olivLaw · US equity research
USA Compression Partners, LP USAC
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
USA Compression Partners, LP (USAC) is one of the largest independent providers of natural gas compression services in the U.S., measured by fleet horsepower. The January 2026 J-W Power acquisition added about 1.0 million horsepower, and second-quarter 2026 results show growth while integration continues.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, USA Compression Partners, LP (USAC) stock was 24.24 USD (−0.86% on the day), with market capitalisation 3.5 bn USD, P/E 22.1, beta 0.68, 52-week range 22.65–30.30 USD. Latest reported quarter (Q3 2026): revenue of 357.2 m USD (+42.7% YoY), net income of 47.3 m USD (+37.3% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 24.35 – 25.95
- below the lower band · %B -0.07 · band width 6.3%
- SMA 50 / 200
- 25.91 / 26.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.24
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.2% | −5.9% | −0.2 pp | — |
| 3 months | −7.1% | −4.6% | −2.4 pp | — |
| 6 months | −12.2% | +0.2% | −12.4 pp | — |
| Year to date | +5.4% | +7.4% | −2.0 pp | — |
| 1 year | +3.4% | +8.2% | −4.8 pp | +10.5% |
| 3 years | −7.2% | +68.4% | −75.6 pp | +61.4% |
| 5 years | +50.4% | +56.5% | −6.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 245.9 m | 245.2 m | 250.1 m | 250.3 m | 252.5 m | 331.3 m | 342.1 m | 357.2 m |
| Cost of revenue | 77.7 m | 81.6 m | 86.5 m | 77.0 m | 83.7 m | 117.9 m | 124.8 m | 135.0 m |
| SG&A | 20.3 m | 18.9 m | 12.9 m | 16.7 m | 17.9 m | 35.4 m | 28.9 m | 31.0 m |
| Operating income | 74.5 m | 69.4 m | 76.6 m | 83.9 m | 76.6 m | 91.4 m | 100.4 m | 102.2 m |
| Depreciation & amortisation | 69.0 m | 70.4 m | 70.8 m | 71.2 m | 72.4 m | 87.1 m | 89.1 m | 89.1 m |
| Interest expense | 48.6 m | 47.4 m | 47.7 m | 47.1 m | 45.3 m | 49.0 m | 49.3 m | 49.2 m |
| Pre-tax income | 25.9 m | 22.0 m | 29.0 m | 36.9 m | 28.3 m | 42.5 m | 51.1 m | 53.0 m |
| Income tax | 503.0 k | 1.5 m | 391.0 k | 2.4 m | 536.0 k | 4.1 m | 5.5 m | 5.7 m |
| Net income | 25.4 m | 20.5 m | 28.6 m | 34.5 m | 27.8 m | 38.3 m | 45.7 m | 47.3 m |
| Operating cash flow | 130.2 m | 54.7 m | 124.2 m ≈ | 75.9 m ≈ | 139.5 m | 86.1 m | 145.7 m ≈ | 117.7 m ≈ |
| Capex | 29.0 m | 18.4 m | 23.2 m ≈ | 24.0 m ≈ | 51.7 m | 24.2 m | 37.4 m ≈ | 103.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 584.4 m | 698.4 m | 667.7 m | 632.6 m | 704.6 m | 846.2 m | 950.4 m | 998.1 m |
| Revenue YoY | +111.2% | +19.5% | −4.4% | −5.2% | +11.4% | +20.1% | +12.3% | +5.0% |
| Net income | -10.6 m | 39.1 m | -594.7 m | 10.3 m | 30.3 m | 68.3 m | 99.6 m | 111.3 m |
| Net income YoY | unavailable | unavailable | −1,619.8% | unavailable | +195.0% | +125.2% | +45.9% | +11.8% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1.8% | 5.6% | -89.1% | 1.6% | 4.3% | 8.1% | 10.5% | 11.2% |
| Free cash flow | -40.2 m | 129.4 m | 184.1 m | 220.2 m | 126.4 m | 33.4 m | 136.5 m | 277.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.6 m USD
- Financial debt
- 2.5 bn USD
- Net debt
- 2.5 bn USD
- Equity
- unavailable USD
- Total assets
- 2.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.27x
- ROE
- unavailable
- ROA
- 4.1%
- FCF margin
- 27.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 667.7 m | 632.6 m | 704.6 m | 846.2 m | 950.4 m | 998.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 205.9 m | 194.4 m | 234.3 m | 284.7 m | 312.7 m | 328.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 461.7 m ≈ | 438.3 m ≈ | 470.3 m ≈ | 561.5 m ≈ | 637.7 m ≈ | 669.3 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| SG&A | 60.0 m | 56.1 m | 61.3 m | 72.7 m | 72.7 m | 66.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | -464.9 m | 140.9 m | 169.3 m | 232.0 m | 294.4 m | 306.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 239.0 m | 238.8 m | 236.7 m | 246.1 m | 264.8 m | 284.8 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | -225.9 m ≈ | 379.6 m ≈ | 406.0 m ≈ | 478.1 m ≈ | 559.2 m ≈ | 591.3 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 128.6 m | 129.8 m | 138.1 m | 169.9 m | 193.5 m | 187.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -593.4 m | 11.2 m | 31.3 m | 69.6 m | 101.8 m | 116.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 1.3 m | 874.0 k | 1.0 m | 1.4 m | 2.2 m | 4.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -594.7 m | 10.3 m | 30.3 m | 68.3 m | 99.6 m | 111.3 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.0 k | 0 | 35.0 k | 11.0 k | 14.0 k | 8.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 63.7 m | 68.2 m | 83.8 m | — | — | — | SEC (XBRL)· 14 Feb 2023verified |
| Inventories | 84.6 m | 85.8 m | 93.8 m | 114.7 m | 133.9 m | 134.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 199.6 m | 205.0 m | 186.4 m | 226.4 m | 235.0 m | 236.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 0 | — | — | — | — | 0 | SEC (XBRL)· 07 May 2026verified |
| Intangibles (excl. goodwill) | 333.8 m | 304.4 m | 275.0 m | 245.7 m | 216.3 m | 186.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 2.9 bn | 2.8 bn | 2.7 bn | 2.7 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 13.5 m | 22.5 m | 35.3 m | 39.8 m | — | — | SEC (XBRL)· 13 Feb 2024verified |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 170.3 m | 187.6 m | 173.7 m | 187.5 m | 190.7 m | 186.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 2.1 bn | 2.2 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 293.2 m | 265.4 m | 260.6 m | 271.9 m | 341.3 m | 394.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 109.1 m | 45.2 m | 134.2 m | 238.5 m | 204.9 m | 117.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 184.1 m ≈ | 220.2 m ≈ | 126.4 m ≈ | 33.4 m ≈ | 136.5 m ≈ | 277.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -105.1 m | -39.2 m | -129.9 m | -232.7 m | -202.0 m | -115.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -188.1 m | -226.2 m | -130.6 m | -39.3 m | -139.3 m | -270.8 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality68
- Growth100
- Balance sheet27
- Valuation70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.23 – 89.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)40.64 – 89.51 (Mid 57.81)WACC 7.5% · starting FCFF 447.4 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -11.3%
- Peers: EV/EBITDA26.94 – 41.49 (Mid 37.93)9 companies used · median multiple 12.0x · quartiles 9.7x – 12.7xDTM, ET, KGS, KMI, KNTK, NGL, TRGP, WES, WMB
- Peers: P/E14.23 – 25.31 (Mid 17.06)10 companies used · median multiple 15.5x · quartiles 13.0x – 23.1xAM, AROC, DTM, EPD, ET, KMI, KNTK, TRGP, WES, WMB
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.4% | 35 (vs peers) | 9% |
| FCF conversion · Quality | 171.0% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 12.3% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.2x | 27 (vs peers) | 15% |
| Interest coverage · Balance sheet | 1.9x | 7 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 22.1x | 42 (vs peers) | 15% |
| EV/EBITDA · Valuation | 9.2x | 78 (vs peers) | 15% |
| FCF yield · Valuation | 7.7% | 97 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation70/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
USA Compression Partners, LP (USAC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 998.1 m USD in 2025; YoY growth 5.0%; net margin 12.4%; net debt/EBITDA 4.2x.
The estimated value range is 26.94–41.49 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 37.93 USD, the price of 24.24 USD leaves a potential of 56.5% (value / price − 1) and a margin of safety of 36.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 171.0%
- Revenue CAGR 3Y: 12.3%
- EV/EBITDA: 9.2x
- FCF yield: 7.7%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 4.2x
- Interest coverage: 1.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EPDEnterprise Products Partners L.P. | 79.0 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| WMBWilliams Companies, Inc. | 78.6 bn | 25.6 | 24.0% | 25.2% | +13.8% | +5% / +75% |
| KMIKinder Morgan, Inc. | 67.3 bn | 18.7 | 11.6% | 19.6% | +12.2% | +11% / +72% |
| ETEnergy Transfer LP | 66.1 bn | 12.5 | — | 4.9% | +3.5% | +15% / +38% |
| TRGPTarga Resources Corp. | 58.3 bn | 25.9 | 72.6% | 13.5% | +3.9% | +55% / +201% |
| WESWestern Midstream Partners, LP | 16.5 bn | 12.8 | — | 28.2% | +6.6% | +1% / +34% |
| DTMDT Midstream, Inc. | 11.5 bn | 24.5 | 9.9% | 35.4% | +26.7% | −7% / +97% |
| AMAntero Midstream Corporation | 9.1 bn | 13.5 | 31.6% | 53.4% | +7.4% | +6% / +44% |
| AROCArchrock, Inc. | 4.7 bn | 13.7 | 22.6% | 22.9% | +28.7% | +8% / +84% |
| KGSKodiak Gas Services, Inc. | 3.9 bn | 45.8 | 4.6% | 5.8% | +12.8% | +11% / +121% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.1 | — | 12.4% | +5.0% | +3% / −7% |
| KNTKKinetik Holdings Inc. | 3.3 bn | 17.4 | — | 10.4% | +19.0% | +42% / +35% |
| NGLNGL Energy Partners LP | 1.8 bn | — | — | -3.8% | −9.0% | +50% / +241% |
| SMCSummit Midstream Corporation | 285.3 m | 8,705.4 | 0.1% | 0.0% | +30.8% | +7% / +29% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +13% / +30% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −30% / +56% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −15% / unavailable |
1- and 3-year price returns: for USAC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.45 Total return -36% · Per year -36% | 27.22 Total return 12% · Per year 12% | 40.88 Total return 69% · Per year 69% |
| 3 years | 17.44 Total return -28% · Per year -10% | 34.34 Total return 42% · Per year 12% | 56.25 Total return 132% · Per year 32% |
| 5 years | 19.69 Total return -19% · Per year -4% | 43.31 Total return 79% · Per year 12% | 77.41 Total return 219% · Per year 26% |
- Exit P/E± 8.58
- Net margin± 6.01
- Annual revenue growth± 4.59
- Annual dilution± 0.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
USA Compression Partners, LP (USAC) is one of the largest independent providers of natural gas compression services in the U.S., measured by fleet horsepower. The January 2026 J-W Power acquisition added about 1.0 million horsepower, and second-quarter 2026 results show growth while integration continues 123.
SWOT
Strengths
- A large, standardized and modular fleet allows equipment to be quickly redeployed across customers and basins 1.
- Fixed monthly fee contracts, billed in advance with annual inflation adjustments, provide predictable revenue 1.
- Distributable cash flow covered the distribution at a comfortable level in the second quarter of 2026 3.
Weaknesses
- Customer concentration, with the ten largest customers making up a significant part of revenue, means losing one important customer would have a large effect 1.
- A significant share of services is provided on a month-to-month basis, which can leave revenue exposed to quick customer withdrawals 1.
- The debt level, including heavy use of the revolving credit facility after the acquisition, limits financial flexibility 2.
Opportunities
- If demand for associated gas and LNG keeps growing, expanding the large-horsepower fleet could support revenue growth 1.
- Contracts already signed for 2027 and 2028 could strengthen growth if they are confirmed at larger scale 3.
- Expansion into new areas such as the Bakken, enabled by the J-W Power acquisition, could open new customer relationships 1.
Risks
- Dependence on a few key customershigh
Losing one of the key customers could reduce revenue and cash available for distribution, as a large share of revenue comes from a small number of companies 1.
- Integration of J-W Powerhigh
If integration of the acquired assets does not proceed on time, results and cash flows could be negatively affected 12.
- Debt and cost of capitalmedium
Existing debt and rising interest rates could limit access to additional financing and the ability to pay distributions 12.
- Environmental regulationmedium
Changes to Clean Air Act rules could raise compliance costs for the company and its customers 1.
- Supply chain constraintsmedium
Lead times for engines and compressor frames have extended, and reliance on a few suppliers could affect the ability to expand the fleet 1.
Investment thesis
What would need to be true (bull case)
- If associated gas output and LNG demand keep growing, the company could benefit from high utilization and rising rates 13.
- Distributable cash flow coverage above the reference level and the 2026 guidance point to a solid financial base during integration 3.
- Contracts already in place for new units in 2027 and 2028 could reduce uncertainty about future revenue 3.
What would break the thesis
- Lower fleet utilization in the second quarter of 2026 compared with the prior year could signal demand pressure 3.
- Customer concentration and month-to-month contracts make revenue sensitive to decisions by a few large companies 1.
- Higher debt after the acquisition could limit flexibility if activity slows 2.
What to watch
- Utilization and rate trends after the J-W Power integrationQ3 2026
- Delivery against full-year 2026 Adjusted EBITDA and Distributable Cash Flow guidance2026
- New contracts for the compression units planned for 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
USA Compression Partners, LP is a partnership managed by USA Compression GP, LLC, a subsidiary wholly owned by Energy Transfer. The company provides compression services for a fixed monthly fee, with initial contracts ranging from six months to five years, and it owns and operates the compression units it services 1. Fleet horsepower stood at 3.9 million at the end of 2025, and the January 12, 2026 J-W Power acquisition added another 1.0 million 1.
Customers number about 260 energy companies, including major integrated oil companies, independent producers and midstream firms 1. The ten largest customers accounted for about 46% of total revenues in 2025 1, a meaningful concentration. The company reports a single segment, located and operated entirely in the U.S. 1.
Through the J-W Power acquisition, the company also owns specialized manufacturing facilities for compression units and two compression fabrication facilities 1. Natural gas treating services, such as carbon dioxide and hydrogen sulfide removal, complement the core offering 1.
Market context
The company operates mainly in U.S. unconventional shale plays such as Marcellus, Permian and Haynesville, and after the J-W Power acquisition also in the Bakken 1. The EIA expects production volumes in these plays to rise over the long term 1. Demand for natural gas is supported by power generation, LNG exports and data center growth linked to artificial intelligence 1.
Trends
- Associated gas growth from oil playstailwind
Growth in associated gas from the Permian could raise demand for compression services even if crude oil output stays flat, as the company notes 1.
- LNG exports and power demandtailwind
LNG exports and rising gas use in power generation support the baseload demand for natural gas, which could sustain long-term compression demand 1.
- Lower oil pricesheadwind
Lower crude prices can slow drilling and pressure rates and utilization in gas lift applications, especially in low-price periods 1.
- Integration of J-W Powermixed
Integrating the J-W Power assets and the shared services platform with Energy Transfer could bring synergies, but it is complex and costly and could affect results if poorly executed 12.
Competitive position
The compression market is highly competitive, with some larger rivals having greater financial resources and many smaller regional firms able to adapt quickly and price aggressively 1. Customers may also integrate vertically by buying their own compression fleets 1.
The company says it competes on price, equipment availability, customer service, flexibility and reliability 1. The sources supplied do not name specific competitors, so a detailed market-share comparison is not possible from them 1.
- Larger rivals with greater financial resources
The filings state that some competitors have greater financial and other resources than the company, without naming them 1.
- Smaller regional firms
Regional competition comes from many smaller companies that can adapt quickly and adopt aggressive pricing 1.
- Customers building their own fleets
Customers can choose to buy and operate their own compression units, an indirect form of competition 1.
- Providers of alternative oil-enhancement technologies
Alternative technologies for enhancing crude oil production could replace the company's gas lift services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report05 Oct 2026Item 3.02 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report11 Sept 2026Other events · Financial statements and exhibits
- Current report10 Sept 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Regulation FD disclosure
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / USA Compression Partners, LP · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / USA Compression Partners, LP · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / USA Compression Partners, LP · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.