USA Compression Partners (USAC) Company Report

USA Compression Partners, LP completed the acquisition of J-W Power Company on January 12, 2026.
The total consideration for the transaction was approximately $860 million.
The acquisition was funded by $430 million in cash from USA Compression's revolving credit facility and the issuance of approximately 18.2 million common units at an effective price of $23.50 per common unit.
This transaction adds over 0.8 million active horsepower, bringing the combined fleet to approximately 4.4 million active horsepower, and is expected to deliver meaningful near-term accretion on a Distributable Cash Flow basis and improve pro forma debt metrics.
As part of the acquisition, J-W Energy and J-W Power became wholly owned subsidiaries and guarantors under USA Compression's existing credit agreements and indentures.

Jan 14, 2026, 9:59 PM

8-K

USA Compression Partners Completes Acquisition of J-W Power Company

USAC

M&A

New Projects/Investments

USA Compression Partners, LP (USAC) has completed its previously announced acquisition of J-W Power Company.
The total consideration for the transaction was approximately $860 million.
USAC funded $430 million of the purchase price in cash and issued approximately 18.2 million common units at an effective price of $23.50 per unit for the balance.
The acquisition adds over 0.8 million active horsepower, increasing USA Compression's combined fleet to approximately 4.4 million active horsepower.
This transaction is expected to deliver meaningful near-term accretion on a Distributable Cash Flow basis and improve pro forma debt metrics.

Jan 12, 2026, 9:31 PM

Press Release

USA Compression Partners Announces Acquisition of J-W Power Company

USAC

M&A

New Projects/Investments

USA Compression Partners (USAC) announced the acquisition of J-W Power Company, a largely privately-held provider of compression services.
The transaction is valued at approximately 5.8 times 2026 estimated adjusted EBITDA and will be funded with $430 million in cash and approximately 18.3 million USAC common units.
The acquisition is expected to increase USAC's active fleet to roughly 4.4 million horsepower on a pro forma basis, adding approximately 1.05 million total horsepower from J-W, with over 900,000 readily deployable.
This acquisition is anticipated to be meaningfully accretive in 2026 on a DCF basis and move USAC below 4x leverage on a pro forma basis.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions including regulatory approval.

Dec 1, 2025, 4:00 PM

Transcript

USA Compression to acquire J-W Power Company

USAC

M&A

USA Compression Partners LP (USAC) is set to acquire J-W Power Company for $860 million.
The acquisition will be funded by $430 million in cash from USAC's existing credit facility and the issuance of ~18.3 million USAC common units to the seller.
The transaction represents an attractive ~5.8x Adjusted EBITDA multiple and is expected to close in 1Q 2026.
This acquisition will strengthen USAC's position as a leading compression services provider, increasing its pro forma active horsepower to ~4.4 million and enhancing geographic coverage and customer reach.

Dec 1, 2025, 4:00 PM

Presentation

USA Compression Partners Announces Acquisition of J-W Power Company

USAC

M&A

New Projects/Investments

USA Compression Partners (USAC) announced the acquisition of J-W Power Company, a largely privately-held provider of compression services.
The transaction is valued at approximately 5.8x 2026 estimated Adjusted EBITDA and will be funded with $430 million in cash and approximately 18.3 million USAC common units. J-W's Adjusted EBITDA for the last 12 months was just south of $140 million.
This acquisition is expected to increase USAC's active fleet to roughly 4.4 million horsepower on a pro forma basis, adding over 800,000 active contract compression horsepower from J-W.
The deal is anticipated to close in the first quarter of 2026 and is expected to be meaningfully accretive in 2026 on a DCF basis, moving USAC below 4x leverage pro forma.

Dec 1, 2025, 4:00 PM

Transcript

USA Compression Partners Announces Acquisition of J-W Power Company

USAC

M&A

New Projects/Investments

USA Compression Partners (USAC) announced the acquisition of J-W Power Company for $430 million in cash and approximately 18.3 million USAC common units, representing a valuation of about 5.8 times 2026 estimated adjusted EBITDA.
The transaction, expected to close in the first quarter of 2026, will increase USAC's active fleet to roughly 4.4 million horsepower on a pro forma basis, adding 1.05 million total horsepower from J-W.
J-W Power's adjusted EBITDA for the last 12 months was just under $140 million.
The acquisition is projected to be meaningfully accretive in 2026 on a DCF basis and is expected to reduce USAC's pro forma leverage to below four times.
Strategically, the deal expands USAC's geographic footprint, including new access to the Bakken, and is expected to contribute to active horsepower growth of approximately 2% by year-end 2026.

Dec 1, 2025, 4:00 PM

Transcript

USAC Announces $860 Million Acquisition of J-W Power Company

USAC

M&A

New Projects/Investments

USA Compression Partners (USAC) announced a strategic acquisition of J-W Power Company for approximately $860 million.
This acquisition is expected to enhance USAC's operational scale and geographic reach across key U.S. regions, expanding its fleet by about 0.8 million active horsepower and diversifying its business lines.
The deal is valued at approximately 5.8 times the estimated Adjusted EBITDA for 2026 and is anticipated to reduce leverage below 4.0x.
The acquisition will be funded through a combination of $430 million in cash and the issuance of approximately 18.3 million new common units.
The transaction is anticipated to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.

Dec 1, 2025, 12:04 PM

Morningstar

USA Compression Reports Strong Q3 Results, Raises 2025 Guidance

USAC

Earnings

Guidance Update

New Projects/Investments

USA Compression Partners reported record-high third-quarter revenues exceeding $250 million and adjusted EBITDA surpassing $160 million, with net income rising sharply to $34.49 million and basic earnings per share increasing to $0.27.
The company raised its 2025 EBITDA guidance to $610–$620 million and distributable cash flow guidance to $370–$380 million, supported by $10 million in annualized interest savings from refinancing and $5 million in annualized savings from shared services initiatives.
Pricing per horsepower reached an all-time high of $21.46, reflecting strong market conditions, though lead times for larger orders have extended beyond 60 weeks which may affect future deployments.
Despite an improved leverage ratio of 3.9x, the balance sheet shows financial risk indicators including a high debt-to-equity ratio (-52.39) and an Altman Z-Score of 1.35, placing the company in the distress zone.

Nov 5, 2025, 9:06 PM

Morningstar

USAC Reports Strong Q3 2025 Results and Raises Full-Year Guidance

USAC

Earnings

Guidance Update

Debt Issuance

USA Compression Partners reported strong Q3 2025 financial results, with revenues over $250 million, Adjusted EBITDA over $160 million, and DCF approaching $104 million. The company achieved a leverage ratio of 3.9 times and a DCF coverage ratio of 1.6 times.
The company increased its 2025 guidance, raising the Adjusted EBITDA range to $610 million-$620 million and the DCF range to $370 million-$380 million.
Operational highlights include an average utilization of 94% and an all-time high average pricing of $21.46 per horsepower in Q3 2025. The company plans to deploy most of its 2025 new unit horsepower in Q4 and expects 2026 new horsepower to exceed 2025 levels, projecting a year-end active fleet of roughly 3.6 million horsepower.
Strategic refinancing efforts in Q3, including extending and expanding its ABL and calling 2027 senior notes, are expected to result in over $10 million in annualized interest savings. The company also anticipates realizing the majority of $5 million in shared services annualized savings in 2025.

Nov 5, 2025, 4:00 PM

Transcript

USA Compression Partners Announces Q3 2025 Results and Increased 2025 Guidance

USAC

Earnings

Guidance Update

Debt Issuance

USA Compression Partners reported strong Q3 2025 financial results, with revenues over $250 million, Adjusted EBITDA over $160 million, and DCF approaching $104 million.
The company raised its 2025 Adjusted EBITDA guidance to $610 million-$620 million and DCF guidance to $370 million-$380 million, reflecting effective cost management and operational discipline.
Operational performance in Q3 2025 included an average utilization of 94% and average pricing of $21.46 per horsepower, a 1% sequential increase.
Strategic financial moves in Q3 included refinancing the ABL and 2027 senior notes, which is expected to generate over $10 million in annualized interest savings.
USA Compression Partners anticipates deploying most of its 2025 new unit horsepower in Q4, projecting a year-end active fleet of roughly 3.6 million horsepower.