CPU compound is generally made up of silicon, Silver etc.... and to my knowledge those materials don't really have a use by date, As long as it's still somewhat viscous it should be fine.
I was using some Noctua NT-H1 today and it seemed quite runny. It could have been the summer heat but it kind of just seemed a bit wet, like it needed mixing or something. I ended up wiping it off an using MX4 instead which looked normal.
NT-H1 does need to be stored somewhere cool and out of direct sunlight I recommend putting it in the fridge for 15minutes before use to maintain the viscosity in this current climate.
It is top quality stuff, was TTL who started me using it and I've never looked back. It's a 5c drop compared to the shin-etsu micro si I used to swear by.