As of September 30, 2024, USA Compression Partners, LP reported total current assets of $262.4 million, up from $226.4 million at the end of 2023. Total assets increased to $2.8 billion, while total current liabilities decreased to $183.1 million. Long-term debt rose to $2.5 billion, reflecting a net improvement in partners’ deficit for common units, which improved to $(107.3 million) from $(293.3 million).
For the third quarter of 2024, revenues reached $240.0 million, a 10.5% increase from $217.1 million in Q3 2023. Contract operations revenue also rose to $220.5 million, up from $204.7 million. For the nine months ended September 30, 2024, total revenues were $704.6 million, compared to $621.1 million in the same period of 2023, marking a 13.4% increase. Operating income for Q3 2024 was $75.7 million, a 24.2% increase from $61.0 million in Q3 2023, while net income decreased slightly to $19.3 million from $20.9 million year-over-year.
Net income attributable to common unitholders for the nine months ended September 30, 2024, was $61.0 million, significantly up from $18.9 million in the prior year. Basic and diluted net income per common unit increased to $0.54 from $0.19. The company reported a DCF of $86.6 million for Q3 2024, up from $71.6 million in Q3 2023, and $259.1 million for the nine months, compared to $201.2 million in the previous year.
The increase in revenues was primarily driven by a rise in average revenue per revenue-generating horsepower and higher demand for services, despite a decrease in parts and service revenue due to fluctuating demand. Cost of operations increased by $6.9 million in Q3 2024, attributed to higher direct labor and expenses, while depreciation and amortization expenses rose by $3.1 million due to fleet improvements.
Strategically, the company issued $1.0 billion in Senior Notes in March 2024, maturing in 2029, and terminated an interest-rate swap in August 2024. The company remains compliant with all covenants under its Credit Agreement, which matures in December 2026. The company also reported an impairment of $0.3 million for compression equipment in the nine months ended September 30, 2024, a significant decrease from $12.3 million in the same period of 2023.
Overall, USA Compression Partners, LP demonstrated strong revenue growth and improved profitability metrics, alongside strategic financial maneuvers to enhance liquidity and manage debt.
About USA Compression Partners, LP
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