USA Compression Partners L.P. ended the year 2023 on a high with record revenues of $225 million for the fourth quarter of the year. The company said in a media release that the results were driven by high market demand for compression services.
“Our fourth-quarter achievements consisted of consecutive-quarter record-setting revenues, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage”, commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “These financial results were made possible by near-record utilization, exiting 2023 over 94 percent”.
The company said its net income grew to $12.8 million from $8.4 million for the corresponding quarter of 2022.
For the full year 2023, net income more than doubled to $68.3 million from $30.3 million for 2022. Adjusted EBITDA is expected to be in the range of $555.0 million to $575.0 million, according to the company.
For 2024, USA Compression expects net income to land between $95 million and $115 million.
“As we turn to 2024, we believe the large-horsepower compression market will continue to be historically tight as crude oil and natural gas production is expected to grow in the key basins in which we operate, and capital discipline is expected to remain prevalent in the oil and gas industry. We look forward to continuing to deliver high-quality service to our customers, and remain focused on improving our financial condition and returning value to our stakeholders”, said Long.
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