Capital ExpenditureUSAC's messaging on capex remains confusing as the partnership raised its expansion capex guidance without clear disclosures on potential growth.
Communication ClarityUSAC'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.
Financial GuidanceThe 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.