USA Compression Partners, LP has recently released its 10-K report, providing a comprehensive overview of its business operations and financial performance. The company, headquartered in Dallas, Texas, specializes in providing natural gas compression services to a wide range of clients in the United States. With a fleet of 3.9 million horsepower, USA Compression Partners, LP offers compression services for oil companies, independent producers, processors, gatherers, and transporters of natural gas and crude oil, as well as for infrastructure applications.
In its ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations, the company highlights its focus on compression services in unconventional resource plays across the U.S., including the Utica, Marcellus, Permian, and Eagle Ford, among others. The report also discusses the recent J-W Power Acquisition, which added approximately 0.8 million active horsepower and 1.0 million total horsepower to the company's fleet, expanding its presence in key regions such as the Northeast, Mid-Con, Rockies, Gulf Coast, Bakken, and Permian Basin.
The report also delves into the general trends and outlook for the company's business, pointing out that its assets are primarily utilized in natural gas infrastructure applications located in U.S. onshore shale plays. The company notes that it has experienced stability in service rates and higher sustained fleet utilization rates relative to other businesses more directly tied to drilling activity and wellhead-specific economics. Additionally, the report discusses the impact of commodity prices on the company's business, noting that average natural gas prices were up year-over-year, leading to improvements in pricing and sustained fleet utilization for compression services in 2025.
The report provides operating highlights, showing a 0.8% increase in fleet horsepower as of December 31, 2025, compared to the previous year. It also details financial results, with revenues totaling $998.1 million in 2025, a 5.0% increase from the previous year. The report also discusses costs and expenses, including cost of operations and depreciation.
The market has reacted to these announcements by moving the company's shares -0.39% to a price of $25.63. For more information, read the company's full 10-K submission here.
