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Earnings Presentation Third Quarter 2025
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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 forward-looking statements by words such as “believe,” “expect,” “intend,” “project,” “anticipate,” “estimate,” “continue,” “if,” “outlook,” “will,” “could,” “should,” or similar words or the negatives thereof. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects, and expectations concerning our business, operating results, financial condition, our ability to make distributions, and other similar matters. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict. These include risks relating to changes in general economic conditions, including inflation, supply chain disruptions, trade tensions, or tariff impacts; changes in economic conditions of the crude oil and natural gas industries, including any impact from the ongoing military conflict involving Russia and Ukraine or the conflict in the Middl e East; changes in the long-term supply of and demand for crude oil and natural gas; competitive conditions in our industry, including competition for employees in a tight labor market; our ability to realize the anticipated benefits of a shared services integration with Energy Transfer LP; changes in the availability and cost of capital, including changes to interest rates; renegotiation of material terms of customer contracts; actions taken by our customers, competitors, and third-party operators; the macroeconomic, regulatory, or other potential effects of a prolonged government shutdown; and the factors set forth under the heading “Risk Factors” or inc luded elsewhere that are incorporated by reference herein from our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, each filed with the Securities and Exchange Commission; and if applicable, our other Quarterly Reports on Form 10-Q and our Current Reports on Form 8- K. As a result of such risks and others, our business, financial condition and results of operations could differ materially from what is expressed or forecasted in such forward-looking statements. Before you invest in our securities, you should be aware of such risks, and you should not place undue reliance on these forward– looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements. We undertake no obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Additionally, information regarding the conversion of 100% of the Partnership’s remaining Series A Preferred Units (“Preferred Units”) is for illustrative purposes only. As of October 31, 2025, 420,000 of the 500,000 Preferred Units have been converted to Common Units. Industry & Market Data The market data and certain other statistical information used throughout this presentation are based on independent industry publications, government publications or other published independent sources. Although we believe these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates and our management’s understanding of industry conditions. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these publications. Intellectual Property This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be con strued to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. 2
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Third-Quarter 2025 Highlights 3 Average revenue- generating HP 3.55 MM 0% Y-o-Y Record $ per revenue- generating HP $21.46 4% Y-o-Y Record Revenues $250.3 MM 4% Y-o-Y Record Adjusted EBITDA1 $160.3 MM 10% Y-o-Y 1 Adjusted EBITDA and DCF Coverage Ratio are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies. 2 As of September 30, 2025. Large horsepower is defined as compression units 1,000 horsepower or greater. • Continued strong business execution with total utilization at 94% and large horsepower at 98%2 • Pricing continues at record levels • Record distribution coverage of 1.61x1 • Leverage ratio at 3.89x • Extended majority of debt maturities in Q3 at lower rates Operational and Financial Results Highlights
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USAC is Well Positioned to Benefit from Natural Gas Demand Growth 4 >60% USAC’s active fleet that is within the Permian and along the Gulf Coast, the regions expected to benefit most from increased exports Projected U.S. Gas Demand (bcf/d) A marked increase in U.S. natural gas demand is projected primarily from increased LNG exports and the electrification of everything (“EoE”) Source: Raymond James, “U.S. Gas Compression Remains a Solid Way to Play Natural Gas Demand Growth Theme”; Excludes additional potential exports to Mexico and coal-to-gas switching; USAC active fleet as of September 30, 2025. ~3.3MM Projected amount of additional contract compression HP capacity required to meet the incremental U.S. natural gas demand 103 15 9 127 2024 LNG exports EoE 2030 Northeast Market Leader USAC’s leading market position in the Northeast is expected to benefit from in-basin EoE growth that is not constrained by pipeline takeaway capacity
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$221 $281 $355 $282 2022 2023 2024 Q3YTD 2025 2025E Operational and Financial Performance 5 Average Revenue-generating HP (000s) Adjusted EBITDA ($MM)1 DCF ($MM)1Total Capex ($MM) 1 Adjusted EBITDA and DCF are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies. 2 Represents 2025 Adjusted EBITDA, 2025 Capex, and 2025 DCF guidance. 3 Expansion capital expenditures for the first three quarters of 2025 and full year 2025 guidance include approximately $12 million and $21 million, respectively, of other business support capital that includes vehicles, tools, and IT infrastructure. 2, 3 2 $24 $25 $32 $32 $38 - $42 $145 $275 $243 $78 $115 – $125 2022 2023 2024 Q3YTD 2025 2025E Maintenance Expansion 3 3,067 3,329 3,528 3,552 2022 2023 2024 Q3YTD 2025 $426 $512 $584 $459 2022 2023 2024 Q3YTD 2025 2025E 2 $610 - $620 $370 - $380 2, 3
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82% 63% 71% USAC Alerian MLP ETF (AMLP) S&P 500 Value History of Strong and Consistent Returns to Unitholders 6 USAC has outperformed the S&P Value Index and MLP peers over the past three years on a total equity return basis1 USAC’s durable distribution provides income-seeking investors consistent income and an appealing yield1 9% 8% 7% 5% 2% USAC Alerian MLP ETF (AMLP) S&P U.S. HY Corp Bond Index S&P U.S. IG Corp Bond Index S&P 500 Value 1 As of September 30, 2025.
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Appendix 7
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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 representing limited partner interests in the Partnership (the “Conversions”) • The Conversions represent 84% (eighty-four percent) of EIG’s Preferred Units • Prior to the Conversions, EIG held 500,000 Preferred Units • Following the Conversions, EIG holds 80,000 Preferred Units • The preferred to common conversion price is $20.0115/common unit, with each Preferred Unit having a liquidation value of $1,000 • The Preferred Unit coupon rate is 9.75% • USAC provides the following illustrative summary to provide stakeholders with the potential pro-forma impact to financial metrics if the remaining Preferred Units were to be converted 8 The Conversions of 84% of Preferred to Common Units has minimal impact on USAC’s financial metrics
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Illustrative Example of Potential Preferred Unit Conversions Conversions of the Preferred Units: • Enhances common unitholder liquidity • Slight increase to total distributions, approximately $149,000 per quarter if remaining Preferred Units were to be converted • Modestly reduces Distributable Cash Flow Coverage Ratio 9 1 DCF and DCF Coverage Ratio are Non-GAAP measures. See appendix for reconciliations to the comparable GAAP measures, and information on the calculation of these non-GAAP measures. Non-GAAP measures may not be comparable to similarly titled measures of other companies. 2 Represents distributions to the holders of the Partnership’s common units as of the third quarter 2025 distribution record date. 3 Information used herein that is qualified as “pro forma” is presented on an illustrative basis assuming 100% of the remaining 80,000 Series A Preferred Units were converted to Common Units as of October 27, 2025, the third quarter 2025 distribution record date, in accordance with the Partnership’s Second Amended and Restated Agreement of Limited Partnership. 4 Information presented herein is for illustrative purposes only. The potential conversion of 100% has minimal impact on the financial position of USAC As Reported Pro Forma3 ($ in thousands) 84% Converted 100% Assumption4 Distributable Cash Flow ("DCF")1 103,845$ 103,845$ Pro Forma increase upon Preferred Unit Conversion - 1,950 DCF 103,845$ 105,795$ Distributions for DCF Coverage Ratio1,2 64,410$ 64,410$ Pro Forma increase upon Preferred Unit Conversion - 2,099 Distributions for DCF Coverage Ratio 64,410$ 66,509$ DCF Coverage Ratio 1.61x 1.59x Three Months Ended September 30, 2025
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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 10 Maturity Profile (in millions)1 Ratings Summary Moody’s S&P Fitch Corporate Rating Ba3 B+ BB Unsecured B1 B+ BB Outlook Stable Stable Stable 1) Proforma September 30, 2025 for redemption of 2027 senior notes that took place on October 15, 2025 2) On or after April 2, 2028, Preferred Unit Holders may force the redemption of the remaining Series A Preferred Units $811 $939 $80 $1,000 $1,750 $750 2025 2026 2027 2028 2029 2030 2033 ABL Drawn ABL Undrawn Senior Unsecured Notes Series A Preferred Units Q3 Refinances No near-term maturities 2
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Non-GAAP Reconciliations 11 Adjusted gross margin and Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 1 $ in thousands Q3 Q2 Q1 Q3 Total revenues 250,255$ 250,125$ 245,234$ 239,968$ Cost of operations, exclusive of depreciation and amortization (76,950) (86,499) (81,618) (81,814) Depreciation and amortization (71,222) (70,841) (70,393) (67,237) Gross margin 102,083$ 92,785$ 93,223$ 90,917$ Depreciation and amortization 71,222 70,841 70,393 67,237 Adjusted gross margin 173,305$ 163,626$ 163,616$ 158,154$ Net income 34,487$ 28,559$ 20,512$ 19,327$ Interest expense, net 47,066 47,674 47,369 49,361 Depreciation and amortization 71,222 70,841 70,393 67,237 Income tax expense 2,407 391 1,535 793 EBITDA 155,182$ 147,465$ 139,809$ 136,718$ Unit-based compensation expense (benefit) 1,167 (1,736) 3,384 2,669 Transaction expenses — — — (15) Severance charges and other employee costs 2,463 472 1,351 223 Loss (gain) on disposition of assets 831 39 1,325 (123) Gain on derivative instrument — — — 6,218 Impairment of assets 622 3,242 3,645 — Adjusted EBITDA 160,265$ 149,482$ 149,514$ 145,690$ Interest expense, net (47,066) (47,674) (47,369) (49,361) Non-cash interest expense 2,133 2,231 2,241 2,251 Income tax expense (2,407) (391) (1,535) (793) Transaction expenses — — — 15 Severance charges and other employee costs (2,463) (472) (1,351) (223) Cash received on derivative instrument — — — 2,000 Other (16) (39) 85 330 Changes in operating assets and liabilities (34,567) 21,107 (46,934) (51,428) Net cash provided by operating activities 75,879$ 124,244$ 54,651$ 48,481$ 2025 2024 $ in thousands Q3 Q2 Q1 Q3 Net income 34,487$ 28,559$ 20,512$ 19,327$ Non-cash interest expense 2,133 2,231 2,241 2,251 Depreciation and amortization 71,222 70,841 70,393 67,237 Non-cash income tax expense (benefit) (16) (39) 85 330 Unit-based compensation expense (benefit) 1,167 (1,736) 3,384 2,669 Transaction expenses — — — (15) Severance charges and other employee costs 2,463 472 1,351 223 Other 1,876 — 1,000 — Loss (gain) on disposition of assets 831 39 1,325 (123) Change in fair value of derivative instrument — — — 8,218 Impairment of assets 622 3,242 3,645 — Distributions on Preferred Units (1,950) (1,950) (4,388) (4,388) Maintenance capital expenditures (8,990) (11,733) (10,853) (9,123) Distributable Cash Flow 103,845$ 89,926$ 88,695$ 86,606$ Maintenance capital expenditures 8,990 11,733 10,853 9,123 Transaction expenses — — — 15 Severance charges and other employee costs (2,463) (472) (1,351) (223) Distributions on Preferred Units 1,950 1,950 4,388 4,388 Other (1,876) — (1,000) — Changes in operating assets and liabilities (34,567) 21,107 (46,934) (51,428) Net cash provided by operating activities 75,879$ 124,244$ 54,651$ 48,481$ Distributable Cash Flow 103,845$ 89,926$ 88,695$ 86,606$ Distributions for Distributable Cash Flow Coverage Ratio 64,410$ 64,409$ 61,731$ 61,437$ Distributable Cash Flow Coverage Ratio 1.61x 1.40x 1.44x 1.41x 2025 2024
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Non-GAAP Reconciliations 12 Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 2024 2023 2022 Net income 99,575$ 68,268$ 30,318$ Interest expense, net 193,471 169,924 138,050 Depreciation and amortization 264,756 246,096 236,677 Income tax expense 2,231 1,365 1,016 EBITDA 560,033$ 485,653$ 406,061$ Unit-based compensation expense 16,552 22,169 15,894 Transaction expenses 133 46 27 Severance charges and other employee costs 2,430 841 982 Loss (gain) on disposition of assets 4,939 (1,667) 1,527 Loss on extinguishment of debt 4,966 — — Gain on derivative instrument (5,684) (7,449) — Impairment of assets 913 12,346 1,487 Adjusted EBITDA 584,282$ 511,939$ 425,978$ Interest expense, net (193,471) (169,924) (138,050) Non-cash interest expense 8,748 7,279 7,265 Income tax expense (2,231) (1,365) (1,016) Transaction expenses (133) (46) (27) Severance charges and other employee costs (2,430) (841) (982) Cash received on derivative instrument 6,888 6,245 — Other 1,204 1,448 (851) Changes in operating assets and liabilities (61,523) (82,850) (31,727) Net cash provided by operating activities 341,334$ 271,885$ 260,590$ Years Ended December 31, $ in thousands 2024 2023 2022 Net income 99,575$ 68,268$ 30,318$ Non-cash interest expense 8,748 7,279 7,265 Depreciation and amortization 264,756 246,096 236,677 Non-cash income tax expense (benefit) 574 (52) (151) Unit-based compensation expense 16,552 22,169 15,894 Transaction expenses 133 46 27 Severance charges and other employee costs 2,430 841 982 Loss on disposition of assets 4,939 (1,667) 1,527 Loss on extinguishment of debt 4,966 — — Change in fair value of derivative instrument 1,204 (1,204) — Impairment of assets 913 12,346 1,487 Distributions on Preferred Units (17,550) (47,775) (48,750) Maintenance capital expenditures (31,923) (25,234) (23,777) Distributable Cash Flow 355,317$ 281,113$ 221,499$ Maintenance capital expenditures 31,923 25,234 23,777 Transaction expenses (133) (46) (27) Severance charges and other employee costs (2,430) (841) (982) Distributions on Preferred Units 17,550 47,775 48,750 Other 630 1,500 (700) Changes in operating assets and liabilities (61,523) (82,850) (31,727) Net cash provided by operating activities 341,334$ 271,885$ 260,590$ Distributable Cash Flow 355,317$ 281,113$ 221,499$ Distributions for Distributable Cash Flow Coverage Ratio 245,990$ 208,856$ 205,559$ Distributable Cash Flow Coverage Ratio 1.44x 1.35x 1.08x Years Ended December 31,
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Non-GAAP Reconciliation for Illustrative Preferred Unit Example 13 1 Represents distributions to the holders of the Partnership’s common units as of the third quarter 2025 distribution record date. 2 Information used herein that is qualified as “pro forma” is presented on an illustrative basis assuming 100% of the remaining 80,000 Series A Preferred Units were converted to Common Units as of October 27, 2025, the third quarter 2025 distribution record date, in accordance with the Partnership’s Second Amended and Restated Agreement of Limited Partnership. 3 Information presented herein is for illustrative purposes only. As Reported Pro Forma2 $ in thousands 84% Converted 100% Assumption3 Net income 34,487$ 34,487$ Non-cash interest expense 2,133 2,133 Depreciation and amortization 71,222 71,222 Non-cash income tax benefit (16) (16) Unit-based compensation benefit 1,167 1,167 Severance charges and other employee costs 2,463 2,463 Other 1,876 1,876 Loss on disposition of assets 831 831 Impairment of assets 622 622 Distributions on Preferred Units (1,950) — Maintenance capital expenditures (8,990) (8,990) Distributable Cash Flow 103,845$ 105,795$ Maintenance capital expenditures 8,990 8,990 Severance charges and other employee costs (2,463) (2,463) Distributions on Preferred Units 1,950 — Changes in operating assets and liabilities (34,567) (34,567) Net cash provided by operating activities 75,879$ 75,879$ Distributions for DCF Coverage Ratio1 64,410$ 66,509$ Distributable Cash Flow Coverage Ratio 1.61x 1.59x Three Months Ended September 30, 2025
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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 Ratio. Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of operations, exclusive of depreciation and amortiza tion expense. Management believes that Adjusted gross margin is useful to investors as a supplemental measure of the Partnership’s operating profitability. Adjusted gross margin primarily is impacted by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume and per-unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units, and property tax rates on compression units. EBITDA, a non-GAAP measure, is defined as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense (benefit). Adjusted EBITDA, also a non-GAAP measure, is defined as EBITDA plus impairment of assets, impairment of goodwill, interest income on capital leases, unit-based compensation expense (benefit), severance charges and other employee costs, certain transaction expenses, loss (gain) on disposition of assets, loss on extinguishment of debt, loss (gain) on derivative instrum ent, and other. The Partnership’s management views Adjusted EBITDA as one of its primary tools, to assess: (i) the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership’s assets; (ii) the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; (iii) the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and (iv) the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure. The Partnership believes that Adjusted EBITDA provides useful information to investors because, when viewed in conjunction with GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance compared to considering solely GAAP results. Distributable Cash Flow, a non-GAAP measure, is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense (benefit), depreciation and amortization expense, unit-based compensation expense (benefit), impairment of assets, impairment of goodwill, certain transaction expenses, severance charges and other employee costs, loss (gain) on disposition of assets, loss on extinguishment of debt, change in fair value of derivative instrument, proceeds from insurance recovery, and other, less dist ributions on the Partnership’s Series A Preferred Units (“Preferred Units”), and maintenance capital expenditures. The Partnership’s management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors, and others to compare the cash flows that the Partnership generates (after distributions on the Partnership’s Preferred Units but prior to any retained cash reserves established by the Partnership’s general partner and the effect of the Distribution Reinvestment Plan (“DRIP”)) to the cash distributions that the Partnership expects to pay its common unitholders. See previous slides for, as applicable, gross margin reconciled to Adjusted gross margin, Adjusted EBITDA reconciled to net income (loss) and net cash provided by operating activities, and net income (loss) reconciled to Distributable Cash Flow. This presentation also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership for its 2025 fiscal year. The Partnership is unable to reconcile projected Adjusted EBITDA and Distributable Cash Flow to projected net income (loss) and projected net cash provided by operating activities, the most comparable financial measures calculated in accordance with GAAP because components of the required calculations cannot be reasonably estimated, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations. Adjusted gross margin, Adjusted EBITDA, and Distributable Cash Flow should not be considered an alternative to, or more meaningful than, gross margin, net income (loss), operating income, cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, Adjusted gross margin, Adjusted EBITDA, and Distributable Cash Flow as presented may not be comparable to similarly titled measures of other companies. The Partnership believes that external users of its financial statements benefit from having access to the same financial mea sures that management uses to evaluate the results of the Partnership’s business. Distributable Cash Flow Coverage Ratio, a non-GAAP measure, is defined as Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it permits management, investors, and others to assess the Partnership’s ability to pay distributions to common unitholders out of the cash flows that the Partnership generates. The Partnership’s Distributable Cash Flow Coverage R atio as presented may not be comparable to similarly titled measures of other companies. 14