USAC · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

USA Compression Partners

28 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Ten largest customers

earns from · approximately 46%named as a risk

Our ten largest customers accounted for approximately 46%, 41%, and 39% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively.Risk factors (Item 1A)

Also named by AMKR, CAG, MCK, MOD, MRVL, PWR, SANM

Single largest receivable customer

insures or lends to · 12% and 11% of our trade accounts receivablenamed as a risk

For example, as of December 31, 2025 and 2024, one customer accounted for 12% and 11% of our trade accounts receivable, net balance, respectively.Risk factors (Item 1A)

Month-to-month compression contracts

earns from · approximately 19%named as a risk

For the year ended December 31, 2025, approximately 19% of our compression services on a revenue basis were provided on a month-to-month basis to customers who continue to utilize our services following expiration of the primary term of their contracts.Risk factors (Item 1A)

Suppliers

Caterpillar Inc.

depends onnamed as a risk

Lead-times for new Caterpillar engines and new Ariel compressor frames have in the recent past varied between six months to over one year due to changes in demand and supply allocations, and as of December 31, 2025, lead-times for such engines and frames have extended beyond one year, and in some cases with certain engine classes, are in excess of two years.Business (Item 1)

Also named by ALSN, CMI, DE, ET, WWD

Cummins Inc.

depends onnamed as a risk

The substantial majority of the components for our natural gas compression equipment are supplied by Caterpillar Inc., Cummins Inc., INNIO Waukesha, and TECO-Westinghouse for engines; Air-X-Changers, Alfa Laval (US), AXH air-coolers, EADS Cooling Solutions, LLC, and R&R Engineering Co. for coolers; and Ariel Corporation, Cooper Machinery Services Gemini products, and Arrow Engine Company for compressor frames and cylinders.Risk factors (Item 1A)

Also named by CAT, PCAR

Ariel Corporation

depends onnamed as a risk

The fleet of compression units that we own and use to provide compression services consists of specially engineered compression units that utilize standardized components, principally engines manufactured by Caterpillar Inc. and compressor frames and cylinders manufactured by Ariel Corporation.Business (Item 1)

INNIO Waukesha

depends onnamed as a risk

Standard Equipment Company

depends onnamed as a risk

We also rely on a limited number of vendors, including Standard Equipment Company, a subsidiary of Energy Transfer, to package and assemble our compression units.Risk factors (Item 1A)

Partners and platforms

Energy Transfer LP

depends on · 32% limited partner interestnamed as a risk

We continue to implement a shared services model with Energy Transfer whereby we share personnel and resources with Energy Transfer in certain departments, including information technology, accounting, and human resources.Risk factors (Item 1A)

Also named by PAGP

Other companies

J-W Power Company

approximately $860.0 millionnamed as a risk

The J-W Power Acquisition could expose us to additional unknown and contingent liabilities.Risk factors (Item 1A)

Westerman, Ltd.

18,175,323 common unitsnamed as a risk

Westerman, Ltd. has agreed to indemnify us for losses or claims relating to the operation of the business or otherwise only to a limited extent and for a limited period of time.Risk factors (Item 1A)

Places

Barnett Shale

operates innamed as a risk

The rule became effective for the Barnett Shale production area in April 2011, with the lower emissions standards becoming applicable between 2015 and 2030 depending on the type of engine and the permitting requirements.Business (Item 1)

Permian Basin

operates in

The J-W Power Acquisition added approximately 0.8 million active horsepower and 1.0 million total horsepower to our fleet across key regions including the Northeast, Mid-Con, Rockies, Gulf Coast, Bakken and Permian Basin.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

Sustained low natural gas or crude oil prices over the long term could result in a decline in the production of natural gas or crude oil, which could result in reduced demand for our compression services.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Crude oil

exposed to its pricenamed as a risk

During periods of low crude oil prices, we typically experience pressure on service rates and utilization from our customers in gas lift applications, and we have experienced such effects in the past.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Steel

exposed to its pricenamed as a risk

Steel is a necessary component to build our compression units, and we require various other materials and equipment to operate and maintain our compression units.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Regulators

Texas Commission on Environmental Quality (TCEQ)

subject to · 15 countiesnamed as a risk

For example, the Texas Commission on Environmental Quality (“TCEQ”) has finalized revisions to certain air permit programs that significantly increase the air permitting requirements for new and certain existing oil and gas production and gathering sites for 15 counties in the Barnett Shale production area.Business (Item 1)

Also named by AESI, LNG

Internal Revenue Service (IRS)

subject tonamed as a risk

Our U.S. Federal income tax returns for years 2019 and 2020 are currently under examination by the IRS.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

U.S. Section 232 steel tariffs

subject to · 50%named as a risk

For example, on March 12, 2025, the U.S. government imposed a 25% tariff on steel imports, which was increased to 50% on June 4, 2025, and on April 2, 2025, the U.S. government announced a 10% tariff on product imports from almost all foreign countries and individualized higher tariffs on certain other countries.Risk factors (Item 1A)

Also named by AESI, ARLP, CLF, ET, JBI, NUE, RBC, SUN and 2 more

Credit Agreement

$795.0 million of variable-rate indebtednessnamed as a risk

As of December 31, 2025, we had $795.0 million of variable-rate indebtedness outstanding at a weighted-average interest rate of 5.74%.Market risk (Item 7A)

Also named by CELH, COHR, EXE, GTX, IRM, MP, RBA, RRGB and 1 more

2015 NAAQS ozone standard

subject to · 70 parts per billionnamed as a risk

State implementation of the 2015 NAAQS could result in stricter permitting requirements, delay, or prohibit our customers’ ability to obtain such permits, and result in increased expenditures for pollution-control equipment, which could negatively impact our customers’ operations, increase the cost of additions to property and equipment, and negatively impact our business.Risk factors (Item 1A)

Hydraulic fracturing regulation

subject tonamed as a risk

Any new laws or regulations regarding hydraulic fracturing could negatively impact our customers’ ability to produce natural gas, which could adversely impact our revenue.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more

Clean Air Act

subject tonamed as a risk

New regulations or proposed modifications to existing regulations under the Clean Air Act (“CAA”), as discussed in detail in Item 1 “Business – Our Operations – Governmental Regulations”, may lead to adverse impacts on our business, financial condition, results of operations, and cash available for distribution.Risk factors (Item 1A)

Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more

Texas Margin Tax

subject tonamed as a risk

For example, we are required to pay the Texas Margin Tax on our gross income apportioned to Texas.Risk factors (Item 1A)

Also named by WES

EPA NSPS Subpart OOOOa

subject tonamed as a risk

These Subpart OOOOa standards expanded the 2012 NSPS by mandating certain equipment-specific emissions control practices, requiring additional controls for pneumatic controllers and pumps as well as compressors, and imposing leak detection and repair requirements for natural gas compressor and booster stations.Risk factors (Item 1A)

Colorado Senate Bill 19-181

subject tonamed as a risk

For example, in 2019, Colorado passed Senate Bill 19-181, which delegates authority to local governments to regulate oil and gas activities and requires the Colorado Oil and Gas Conservation Commission to minimize emissions of methane and other air contaminants.Risk factors (Item 1A)

Inflation Reduction Act of 2022 methane emissions charge

subject to

The One Big Beautiful Bill Act, signed by President Trump on July 4, 2025, delays the imposition of the methane emissions charge until calendar year 2034.Business (Item 1)

Also named by LNG

EPA Quad Z regulations (RICE NESHAP)

subject to

The rule requires us to undertake certain expenditures and activities, including purchasing and installing emissions control equipment on certain compressor engines and generators.Business (Item 1)