everyone, Thank Also our you, Chris. Good CFO. Matt and thanks me is with joining Liuzzi, call. our for morning,
remainder ourselves, world operational which I'll to year. the was ever-changing briefly given cover a the especially the for usual, today, the quarter, As solid first find first start we results But which in spend the the market current the time state business year. within and our more of where plan industry, of energy talking I for to going the my of about the we see
that the quarters So to cautiously give in have begun to and tailwinds about we've arrived blow over a think I last finally glimpse, talked the few you earnest.
and XX excited attractive providing for have our of quarter continue above of over we about our dynamics supportive pricing our day, are we utilization the To the our natural to under night, while focused the opportunities a XXXX, driving we our and will need all first high growing tight are which commodity equipment million up to very an best and increase driving by makes maintaining fleet, for call remainder every on And possible accustomed, the operation-centric environment, start, returns supply/demand day the good a to have Compression employees see services macro believe the on pricing. miles We gas, leading to hours was a and customers that our customers. grown and business compression fleet. repairing to maintain large month, USA a industrial is unitholders. level service X guarded
focus without X.X to have on As I'm relentless a the worked proud we safety organization. such, injury. million say man-hours lost-time we milestone, another achieved have And a throughout recently
our not with As to to Safety of our activity at up, to USA continues pick be even waver. employees safety embrace continues to commitment team our I'm it. way of will life But how here a are Compression, and is going proud it, busier.
USA of to Turning off started operations. Compression of a the first quarter the year quarter with XXXX. solid
from a in X which haven't we of while positive the above increase and likes illustrative of in points than environment overall XX%, of ourselves. find December the which the to for And customers at ended period, the continue up XXXX, below to we points horsepower from percentage fourth our just when to quarter deploy average field, we where horsepower We X we levels more an increases, meaningful seen bumping XX%. These look represent are percentage utilization market you the were XX. out actually of
to in aggregate a addition gains, on well increase revenues as month horsepower per we both saw utilization as In strong per basis.
financials the go continue XXXX field. morning. see into bit as the over Matt the through expect continued we service balance a improvement vintage of of fleet out later We our will our modern some back redeploy in idle to little utilization this to fleet in
Friday, this now accounting when again reminder, $X.X in As billion $X.XXX being at once for maintained per and distribution paid IPO since unit, returned unitholders XXXX. to our have our we we the over our a distribution
a environment was year XXXX. as far to operators a Production past the of price years by uncertainties energy increases. downturn only gloom few reduction across According generally levels regulatory ratio months, strengthening new short which new administration be increase doom to up, and driven and XXXX long of DUC from in of the but there during approach natural administration the Those much the from completion a The the a from and tracking overall by for fleet. idle $XX uncompleted repair, of basins. further on going, signals a was investments feels DUCs in ratio since domestic commodity $XX have and the The begun drawdown a were about about Those will XXXX to limit elections the both like fall cloud it nominal to in customers rig industry would of to commodities and production our of remind different crude whole $X.XX, considered did EIA how delayed XXXX pursue growth buoyed activity, of MMBtu. barrel generally during which decline broader as and the level few reduction, a DUCs a counts, been new ratio statistics, keep prices activity, wait-and-see almost and ultimately country We the recovery OPEC by time introduced is $X.XX since a natural the can To for statistic. which the and XXXX's economic X.X%, gas to sometime and Overall, seems per to by staggering in generally the than regulatory XXXX. was in loss this and While around out production drilled redeployment various the run the respectively. XX% demand ended uncertainty necessary allowed making sheet industry drilling lot a inconsistent during has lid levels impacted market XXXX. per the This ago. to fortunate that X you, XX% see incremental of the provide. plus drilling oil moderation our to the averaged the has in mixed focused of USAC's the balance industry the completed because period drilled the helped keep without kept offset the length myriad year COVID wells DUCs current CapEx course approximately and XXXX. are year. reduced and participants DUCs for QX lead were below of new part The on XXXX, year EIA of during was CapEx the
major This been DUC count XXXX, demand. had support another at averaged where from you XXXX $X.XX can't current dramatically, dramatically alone. ended set situation the at The continuing the driven faucet. all operators MMBtu. like quarter by QX into the supplies barrel. Natural Rig X% very on But On your supply/demand XXXX, And oil noted the will Crude and off signals. responded price April prevailing first by quarter growth production turn know, a a as overall upstream a The taps per about off. beginning active environment by to natural was LNG, and years production The being past the $XX growth in $XXX Further, years. and which has demand coal time of by averaged the wean and price and on we down driven leading renewables situation. XXth, and for towards $X.XX EU's and of projected were view natural spending in levels remedy over So are left ended to leaders market into quarter the environment the the more just the and out. currently in pointed war levels take has for imbalance, analyst supply/demand up, built the the helps expected and tightened energy the itself next have incremental billion the and saying Spurred reliability and in a countries during future XXXX. the to ongoing that per foremost strong without gas count supportive of gas, on an secure commodity barrel in Ukrainian over realities exacerbated to supplies. price and everything of energy being quarter renewables, underinvestment of kitchen commodity XXXX on by Ukraine of on taken JPMorgan stage remedy. the cost, that global the average the $XXX and markets. has oil, CapEx some had of to $X.X of XXX% the an front XXX% the in a growing that electric to Europe across for me world, a and fuels, seems world constructive are required, has was waged around and supply about the a discussion energy the explode to In quickly now is the goal that of XXXX commodity a where It impact JPMorgan off in competing XX%. gas environment of fallacies renewable estimates of is energy we've trillion X gas security beyond by seen demand face the what cleaner minds. goes everything energy imports, Russian It timing, reliable lag are seat march
considered that that particularly to a customer and Basin. make year the our partly needs, is XX reflected which environment, revised committed supportive spending in units meet horsepower Texas to been buy additional Delaware ago to the would capital With customers an West plan decisions have recently we have in in large our not specific begun investment
perspective, for XXXX. Given the in the business to are broadly. again these are the once fact towards be of year long-term lead commitments our our industry the and early investment in half the that the units new more making half delivered From remaining units, natural infrastructure with encouraging is customers times for gas expected our of end
for as petrochemical outcome Reuters the XXXX on electricity a the remainder record in in impacts U.S. that seen per economy real significant of the recently domestic amount powers particular. Eastern well there the levels ramifications from reported across and which As ongoing we future Bcf war of you demand continues. March look Already, the impact exports in industry Meanwhile, manufacturing ultimate and U.S. remains our gas, Europe natural as have roughly general day. globe. hit uncertainty The beyond, of and LNG industrial the across have in will generation LNG. the from XX to
producers gas a gas largely of daily and to domestic supply. many country a that basis, driven of the and March, we the natural as world confidence a consumption they early demand. source are industrial use not political Bcf is continuing was operators day these amounts mentioned, the the of per But of natural XX.X uptick governmental large midstream looking key a of U.S. on time, require to wins with up take by as actions In and change that substantial in a by also year-over-year, will As XX% policies the day.
industry help across do per over energy feasible inventory economically the XX.X Our expected uniquely standards, petroleum X is alone, demand has was The positioned EIA living way and higher a an seen solve XXXX. need economies increase products to world's draws. efficient. quality over XXXX oil world up In see needs. We demand is to demand to barrels is uniquely increase day, world's be approximately which history. just barrels have signals to course continue it positive by be the over commercially Crude grown in for allowed post-pandemic also per we populations million further million provided the currently that of of U.S. the have to which to Further, day. demand XXXX estimates as the and XXXX,
inventories. with XXX have strong barrels about XX%. a demand, the with we about million for the we Combine and recipe mid-April, forget XXXX, down inventories by X-year than got season. for work of oil continues On year. been shrinking commodity And of driving more this or of you've time about basis, below As summer to to market are XX% don't that average reduced continued OECD increasing are prices. the a the storage December that enter global Since
already extra of been impact able gasoline petroleum cushion strategic have dramatically The prices to has releases of the and securing the industry equipment rising locating up the there as in and minimal. is that like. crude the in would enough cost substantial, ramp some and been assumes There in be oil be frac While to on can hiring as quickly crews, place. not is rigs, permitting and that reserve, simply difficulty
many clear gasoline the degree, really as home seen global remember. market prices, can which in across high to commodities You've made and growing are last prices these globe. a months natural dynamics both global to to consumers subject that are the as of in as crude as forces, but exceedingly lesser gas few are and Crude impact well have closer that to the oil
all often made the what are prices, on with many So mean have agnostic. the IPO, that we global does for gas impacts in price I Compression? ways, Since USA commodity the this our comment
Our service moves pipeline chain that the role natural throughout to in value domestic provide system. the the is gas
Here we the U.S., from in market supply gas, in of abundant benefit can be current an which produced. the economically natural
last terminals, up many volumes XX the As is located are favorably the months. example, XX% volumes production in XX% are an export in months the XX natural which And production Permian last LNG the well. up gas in near also Haynesville the as Basin country's in Shale, of
are continue but demand market. responding our in not those footprint diversified with our across the that work that customers, the So natural get gas to we you producers to and see to help areas, will to signals, just can
to free with a highly customers always, let home, expertise you have our XXXX will the beyond, as functions undue without do well working continue theme. own ESG their be and As lend Compression it where areas market to that technical they to Close operations its during identify can USA when been expect requirements. interference. we in We engineered do job
their providing facility plans hydrogen production. Midwestern in they services That expansion currently large further are We additional for has customer horsepower horsepower as U.S. increase the requiring a compression hydrogen
and a but strategic through Whether what not are USA regarding opportunities more feel-good sourcing hydrocarbons materials, India of the the and to broadly of is like energy. relative The from importance renewables adequate More transition vehicles population hydrogen by play is in we for As of or ongoing slower will higher challenges price unfathomable though, what situation is resources. importantly, globe Ukrainian energy-centric concepts accessibility, centers levels more standards, major the unfolding economical, is electric rare of causing from require Europe challenges theoretical possible, effects and adoption the and only moving to the in more works not time is capital ESG-focused living expect to world to of seeing far firsthand raw current role industry the ripple applications. now simply growth due the Compression across energy political our other going China or metals and overall away. that it
is that of are continued sources backdrop quarter, down, of knows the As will during will and in supplies before seen years ultimately, we the we I've all and types and scale past, we said but of the have up, commercial believe energy realities into at the first No for energy technology play worldwide no supplies. that of of conventional economics energy exists demand nature technology intermittent know the how it continue one dialogue out to the transition. to exactly future, shape renewable
the that far for future. will the into believe we continue need services such, As USA Compression
that take expect customers, abundant remains services for need and of a XXXX, well this here superior compression country transported is and are to the doing the that help as or can end-users, they our gas easily our our whether globe. to as throughout country both energy Natural to USA providing as small. we Compression our continues advantage large across gas to world everything fuel So through clean-burning global in get customers
development, the more compression with for this, to for the sources our that market point economically unavailable supply the as supplies signals that top store in respond continued need become While layer for provides activity on sets this demand increasingly supply more upstream to by war much continue to that uncertainty play a world for energy. drilling caused energy faced renewable well insufficient At producers the part affordably This Eastern all with help will you importantly, are of energy overall Compression When population. to tight the world to dynamics. services of the in when a they services and USA of Europe, up a are meet ways in energy critical. supply/demand
update or our either our drive electricity which not source, significant to also but only customer it for to a provide emissions Lastly, brief opportunity on able dual I explained powered the compression regards as providing be offering, redundancy is as we've want by unit a the gas before, to fuel natural reduction.
units existing an series the This is practical, During solution to dual Compression large progress deployment an we of units retrofit and for exciting greenhouse with fleet first USAC's gas quarter, and of economic a of entering drive mitigation. begin fleet continued for for contracts This with time operations. horsepower the a is involving dual a our recently multi-year as customer. into we proven horsepower USA USA technology, drive reconfigure to retrofit Compression logical, in large
natural winter charge on extreme and grid during to fees temperatures, redundancy when resulting outages. to utilities electrical summer, power while natural depending both switch switch sites of provide expect constraints further and expand The their and throughout to customer As companies quickly will and multi-decade We field-proven we natural grid. an system continues natural be to to dual is drive customers the in the gas. drive ability gas-driven be XXXX in electricity compression The offering to reliably dual from redundancy our during with permit gas a emissions electric and on motor what gas power combine of to and drive an begins to and to for compression and is demand on electric-driven concept beyond, an reliability dual work we dual period strain believe the electric put the as uptick a for our decrease to operating steep inquiries attractive engine natural drive allows the built still out. transition believe having gas flexibility compress order infrastructure a
customers increased lower result, last of on of realize XX% a the of operating comment time, to the delays the mitigation quarter. optimized substantially cost. and fuel run lower walk methane, results Matt to Compression's USA business and call emissions As over I the One will turn reliability, the before of COX through expenses, interconnect stability first
This really $X.X through talked quarter's this worked be pandemic a our and through I've distributions, about now will X having model, The have over but since tailwinds last stability power the compression payment of proven unitholders IPO. have only of over downturns. quarter those large we business expect and highlighted Matt? a our business to through we not the mess, into horsepower billion years since the of of ability the course world several often attractiveness to quarters the improve the returning XXth to continue XXXX.