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Exterran Partners: An Introduction

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Overview of Exterran Partners

Exterran Partners, L.P. (EXLP) is a master limited partnership and a provider of natural gas contract compression services to its customers in the United States.

EXLP’s contract operation services include designing, sourcing, owning, installing, operating, servicing, repairing, and maintaining equipment to provide natural gas compression services to its customers.

Other companies that offer natural gas compression services and other services include Access Midstream Partners that merged into Williams Companies (WPZ) and Regency Energy Partners (RGP), which is to be merged into Energy Transfer Partners (ETP).

USA Compression Partners (USAC) is a pure-play natural gas compression services provider like EXLP.

WPZ, RGP, and ETP are all components of the Alerian MLP Index (AMLP), making up ~20% of the ETF.

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Corporate structure

Exterran Holdings, Inc. (EXH) holds a 2% general partner interest in EXLP and all of its incentive distribution rights. Apart from its general partner interests, EXH also holds a 35% limited partner interest in EXLP.

Asset overview

EXLP’s primary assets are natural gas compression units with varying horsepower. According to a company presentation, EXLP is the largest contract compression provider, with 3 million operating horsepower.

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