Business Context and Reporting Period
This Form 8-K Current Report was filed by USA Compression Partners, LP on April 15, 2019. The filing addresses a corporate governance event involving the Board of Directors of the Partnership's General Partner, USA Compression GP, LLC.
Key Financial Metrics
This filing does not report operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the Partnership. The only financial figure disclosed relates to related-party transactions: for the year ended December 31, 2018, subsidiaries of Energy Transfer generated revenues to the Partnership of approximately $17.1 million.
Material Changes
The primary material change reported is the appointment of Bradford D. Whitehurst as a director on the Board of Directors of the General Partner. This appointment fills the vacancy created by the resignation of Mr. Michael Bradley.
Management Commentary and Risks
- Appointment Details: Bradford D. Whitehurst, Executive Vice President and Head of Tax of Energy Transfer LP, was appointed by Energy Transfer Operating, L.P. (the sole member of the General Partner).
- Compensation: Mr. Whitehurst will not receive any compensation from the Partnership for his service as a director.
- Related Party Arrangements: The filing states there are no arrangements or understandings between Mr. Whitehurst and any other persons pursuant to which he will serve as a director.
Investor Verification Checklist
- Verify the effective date of Mr. Whitehurst's appointment and the specific date of Mr. Bradley's resignation.
- Confirm the extent of related-party transactions between Energy Transfer subsidiaries and the Partnership beyond the disclosed $17.1 million figure.
- Review the composition of the Board of Directors to assess the impact of this personnel change on governance.