest expense, net 193,4
Slide 13: Non-GAAP Reconciliation for Illustrative Preferred Unit Example
Non-GAAP Reconciliation for Illustrative Preferred Unit Example Three Months Ended September 30, 2025 As Reported Pro Forma2 3 $ in thousands 84% Converted 100% Assumption Net income $ 34,487 $ 34,487 Non-cash interest expense 2,133 2,133 Depreciation and amortization 71,222 71,222 Non-cash income t
Slide 14: 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