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Slide #58. USA Compression — Compression Assets from S&R Compression
USA Compression (NYSE:USAC)
Compression Assets from S&R Compression
USA Compression Partners, LP (NYSE:USAC) announced today that it has closed the previously announced acquisition of compression assets owned by S&R Compression, LLC, a Tulsa-based company majority owned and controlled by Argonaut Private Equity, an affiliate of George B. Kaiser. Located primarily in Texas and Oklahoma, the assets being acquired are primarily utilized in connection with crude oil production. In addition to the 983 compression units acquired as of the transaction effective date of June 30, 2013, USAC is also acquiring 66 newly built compression units fabricated between July 1 and August 30 of this year for approximately $12 million in cash as well as receiving a cash payment of approximately $4 million related to the operations of the compression assets since the effective date. The compression units acquired in the transaction together with the additional newly built compression units total approximately 148,000 horsepower.
USA Compression Partners is a provider of natural gas compression services. Co. provides compression services in connection with infrastructure applications, including both allowing for the processing and transportation of natural gas through the domestic pipeline system and improving crude oil production through artificial lift processes. Co. engineers, designs, operates, services and repairs its compression units and maintains related support inventory and equipment. Co. also owns and operates equipment used to provide natural gas treating services, such as carbon dioxide and hydrogen sulfide removal, natural gas cooling and dehydration, to natural gas producers and midstream companies.
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