CSI Compressco LP Announces Quarterly Distribution

Rhea-AI Summary

CSI Compressco LP (NASDAQ: CCLP) has declared a cash distribution of $0.01 per common unit for the quarter ending March 31, 2022. This translates to an annualized rate of $0.04 per unit. Payments are scheduled for May 13, 2022, to unitholders on record as of April 30, 2022. CSI Compressco provides compression services and equipment for natural gas and oil production and has a fleet of approximately 4,800 compressor packages with about 1.2 million horsepower. The company serves domestic and international markets, including Mexico and Canada.

Positive

• Cash distribution of $0.01 per common unit signifies ongoing returns to investors.
• Strong operational capacity with a fleet of approximately 4,800 compressor packages.

Negative

• None.

THE WOODLANDS, Texas, April 20, 2022 /PRNewswire/ -- CSI Compressco LP ("CSI Compressco") (NASDAQ: CCLP) announced today that the board of directors of its general partner has declared a cash distribution attributable to the quarter ended March 31, 2022 of $0.01 per outstanding common unit, or $0.04 per outstanding common unit on an annualized basis. This cash distribution will be paid on May 13, 2022 to all common unitholders of record as of the close of business on April 30, 2022.

About CSI Compressco

CSI Compressco is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. In addition, CSI Compressco provides a variety of natural gas treating services. CSI Compressco's contract services business includes a fleet of approximately 4,800 compressor packages providing approximately 1.2 million in aggregate horsepower, utilizing a full spectrum of low-, medium- and high-horsepower engines. Additionally, our gas treating equipment fleet includes natural gas cooling units used to reduce the temperature of natural gas so that it can be further treated, processed, or compressed. CSI Compressco also provides well monitoring and automated sand separation services in conjunction with compression and related services in Mexico. CSI Compressco's aftermarket business provides compressor package reconfiguration and maintenance services. CSI Compressco's customers comprise a broad base of natural gas and oil exploration and production, midstream, transmission, and storage companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada, Argentina, Egypt, and Chile. CSI Compressco's General Partner is owned by Spartan Energy Partners LP. This news release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). CSI Compressco's distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate.  Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

SOURCE: CSI Compressco LP

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SOURCE CSI Compressco LP

FAQ

What is the cash distribution amount declared by CSI Compressco on April 20, 2022?

CSI Compressco declared a cash distribution of $0.01 per common unit for the quarter ending March 31, 2022.

When will the cash distribution be paid to common unitholders?

The cash distribution will be paid on May 13, 2022, to unitholders of record as of April 30, 2022.

What is the annualized cash distribution for CSI Compressco's common units?

The annualized cash distribution for CSI Compressco's common units is $0.04.

What services does CSI Compressco provide?

CSI Compressco provides compression services and equipment for natural gas and oil production, among other services.

How many compressor packages does CSI Compressco operate?

CSI Compressco operates approximately 4,800 compressor packages.