USA Compression Partners LP

Good morning. Welcome to the USA Compression Partners third quarter 2025 earnings conference call. During today's call, all parties will be in a listen-only mode. At the conclusion of management's prepared remarks, the call will be opened for Q&A. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. This conference is being recorded today November 5th, 2025. I now would like to turn the call over to Chris Porter, Vice President, General Counsel, and Secretary. Mr. Porter, you may begin.

Good morning, everyone, and thank you for joining us. With me today is Clint Green, President and CEO, Chris Paulson, Vice President and CFO, and Chris Watson, Vice President and COO. This morning, we released our operational and financial results for the quarter ending September 30, 2025. You can find a copy of our earnings release as well as a recording of this call in the investor relations section of our website at usacompression.com. During this call, our management will reference certain non-GAAP measures. You will find definitions and reconciliations of these non-GAAP measures to the most comparable U.S. GAAP measures in our earnings release. As a reminder, our conference call will include forward-looking statements. These statements are based on management's current beliefs and include projections and expectations regarding our future performance and other forward-looking matters. Actual results may differ materially from these statements. Please review the risk factors included in this morning's earnings release and in our other public filings. Please note that information provided in this call speaks only to management's views as of today, November 5th, 2025, and may no longer be accurate at the time of the replay. I'll now turn the call over to Clint Green, President and CEO of USA Compression.

Thanks, Chris, and good morning. Thank you all for joining our call. We are pleased to deliver another solid quarter with revenues of over $250 million, adjusted EBITDA over $160 million, and DCF approaching $104 million. with strong margins and consistent utilization resulting in improved leverage ratio of 3.9 times and DCF coverage ratio of 1.6 times. Based on year-to-date performance, we have increased our 2025 ranges for EBITDA and DCF guidance. This increase in guidance is a result of management's commitment to effective cost management and operational disciplines. This includes certain one-time impacts that Chris Paulson will discuss later in the call. Additionally, we will deploy most of our 2025 new unit horsepower in Q4, setting the foundation for continued momentum in 2026. We are in the process of finalizing our 2026 capital budget, which we anticipate releasing in February. We expect that new horsepower will exceed 2025 levels, given continued natural gas demand, and new projects, both expanding takeaway capacity and increased localized demand in the Permian and Northeast. We have already committed to several deliveries in Q2 and Q3 of 2026. Notably, we have recently seen lead times increase to more than 60 weeks for larger orders. Although U.S. producers are still evaluating macro market conditions to arrive at their appropriate capital budgets for 2026, we continue to see growth opportunities in the markets we operate. We expect our active horsepower in the northeast and central regions to grow by more than 40,000 horsepower before the end of 2025 relative to Q2. This is partially due to contracting 300 small horsepower units that will draw from idle capacity and increase small horsepower utilization to nearly 80% over the coming months. These contracts include a 36-month initial term, This deployment coupled with Q4 new unit deliveries to the Permian will bring our projected year-end active fleet to roughly 3.6 million horsepower. Turning to SG&A, we now expect to realize the majority of the $5 million of shared services annualized savings in 2025 ahead of the 2026 timeline shared on our last call. These savings have and will continue to come from cost improvements seen through centralized IT efforts and other savings due to economies of scale. For example, Q3 benefited from a one-time healthcare cost, reflecting a lower monthly per employee healthcare cost than previously estimated. We expect 2026 G&A to grow modestly off of our new baseline reflecting typical wage inflation and modest investments in new commercial and financial capabilities. Finally, we are pleased that both our bank syndicate and long-term investors continue to recognize the quality of the compression market. In Q3, we refinanced our ABO and our 2027 senior notes, significantly reducing our weighted average borrowing costs and improved strategic flexibility. With that, I will turn the call over to Chris Paulson, our Chief Financial Officer, for a detailed financial update.