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 December 31, 2022. This translates to an annualized rate of $0.04 per unit. The distribution is set to be paid on February 14, 2023, to all common unitholders of record as of the close of business on January 31, 2023.

CSI Compressco provides compression services and equipment for oil and natural gas operations, boasting a fleet of around 4,800 compressor packages and offering various gas treating services. The company serves a diverse clientele across the US and several international markets.

Positive

• Cash distribution of $0.01 per common unit demonstrates ongoing commitment to shareholders.
• Annualized distribution rate of $0.04 per unit presents a steady income stream.
• Broad customer base includes diverse markets, enhancing revenue stability.

Negative

• None.

THE WOODLANDS, Texas, Jan. 19, 2023 /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 December 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 February 14, 2023 to all common unitholders of record as of the close of business on January 31, 2023.

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.

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SOURCE CSI Compressco LP

FAQ

What is the cash distribution announced by CSI Compressco on January 19, 2023?

CSI Compressco announced a cash distribution of $0.01 per common unit for the quarter ended December 31, 2022, with an annualized rate of $0.04.

When will the cash distribution be paid to CCLP shareholders?

The cash distribution will be paid on February 14, 2023, to all common unitholders of record as of January 31, 2023.

What services does CSI Compressco LP provide?

CSI Compressco provides compression services and equipment for natural gas and oil production, including contract services and gas treating.

What is the stock symbol for CSI Compressco?

The stock symbol for CSI Compressco is CCLP, traded on NASDAQ.