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EX - 99.1 2 usacq12021 ex991.htm EX - 99.1 USA COMPRESSION Exhibit 99.1 News Release USA Compression Partners , LP 111 Congress Avenue , Suite 2400 Austin , Texas 78701 usacompression.com USA Compression Partners , LP Reports First Quarter 2021 Results ; Confirms 2021 Outlook AUSTIN , Texas , May 4 , 2021 — USA Compression Partners , LP ( NYSE : USAC ) ( “ USA Compression " or the " Partnership " ) announced today its financial and operating results for the first quarter 2021 . First Quarter 2021 Highlights • Total revenues were $ 157.5 million for the first quarter 2021 , compared to $ 179.0 million for the first quarter 2020 . • Net income was $ 0.4 million for the first quarter 2021 , compared to a net loss of $ 602.5 million for the first quarter 2020 . • Net cash provided by operating activities was $ 39.6 million for the first quarter 2021 , compared to $ 50.1 million for the first quarter 2020 . • Adjusted EBITDA was $ 99.6 million for the first quarter 2021 , compared to $ 106.2 million for the first quarter 2020 . • • • Distributable Cash Flow was $ 52.6 million for the first quarter 2021 , compared to $ 54.7 million for the first quarter 2020 . Announced cash distribution of $ 0.525 per common unit for the first quarter 2021 , consistent with the first quarter 2020 . Distributable Cash Flow Coverage was 1.03x for the first quarter 2021 , compared to 1.08x for the first quarter 2020 . " The first quarter of 2021 came in fairly consistent with the fourth quarter of 2020 , reflecting what we expected would be a period of stability as we started the year , ” commented Eric D. Long , USA Compression's President and Chief Executive Officer . " While the general stability in both crude oil and natural gas prices has allowed customers to better plan their budgets and capital spending programs , lingering uncertainty around the timing of a recovery as well as the impact of potential legislative and regulatory changes on the industry have lent a cautious tone to overall activity . " He continued , " With overall domestic natural gas production increasing modestly , we are now back at pre - COVID - 19 levels , illustrating the importance of clean - burning natural gas to our country's economy . While we acknowledge that renewable energy will increasingly become a more important contributor to our country's energy needs , we believe the reliability and abundance of domestic natural gas will remain critical to serving our country's energy needs . " " As we previously discussed , our capital spending plans have been meaningfully reduced going into 2021. We continue to expect zero new unit deliveries during the year , instead spending nominal amounts of growth capital , primarily consisting of reconfigurations to prepare units for redeployment and first - time start - up costs . Partly as a result of this capital spending discipline , our debt levels and corresponding leverage were better than we expected for the first quarter . " " While the recovery takes hold , we continue to focus on things within our control , namely capital spending and expense management . As you'll note , our operating margins remain strong , reflecting continued focus on the core operations of the business , and helping improve Distributable Cash Flow coverage for the quarter . " Expansion capital expenditures were $ 4.2 million , maintenance capital expenditures were $ 4.5 million and cash interest expense , net was $ 30.0 million for the first quarter 2021 . On April 14 , 2021 , the Partnership announced a first quarter cash distribution of $ 0.525 per common unit , which corresponds to an annualized distribution rate of $ 2.10 per common unit . The distribution will be paid on May 7 , 2021 to common unitholders of record as of the close of business on April 26 , 2021 . 1