Business Context and Reporting Period
This Form 8-K filing by USA Compression Partners, LP (USAC) reports a change in board composition. The report date is March 21, 2024, with the effective date of the changes being March 22, 2024.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a current report focused solely on corporate governance changes.
Material Changes
- Resignation: W. Brett Smith resigned from the board of directors of USA Compression GP, LLC (the General Partner) and all associated committees, effective March 22, 2024. The resignation was not due to any disagreement regarding operations, practices, or policies.
- Appointment: Energy Transfer LP appointed John L. Wortham as a director to fill the vacancy created by Mr. Smith's resignation, effective March 22, 2024.
- Committee Assignments: Mr. Wortham was appointed to the audit and compensation committees, serving alongside Mr. Glenn Joyce and Mr. William Waldheim.
Guidance, Outlook, and Compensation
The filing contains no financial guidance, outlook, or management commentary on business operations. Regarding compensation, Mr. Wortham will receive compensation pursuant to the General Partner's Amended and Restated Outside Director Compensation Policy, including an award of 2,500 phantom units upon his appointment. No other compensatory arrangements or understandings were disclosed.
Investor Verification Checklist
- Verify the effective date of the board changes (March 22, 2024).
- Confirm the specific committee assignments for the new director, John L. Wortham.
- Review the Partnership's Annual Report on Form 10-K (filed February 13, 2024) for details on the Outside Director Compensation Policy referenced in this filing.
- Note that this filing does not impact the company's financial statements or operational outlook.