HOUSTON--(BUSINESS WIRE)--Aug. 6, 2008--Exterran Holdings, Inc.
(NYSE:EXH) and Exterran Partners, L.P. (NASDAQ:EXLP) today reported
financial results for the second quarter 2008.
Exterran Holdings, Inc. Financial Results
Exterran Holdings reported net income for the second quarter 2008
of $21.7 million, or $0.33 per share, including $31.8 million in
pretax charges, or approximately $0.29 per share, for estimated cost
overruns in the fabrication segment. Net income was $49.4 million, or
$0.73 per share, for the first quarter 2008 and $26.1 million, or
$0.71 per share, for the second quarter 2007.
Revenue was $812.2 million for the second quarter 2008 compared to
$740.1 million for the first quarter 2008 and $494.5 million for the
second quarter 2007. EBITDA, as adjusted (as defined below), was
$166.1 million for the second quarter 2008 compared to $211.2 million
for the first quarter 2008 and $124.8 million for the second quarter
2007.
The merger of Hanover Compressor Company and Universal Compression
Holdings, Inc. was completed on August 20, 2007, and periods prior to
the merger reflect only Hanover's results. Merger and integration
pretax charges totaled $1.5 million, or $0.01 per share, in the second
quarter 2008 compared to $4.4 million, or $0.05 per share, in the
first quarter 2008 and $3.1 million, or $0.05 per share, in the second
quarter 2007. All share and per share amounts have been retroactively
adjusted to reflect the merger conversion ratio of 0.325 shares of
Exterran Holdings common stock for each share of Hanover common stock
for all periods discussed or presented.
Stephen A. Snider, Exterran Holdings' President and CEO said,
"Although disappointed that profitability in the second quarter was
negatively impacted by cost overruns on two international fabrication
projects, we are pleased overall with the solid demand for our
products and services during the first half of 2008. Second quarter
results reflect sequential increases in revenue in each of our
international contract operations, aftermarket services and
fabrication segments. Our North American contract operations business
continues to face challenges, but we believe we are making progress as
costs in that segment declined in the second quarter."
"During the second quarter, we were awarded several new
international contract operations orders, more than doubling the
backlog in that segment," continued Mr. Snider. "We remain optimistic
about the prospects for our business in the last half of 2008 due to
healthy market conditions in North America as well as strong demand
for our Total Solutions products and services throughout Latin America
and the Eastern Hemisphere."
Exterran Partners, L.P. Financial Results
Exterran Partners reported revenue of $35.0 million for the second
quarter 2008 compared to $35.3 million for the first quarter 2008 and
$18.8 million for the second quarter 2007. Net income was $6.1 million
for the second quarter 2008 compared to $6.5 million for the first
quarter 2008 and $2.3 million for the second quarter 2007. EBITDA, as
further adjusted (as defined below), totaled $20.3 million for the
second quarter 2008 compared to $19.2 million for the first quarter
2008 and $10.4 million for the second quarter 2007. Distributable cash
flow (as defined below) totaled $14.0 million both for the second
quarter 2008 and first quarter 2008 and $6.9 million for the second
quarter 2007.
"Exterran Partners generated strong cash flows in the second
quarter," commented Mr. Snider, Chairman, President and CEO of
Exterran Partners' general partner. "Additionally, Exterran Partners
completed its previously announced acquisition of customer contracts
and compressors used to provide services under those contracts from
Exterran Holdings and its affiliates for approximately $247 million on
July 30. As previously stated, Exterran Partners expects the
transaction, which significantly increased the size of EXLP's asset
base, to be accretive to cash distributions per unit by approximately
$0.15 per year. We remain very positive regarding the outlook for
Exterran Partners due to the expectation of future drop-down
transactions with Exterran Holdings as well as other growth
opportunities."
On July 29, 2008, Exterran Partners announced a cash distribution
of $0.425 per limited partner unit for the second quarter 2008
compared to $0.425 per limited partner unit for the first quarter 2008
and $0.35 per limited partner unit for the second quarter 2007. The
aggregate amount of the cash distributions to all unitholders
increased to $8.3 million for the second quarter 2008 as compared to
$7.3 million for the first quarter 2008 as a result of units issued to
Exterran Holdings in conjunction with the acquisition completed on
July 30.
Conference Call Details
Exterran Holdings, Inc. (NYSE:EXH) and Exterran Partners, L.P.
(NASDAQ:EXLP) announce the following schedule and teleconference
information for their second quarter 2008 earnings release:
-- Teleconference: Wednesday, August 6, 2008 at 11:00 a.m.
Eastern Time (10:00 a.m. Central Time). To access the call,
United States and Canadian participants should dial
866-454-4205. International participants should dial
913-312-0635 at least 10 minutes before the scheduled start
time. Please reference Exterran conference call number
9006649.
-- Live Webcast: The webcast will be available in listen-only
mode via the Companies' website: www.exterran.com.
-- Webcast Replay: For those unable to participate, a replay will
be available from 2:00 p.m. Eastern Time on Wednesday, August
6, until 2:00 p.m. Eastern Time on Wednesday, August 13, 2008.
To listen to the replay, please dial 888-203-1112 in the
United States and Canada, or 719-457-0820 internationally, and
enter access code 9006649.
With respect to Exterran Holdings, EBITDA, as adjusted, a non-GAAP
measure, is defined as income from continuing operations plus income
taxes, interest expense (including debt extinguishment costs and gain
or loss on termination of interest rate swaps), depreciation and
amortization expense, impairment charges, merger and integration
expenses, minority interest, excluding non-recurring items, and
extraordinary gains or losses.
With respect to Exterran Partners, EBITDA, as further adjusted, a
non-GAAP measure, is defined as net income plus income taxes, interest
expense, depreciation expense, non-cash selling, general and
administrative expenses and any amounts by which cost of sales and
selling, general and administrative costs are reduced as a result of
caps on these costs contained in the Omnibus Agreement, which amounts
are treated as capital contributions from Exterran Holdings for
accounting purposes, and excluding non-recurring items.
With respect to Exterran Partners, distributable cash flow, a
non-GAAP measure, is defined as net income plus depreciation expense,
non-cash selling, general and administrative expenses, interest
expense and any amounts by which cost of sales and selling, general
and administrative costs are reduced as a result of caps on these
costs contained in the omnibus agreement to which Exterran Holdings
and Exterran Partners are parties (the "Omnibus Agreement"), which
amounts are treated as capital contributions from Exterran Holdings
for accounting purposes, less cash interest expense and maintenance
capital expenditures, and excluding gains/losses on asset sales and
non-recurring items.
With respect to Exterran Holdings, Gross Margin, a non-GAAP
measure, is defined as total revenue less cost of sales (excluding
depreciation and amortization expense).
With respect to Exterran Partners, Gross Margin, as adjusted, a
non-GAAP measure, is defined as total revenue less cost of sales
(excluding depreciation expense) plus any amounts by which cost of
sales are reduced as a result of caps on these costs contained in the
Omnibus Agreement, which amounts are treated as capital contributions
from Exterran Holdings for accounting purposes.
About Exterran Holdings and Exterran Partners
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum -- from producers to transporters
to processors to storage owners. Headquartered in Houston, Texas,
Exterran and its over 10,000 employees have operations in more than 30
countries.
Exterran Partners, L.P. was formed by Exterran Holdings to provide
natural gas contract operations services to customers throughout the
United States. Exterran Holdings indirectly owns a majority interest
in Exterran Partners.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding
the subjects of this release) other than historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside the control of Exterran Holdings and Exterran
Partners (the "Companies"), which could cause actual results to differ
materially from such statements. Forward-looking information includes,
but is not limited to: Exterran Holdings' expectation of continuing
healthy market conditions in North America, Latin America and Eastern
Hemisphere for the remainder of 2008; expected cost levels in the
North American contract operations business; the Companies'
operational and financial strategies, and the Companies' ability to
successfully effect those strategies; the Companies' financial and
operational outlook and ability to fulfill that outlook; demand for
the Companies' products and services and growth opportunities for
those products and services; the expected level of accretion the
recent acquisition from Exterran Holdings will generate to Exterran
Partners' cash distributions per unit; the expected benefits of the
transaction to Exterran Holdings and Exterran Partners; and Exterran
Holdings' intention to continue to offer the balance of its U.S.
contract operations assets to Exterran Partners.
While the Companies believe that the assumptions concerning future
events are reasonable, they caution that there are inherent
difficulties in predicting certain important factors that could impact
the future performance or results of their business. Among the factors
that could cause results to differ materially from those indicated by
such forward-looking statements are: changes in master limited
partnership equity markets and overall financial markets that impact
the effect of the drop-down of additional assets to Exterran Partners;
changes in tax laws that impact master limited partnerships, including
drop-downs of additional assets to Exterran Partners; conditions in
the oil and gas industry, including a sustained decrease in the level
of supply or demand for oil and natural gas and the impact on the
price of oil and natural gas; Exterran Holdings' ability to timely and
cost-effectively obtain components necessary to conduct the Companies'
business; changes in political or economic conditions in key operating
markets, including international markets; changes in safety and
environmental regulations pertaining to the production and
transportation of oil and natural gas; and, as to each of the
Companies, the performance of the other entity.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and uncertainties
described in Exterran Holdings' Annual Report on Form 10-K for the
year ended December 31, 2007, as amended by Amendment No. 1 thereto,
Exterran Partners' Annual Report on Form 10-K for the year ended
December 31, 2007, and those set forth from time to time in the
Companies' filings with the Securities and Exchange Commission, which
are currently available at www.exterran.com. Except as required by
law, the Companies expressly disclaim any intention or obligation to
revise or update any forward-looking statements whether as a result of
new information, future events or otherwise.
EXTERRAN HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
------------------------------
June 30, March 31, June 30,
2008 2008 2007
--------- --------- ---------
Revenues:
North America contract operations $194,607 $199,076 $ 99,562
International contract operations 125,854 119,892 69,645
Aftermarket services 97,706 84,172 49,835
Fabrication 394,044 336,949 275,487
--------- --------- ---------
812,211 740,089 494,529
--------- --------- ---------
Costs and expenses:
Cost of sales (excluding depreciation
and amortization expense):
North America contract operations 86,303 88,288 41,376
International contract operations 48,128 39,385 27,675
Aftermarket services 76,681 66,927 37,184
Fabrication 355,284 263,743 223,903
Selling, general and administrative 95,339 89,687 54,300
Merger and integration expenses 1,543 4,439 3,065
Depreciation and amortization 92,415 90,449 51,364
Fleet impairment - 1,450 -
Interest expense 30,105 33,220 28,182
Equity in (income) loss of non-
consolidated affiliates (6,962) (6,093) (6,279)
Other (income) expense, net (8,612) (12,999) (8,467)
--------- --------- ---------
770,224 658,496 452,303
--------- --------- ---------
Income from continuing operations before
income taxes and minority interest 41,987 81,593 42,226
Provision for income taxes 17,084 29,977 16,162
Minority interest, net of taxes 3,243 2,643 -
--------- --------- ---------
Income from continuing operations 21,660 48,973 26,064
Income from discontinued operations, net
of tax - 398 -
--------- --------- ---------
Net income $ 21,660 $ 49,371 $ 26,064
========= ========= =========
Earnings per share - Basic(1):
Income from continuing operations $ 0.33 $ 0.75 $ 0.76
Income from discontinued operations,
net of tax - 0.01 -
--------- --------- ---------
Net income $ 0.33 $ 0.76 $ 0.76
========= ========= =========
Earnings per share - Diluted(1):
Income from continuing operations (2) $ 0.33 $ 0.73 $ 0.71
Income from discontinued operations,
net of tax - - -
--------- --------- ---------
Net income $ 0.33 $ 0.73 $ 0.71
========= ========= =========
Weighted average common and equivalent
shares outstanding (1):
Basic 65,217 65,065 34,414
--------- --------- ---------
Diluted 65,904 68,831 38,368
--------- --------- ---------
(1) Adjusted for the Hanover common share conversion ratio in the
merger of Hanover and Universal for the period ended June 30, 2007.
(2) Net income for the diluted earnings per share calculation for the
three-month periods ending June 30, 2008, March 31, 2008 and June 30,
2007 is adjusted to add back interest expense and amortization of
financing costs, net of tax, relating to the Company's convertible
senior notes totaling zero, $1.2 million and $1.2 million,
respectively.
EXTERRAN HOLDINGS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION
(Dollars in thousands)
Three Months Ended
-----------------------------------
June 30, March 31, June 30,
2008 2008 2007
----------- ----------- -----------
Revenues:
North America contract operations $ 194,607 $ 199,076 $ 99,562
International contract operations 125,854 119,892 69,645
Aftermarket services 97,706 84,172 49,835
Fabrication 394,044 336,949 275,487
----------- ----------- -----------
Total $ 812,211 $ 740,089 $ 494,529
=========== =========== ===========
Gross Margin (1):
North America contract operations $ 108,304 $ 110,788 $ 58,186
International contract operations 77,726 80,507 41,970
Aftermarket services 21,025 17,245 12,651
Fabrication 38,760 73,206 51,584
----------- ----------- -----------
Total $ 245,815 $ 281,746 $ 164,391
=========== =========== ===========
Selling, General and
Administrative $ 95,339 $ 89,687 $ 54,300
% of Revenues 12% 12% 11%
EBITDA, as adjusted (1) $ 166,050 $ 211,151 $ 124,837
% of Revenues 20% 29% 25%
Capital Expenditures $ 153,664 $ 102,575 $ 69,451
Less: Proceeds from Sale of PP&E (23,724) (2,527) (9,425)
----------- ----------- -----------
Net Capital Expenditures $ 129,940 $ 100,048 $ 60,026
=========== =========== ===========
Gross Margin Percentage:
North America contract operations 56% 56% 58%
International contract operations 62% 67% 60%
Aftermarket services 22% 20% 25%
Fabrication 10% 22% 19%
Total 30% 38% 33%
Reconciliation of GAAP to Non-GAAP
Financial Information:
Income from continuing operations $ 21,660 $ 48,973 $ 26,064
Depreciation and amortization 92,415 90,449 51,364
Fleet impairment - 1,450 -
Interest expense 30,105 33,220 28,182
Merger and integration expenses 1,543 4,439 3,065
Minority interest 3,243 2,643 -
Provision for income taxes 17,084 29,977 16,162
----------- ----------- -----------
EBITDA, as adjusted (1) 166,050 211,151 124,837
Selling, general and
administrative 95,339 89,687 54,300
Equity in (income) loss of non-
consolidated affiliates (6,962) (6,093) (6,279)
Other (income) expense (8,612) (12,999) (8,467)
----------- ----------- -----------
Gross Margin (1) $ 245,815 $ 281,746 $ 164,391
=========== =========== ===========
June 30, March 31, June 30,
2008 2008 2007
----------- ----------- -----------
Debt $2,273,087 $2,326,104 $1,338,479
Stockholders' Equity 3,239,728 3,186,342 1,159,863
----------- ----------- -----------
Capitalization $5,512,815 $5,512,446 $2,498,342
Total Debt to Capitalization 41.2% 42.2% 53.6%
(1) Management believes disclosure of EBITDA, as adjusted, and Gross
Margin, both non-GAAP measures, provides useful information to
investors because, when viewed with our GAAP results and accompanying
reconciliations, they provide a more complete understanding of our
performance than GAAP results alone. Management uses EBITDA, as
adjusted, and Gross Margin as supplemental measures to review current
period operating performance, comparability measures and performance
measures for period to period comparisons. In addition, EBITDA, as
adjusted, is used by management as a valuation measure.
EXTERRAN HOLDINGS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION
(Horsepower in thousands; dollars in millions)
June 30, March 31,
2008 2008
-------- ---------
Total Available Horsepower (at period
end):
North America contract operations 4,504 4,476
International contract operations 1,456 1,461
-------- ---------
Total 5,960 5,937
======== =========
Total Operating Horsepower (at period
end):
North America contract operations 3,472 3,535
International contract operations 1,367 1,350
-------- ---------
Total 4,839 4,885
======== =========
Horsepower Utilization (at period end):
North America contract operations 77% 79%
International contract operations 94% 92%
Total 81% 82%
June 30, March 31, June 30,
2008 2008 2007
-------- --------- --------
Fabrication Backlog:
Compression & accessory $ 327 $ 354 $ 299
Production & processing 821 919 732
-------- --------- --------
Total $ 1,148 $ 1,273 $ 1,031
======== ========= ========
EXTERRAN PARTNERS, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit amounts)
Three Months Ended
----------------------------
June 30, March 31,June 30,
2008 2008 2007
--------- -------- ---------
Revenue $ 34,999 $35,267 $ 18,804
Costs and expenses:
Cost of sales (excluding depreciation) 15,937 16,143 8,062
Depreciation 5,811 5,674 2,968
Selling, general and administrative 4,745 3,001 3,426
Interest expense 3,445 3,801 2,093
Other (income) expense, net (1,129) (10) (3)
--------- -------- ---------
Total costs and expenses 28,809 28,609 16,546
--------- -------- ---------
Income before income taxes 6,190 6,658 2,258
Income tax (benefit) expense 111 111 (6)
--------- -------- ---------
Net income $ 6,079 $ 6,547 $ 2,264
========= ======== =========
General partner interest in net income $ 186 $ 187 $ 45
--------- -------- ---------
Limited partner interest in net income $ 5,893 $ 6,360 $ 2,219
========= ======== =========
Weighted average limited partners units
outstanding:
Basic 16,679 16,679 12,650
--------- -------- ---------
Diluted 16,779 16,791 12,709
--------- -------- ---------
Earnings per limited partner unit:
Basic $ 0.35 $ 0.38 $ 0.18
========= ======== =========
Diluted $ 0.35 $ 0.38 $ 0.17
========= ======== =========
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(Dollars in thousands, except per unit amounts)
Three Months Ended
------------------------------
June 30, March 31, June 30,
2008 2008 2007
--------- ---------- ---------
Revenue $ 34,999 $ 35,267 $ 18,804
Gross Margin, as adjusted (1) $ 22,561 $ 22,698 $ 12,911
EBITDA, as further adjusted (1) $ 20,313 $ 19,161 $ 10,411
% of Revenue 58% 54% 55%
Capital Expenditures $ 7,503 $ 4,469 $ 10,071
Less: Proceeds from Sale of Compression
Equipment (5,275) - -
--------- ---------- ---------
Net Capital Expenditures $ 2,228 $ 4,469 $ 10,071
========= ========== =========
Gross Margin percentage, as adjusted 64% 64% 69%
Distributable cash flow (2) $ 14,039 $ 14,020 $ 6,894
Distributions per Limited Partner Unit $ 0.425 $ 0.425 $ 0.350
Distribution to All Unitholders,
including Incentive Distributions $ 8,346 $ 7,290 $ 5,957
Distributable Cash Flow Coverage 1.68x 1.92x 1.16x
June 30, March 31, June 30,
2008 2008 2007
--------- ---------- ---------
Debt $217,000 $ 217,000 $121,000
Total Partners' Capital 151,214 139,926 74,861
--------- ---------- ---------
Capitalization $368,214 $ 356,926 $195,861
Total Debt to Capitalization 59% 61% 62%
EBITDA, as further adjusted (1) to 5.9x 5.0x 5.0x
Interest Expense
(1) Management believes disclosure of EBITDA, as further adjusted, and
Gross Margin, as adjusted, both non-GAAP measures, provides useful
information to investors because, when viewed with our GAAP results
and accompanying reconciliations, they provide a more complete
understanding of our performance than GAAP results alone. Management
uses EBITDA, as further adjusted, and Gross Margin, as adjusted, as
supplemental measures to review current period operating performance,
comparability measures and performance measures for period to period
comparisons. In addition, EBITDA, as further adjusted, is used by
management as a valuation measure.
(2) Distributable cash flow, a non-GAAP measure, is a significant
liquidity metric used by management to compare basic cash flows
generated by us to the cash distributions we expect to pay our
partners. Using this metric, management can quickly compute the
coverage ratio of estimated cash flows to planned cash distributions.
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(Dollars in thousands)
Three Months Ended
---------------------------
June 30, March 31, June 30,
2008 2008 2007
-------- --------- --------
Reconciliation of GAAP to Non-GAAP
Financial Information:
Net income $ 6,079 $ 6,547 $ 2,264
Income tax (benefit) expense 111 111 (6)
Depreciation 5,811 5,674 2,968
Cap on operating and selling, general and
administrative costs provided by
Exterran Holdings ("EXH") 3,499 3,574 1,789
Non-cash selling, general and
administrative costs 1,368 (546) 1,303
Interest expense, net of interest income 3,445 3,801 2,093
-------- --------- --------
EBITDA, as further adjusted (1) 20,313 19,161 10,411
Cash selling, general and administrative
costs (see note 1 below) 3,377 3,547 2,612
Less: cap on selling, general and
administrative costs provided by EXH - - (112)
Less: other income, expense, net (1,129) (10) -
-------- --------- --------
Gross Margin, as adjusted for operating
cost caps provided by EXH (1) $22,561 $ 22,698 $12,911
Other income, expense, net 1,129 10 -
Less: Gain on sale of compression
equipment (1,119) - -
Less: Cash interest expense (3,286) (3,696) (2,085)
Less: Cash selling, general and
administrative, as adjusted for cost
caps provided by EXH (3,377) (3,547) (2,500)
Less: Income tax (expense) benefit (111) (111) 6
Less: Maintenance capital expenditures (1,758) (1,334) (1,438)
-------- --------- --------
Distributable cash flow (2) $14,039 $ 14,020 $ 6,894
======== ========= ========
Cash flows from operating activities $11,824 $ 3,991 $ 5,658
Amortization of debt issuance cost (88) (64) (56)
Amortization of fair value of acquired
interest rate swaps (71) (41) -
Cap on operating and selling, general and
administrative costs provided by EXH 3,499 3,574 1,789
Interest expense, net of interest income 3,445 3,801 2,093
Cash interest expense (3,286) (3,696) (2,085)
Maintenance capital expenditures (1,758) (1,334) (1,438)
Change in assets and liabilities 474 7,789 933
-------- --------- --------
Distributable cash flow (2) $14,039 $ 14,020 $ 6,894
======== ========= ========
(1) Management believes disclosure of EBITDA, as further adjusted, and
Gross Margin, as adjusted, both non-GAAP measures, provides useful
information to investors because, when viewed with our GAAP results
and accompanying reconciliations, they provide a more complete
understanding of our performance than GAAP results alone. Management
uses EBITDA, as further adjusted, and Gross Margin, as adjusted, as
supplemental measures to review current period operating performance,
comparability measures and performance measures for period to period
comparisons. In addition, EBITDA, as further adjusted, is used by
management as a valuation measure.
(2) Distributable cash flow, a non-GAAP measure, is a significant
liquidity metric used by management to compare basic cash flows
generated by us to the cash distributions we expect to pay our
partners. Using this metric, management can quickly compute the
coverage ratio of estimated cash flows to planned cash distributions.
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(Horsepower in thousands)
Three Months Ended
----------------------------
June 30, March 31, June 30,
2008 2008 2007
--------- --------- --------
Total Available Horsepower (at period
end) 742 720 387
========= ========= ========
Average Operating Horsepower 652 659 348
========= ========= ========
Horsepower Utilization:
Spot (at period end) 88% 91% 93%
Average 89% 91% 93%
Combined U.S. Contract Operations
Horsepower of Exterran Holdings and
Exterran Partners covered by contracts
converted to service agreements (at
period end) (1) 1,624 1,274 1,194
Total Available U.S. Contract Operations
Horsepower of Exterran Holdings and
Exterran Partners (at period end) (1) 4,393 4,365 2,147
% of U.S. Contract Operations Horsepower
of Exterran Holdings and Exterran
Partners covered by contracts converted
to service agreements (at period end)
(1) 37.0% 29.2% 55.6%
(1) Includes horsepower of Universal Compression Holdings and
Universal Compression Partners at June 30, 2007.
CONTACT:
Exterran
David Oatman, 281-836-7035 (Investors)
Pat (Patricia) Wente, 281-836-7308 (Media)
Rick Goins, 281-836-7289 (Media)
SOURCE:
Exterran Holdings, Inc. and Exterran Partners, L.P.