Financial PerformanceThe partnership's initial FY25 adj EBITDA outlook was underwhelming, especially since annualizing USAC's 4Q24 result after a one-time $3mn tax credit would still imply FY25 EBITDA above the high-end of USAC's guidance range.
Spending ChallengesIt has been difficult to connect USAC's outsized spend to actual horsepower / new unit additions.
Strategic CommunicationUSAC's messaging around growth has been less clear and at times contradictory, which is highlighted by the partnership's marked underperformance against AROC/KGS over the past year.