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OFFON

USA COMPRESSION PARTNERS, LP

(USAC)
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USA Compression Partners LP : 2021 EIC Conf (5-20-21).pdf

05/20/2021 | 07:06am EDT

USA Compression Partners, LP

2021 Energy Infrastructure Council

Investor Conference

May 20, 2021

Disclaimer

This presentation contains forward-looking statements relating to the operations of USA Compression Partners, LP (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 and changes in economic conditions of the crude oil and natural gas industries specifically, changes in the long-term supply of and demand for natural gas and crude oil, actions taken by our customers, competitors and third- party operators, our ability to realize the anticipated benefits of acquisitions, competitive conditions in our industry, the severity and duration of world health events and the factors set forth under the heading "Risk Factors" or included elsewhere that are incorporated by reference herein from our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission, and if applicable, our 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 common units, 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 could also 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.

1

© 2021 USA COMPRESSION PARTNERS, LP | CONFIDENTIAL

Important Note Regarding Non-Predecessor Information

On April 2, 2018, the Partnership consummated the acquisition of CDM Resource Management LLC and CDM Environmental & Technical Services LLC, which together represent the CDM Compression Business (the "USA Compression Predecessor"), from Energy Transfer, and other related transactions (collectively, the "Transactions"). Following the Transactions, the USA Compression Predecessor has been determined to be the historical predecessor of the Partnership

for financial reporting purposes. Therefore, the historical consolidated financial statements of the Partnership are comprised of the balance sheet and statement of operations of the USA Compression Predecessor as of and for periods prior to April 2, 2018. The historical consolidated financial statements of the Partnership are also comprised of the consolidated balance sheet and statement of operations of the Partnership, which includes the USA Compression Predecessor, as of and for all periods subsequent to April 2, 2018. The information shown in this presentation under the heading "Pre-CDM Acquisition Non-Predecessor" represents information of USA Compression Partners, LP, which is not the predecessor of the Partnership for financial reporting purposes, for periods prior to the Transactions and is presented for illustrative purposes only. Such information does not reflect the Partnership's historical results of operations and is not

indicative of the results of operations of the Partnership's predecessor, the USA Compression Predecessor, for such

periods.

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© 2021 USA COMPRESSION PARTNERS, LP | CONFIDENTIAL

USAC Overview

USAC Overview

Large Horsepower Strategy Critical for Domestic Natural Gas Infrastructure

Business Snapshot

  • USAC provides compression services across a geographically-diversified operating area
  • 22+ year history with primary focus on large horsepower (1,000 HP+) applications
  • "Southwest Airlines" standardized business model
  • Focus areas: Permian/Delaware; Marcellus/Utica; Mid-Continent/SCOOP/STACK; S. Texas; E. Texas; Louisiana; Rockies
  • Active Fleet: 3.0mm Horsepower
  • - >70% is greater than 1,000 HP

  • Average Q1 2021 Utilization ~83%
  • ~750 employees

USAC Market Statistics

  • Public since 1/2013 (NYSE: USAC)
  • Current Unit Price: $15.52
  • Avg. Daily Trading Volume: ~225,000 units
  • IDRs Eliminated

($ in billions)

LP Equity Value

$1.5 billion

Preferred Equity

0.5 billion

ABL

0.5 billion

Sr. Notes

1.5 billon

Total Long-Term Debt

2.0 billion

Enterprise Value

$4.0 billion

Note: Market data as of May 18, 2021. Financial and operational data as of March 31, 2021.

4

© 2021 USA COMPRESSION PARTNERS, LP | CONFIDENTIAL

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

USA Compression Partners LP published this content on 20 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2021 11:05:01 UTC.


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Financials (USD)
Sales 2021 652 M - -
Net income 2021 -28,3 M - -
Net Debt 2021 2 095 M - -
P/E ratio 2021 -48,1x
Yield 2021 13,1%
Capitalization 1 550 M 1 550 M -
EV / Sales 2021 5,59x
EV / Sales 2022 5,19x
Nbr of Employees -
Free-Float 51,3%
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Technical analysis trends USA COMPRESSION PARTNERS, LP
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 15,98 $
Average target price 15,40 $
Spread / Average Target -3,63%
EPS Revisions
Managers and Directors
Eric Dee Long President, Chief Executive Officer & Director
Matthew C. Liuzzi Chief Financial Officer, Treasurer & VP
Eric A. Scheller Chief Operating Officer & Vice President
Matthew Hartman Independent Director
William S. Waldheim Independent Director
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