USA Compression Partners, LP Common Units (NYSE:USAC) Q2 2024 Earnings Conference Call August 7, 2024 11:00 AM ET
Company Participants
Christopher Porter - Vice President, General Counsel and Secretary
Eric Long - President and Chief Executive Officer
Eric Scheller - Vice President and Chief Operating Officer
Conference Call Participants
James Rollyson - Raymond James
Selman Akyol - Stifel
Brian DiRubbio - Baird
Josh Jayne - Daniel Energy Partners
Operator
Good morning. Welcome to USA Compression Partners Second Quarter '24 Earnings Conference Call. During today's call, all parties will be in a listen-only mode. At the conclusion of management's prepared remarks, the call will be open for Q&A. [Operator Instructions]. This conference is being recorded today, August 6, 2024.
I now would like to turn the call over to Chris Porter, Vice President, General Counsel and Secretary.
Christopher Porter
Good morning, everyone, and thank you for joining us. This morning, we released our operational and financial results for the quarter ending June 30, 2024. You can find a copy of our earnings release as well as recording of this call in the Investor Relations section of our website at usacompression.com.
During this call, our management will reference certain non-GAAP measures. You will find definitions and reconciliations of these non-GAAP measures to the most comparable U.S. GAAP measures in our earnings release. As a reminder, our conference call will include forward-looking statements. These statements are based on management's current beliefs and include projections and expectations regarding our future performance and other forward-looking matters.
Actual results may differ materially from these statements. Please review the risk factors included in this morning's earnings release and in our other public filings. Please note that information provided on this call speaks only to management's views as of today, August 6, 2024, and may no longer be accurate at the time of a replay.
I will now turn the call over to Eric Long, President and CEO of USA Compression.
Eric Long
Thank you, Chris. Good morning, everyone, and thanks for joining our call. I am joined on the call by Eric Scheller, our COO. This morning, we released our second quarter 2024 results, which reflect the continued strength of our business. Our second quarter ended with record revenues, record adjusted gross margin, record adjusted EBITDA, record average revenue generating horsepower and record average revenue per revenue generating horsepower.
Our period end utilization was at an all-time high and average utilization remain near an all-time high, both at 95%, with our large horsepower over 1,000 horsepower effectively fully utilized at 99%. These results indicate a strong and stable contract compression market, which we believe will continue for the foreseeable future.