USA Compression Orders More Horsepower
Fleet is 39% larger than a year ago
USA Compression Partners LP, Austin, said its fleet horsepower has increased 38.9% to 1.3 million hp (1000 MW) in the past year, aided in part by its acquisition of 138,000 hp (103 MW) from S&R Compression in August 2013.
Revenues in the second quarter rose 59.9% to US$53.3 million, compared to US$33.3 million for the same period in 2013, largely due to a 58.9% increase in contract operations revenues to US$52.7 million. Adjusted EBITDA rose 48.3% to US$26.9 million, compared to US$18.1 million for the second quarter a year ago.
Eric Long, President and CEO, said, “We have ordered approximately 352,000 hp (262 MW) of new compression units for delivery in 2014, as compared to our initial expectations of 220,000 hp (164 MW).
“For the 180,000 hp that we initially ordered for 2014, we have customer contracts for 83% and strong customer indications for another 8% of those orders. For the remaining 172,000 (128 MW) horsepower on order for 2014, and expected to be delivered in the last half of 2014, we have customer contracts for 38% of the new horsepower and strong customer indications for another 24% of those deliveries.
“We have received, during the first half of 2014, 150,000 hp (112 MW) of the 352,000 horsepower of new compression units ordered for delivery in 2014. Additionally, we have ordered, so far, over 200,000 hp (149 MW) for delivery in 2015, which will be delivered over the first three quarters of 2015.”