CSI COMPRESSCO LP ANNOUNCES THIRD QUARTER 2022 RESULTS
CSI Compressco LP reported a strong performance for Q3 2022, with total revenues increasing to $94.9 million from $77.7 million in Q3 2021. Contract services revenue rose to $67.5 million, while net loss decreased to $4.5 million from $10.5 million. Adjusted EBITDA climbed to $29.8 million, and the compression fleet utilization improved to 85.1%. The company declared a cash distribution of $0.01 per common unit, with a coverage ratio of 9.3x. Management anticipates continued strong demand and plans for efficient capital deployment going forward.
- Total revenues increased to $94.9 million, up from $77.7 million in Q3 2021.
- Net loss improved to $4.5 million, a 58% reduction from the prior year.
- Adjusted EBITDA grew to $29.8 million, reflecting a 16% increase year-over-year.
- Compression fleet utilization rose to 85.1%, up from 78.9% in Q3 2021.
- Distributable cash flow was $13.1 million, a 24% increase compared to Q3 2021.
- Distribution coverage ratio decreased significantly to 9.3x from 21.8x in Q3 2021.
- Continued uncertainty regarding inflation and supply chain disruptions affecting costs.
THE WOODLANDS, Texas, Nov. 3, 2022 /PRNewswire/ -- CSI Compressco LP ("CSI," or the "Partnership") (NASDAQ: CCLP) today announced third quarter 2022 results.
Third Quarter 2022 Results:
- Total revenues were
$94.9 million compared to$77.7 million in the third quarter 2021. - Contract services revenue increased to
$67.5 million compared to$59.4 million in the third quarter 2021. - Net loss was
$4.5 million compared to a net loss of$10.5 million in the third quarter 2021. - Adjusted EBITDA was
$29.8 million compared to$25.7 million in the third quarter 2021. - Trailing Twelve Months Adjusted EBITDA was
$109.5 million . - Compression fleet utilization increased to
85.1% compared to78.9% in the third quarter 2021. - Operating horsepower increased to 1,022,106 compared to 928,303 in the third quarter 2021.
- Distributable cash flow was
$13.1 million compared to$10.6 million in the third quarter 2021. - Distribution coverage ratio was 9.3x compared to 21.8x in the third quarter 2021.
- Third quarter of 2022 distribution of
$0.01 per common unit will be paid on November 14, 2022. - Net Leverage Ratio was 5.7x compared to 6.8x in the third quarter 2021.
- CSI has no significant credit facility or debt maturities until 2025.
The operating results presented throughout this document include the operating results of Spartan Treating (as defined in our 10-K filed March 14, 2022) due to the previously reported acquisition on November 10, 2021. As the Partnership and Spartan Treating were under common control at the time of Spartan's acquisition of the Partnership's general partner, the results of operations have been combined for the Partnership and Spartan Treating from the date of common control, which was January 29, 2021. As a result, operating results and certain financial metrics for the third quarter 2021 vary from what we previously reported.
Management Commentary
"During the third quarter of 2022, CSI Compressco financial and operating results reflected improvement in many areas that translated to improved EBITDA. Revenues for the fleet and aftermarket services continued to grow. The net realization from those revenue increases to EBITDA was much stronger this quarter than the second quarter of 2022. Utilization improved as we deployed more of our idle fleet, and we were able to continue to increase pricing on our existing fleet as we recoup the effects of inflation in our business. In the third quarter, revenue increases were able to outpace inflation as we saw overall EBITDA improve quarter over quarter by more than
"As we look forward, we continue to see strong demand and have additional contracted horsepower that will be deployed in the fourth quarter of 2022 and the first quarter of 2023. At that point, we will be reaching near full utilization of our reciprocating fleet. Our price increases will continue as we attempt to move our fleet to current market pricing as units come off term and move to month-to-month. It has been and continues to be difficult to predict the impact of inflation, supply chain disruptions, and the related cost impact. Specifically in the oil and gas space, people are in short supply in general, and parts costs continue to increase. We are remaining nimble, adjusting quickly to the market dynamics, and working with our customers to provide great service while being fairly compensated for the work."
"Our incremental capital expenditure focus for the near term will be spent primarily deploying our available fleet as efficiently as possible, which includes converting existing units to electric motor-drive and building a modest amount of new large horsepower units. Lead times for key components for new build units such as engines, frames and electric drive motors remain at nine to twelve months. Customers are acutely aware of the lead times and as a result we are seeing quote activity requests from customers into 2024. While we do not currently have guidance for 2023 growth capital, we plan to spend less than 2022 growth capital, generate free cash flow, and increase liquidity during 2023."
"We are the most optimistic we have been in some time about our industry. The fundamentals look to be strong for 2023 and natural gas continues to be a necessary, reliable, and growing commodity in the worldwide economy. We are well positioned to participate in the growth of the natural gas market and look to the future with excitement. I want to thank all our employees for their hard work in helping position CSI Compressco for a successful future."
Net cash provided by operating activities was
This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"): Adjusted EBITDA, distributable cash flow, distribution coverage ratio, free cash flow, and net leverage ratio. Please see Schedules B-E for reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures.
Unaudited results of operations for the quarter ended September 30, 2022 compared to the prior quarter and the corresponding prior year quarter are presented in the table below.
Three Months Ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Q3-2022 v | Q3-2022 v | |||||
(In Thousands, except percentage changes) | |||||||||
Net loss | $ (4,451) | $ (6,828) | $ (10,492) | 35 % | 58 % | ||||
Adjusted EBITDA | $ 29,782 | $ 26,425 | $ 25,704 | 13 % | 16 % | ||||
Distributable cash flow | $ 13,147 | $ 10,269 | $ 10,626 | 28 % | 24 % | ||||
Net cash provided by (used in) operating activities | $ 42,395 | $ (10,201) | $ 25,742 | (516) % | (65) % | ||||
Free cash flow | $ 24,983 | $ (22,031) | $ 18,855 | (213) % | (33) % | ||||
As of September 30, 2022, total compressor fleet horsepower was 1,200,817, fleet horsepower in service was 1,022,106, for an overall fleet utilization rate of
Balance Sheet
Cash on hand at the end of the third quarter was
As of September 30, 2022, our borrowing base availability under our credit facilities was
On October 17, 2022, CSI amended the Spartan Credit Agreement (as defined in our June 30, 2022 Form 10Q filing) extending the maturity from January 29, 2024 to October 17, 2025. We currently have no significant credit or bond maturities until 2025.
Capital Expenditures - 2022 Expectations
We expect capital expenditures for 2022 to be between
Third Quarter 2022 Cash Distribution on Common Units
On October 21, 2022, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended September 30, 2022 of
Conference Call
CSI will host a conference call to discuss third quarter results today, November 3, 2022, at 10:30 a.m. Eastern Time. The phone number for the call is 1-866-374-8397. The conference call will also be available by live audio webcast and may be accessed through CSI's website at www.csicompressco.com. An audio replay of the conference call will be available at 1-877-344-7529, conference number 10172750, replay code 6448716, for one week following the conference call and the archived webcast will be available through CSI's website for thirty days following the conference call.
CSI Overview
CSI provides services including natural gas compression and treating services. Natural gas compression equipment is used for natural gas and oil production, gathering, artificial lift, production enhancement, transmission, processing, and storage. We also provide a variety of natural gas treating services. Our compression 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. Our treating fleet includes amine units, gas coolers, and related equipment. Our aftermarket business provides compressor package overhaul, repair, engineering and design, reconfiguration and maintenance services, as well as the sale of compressor package parts and components manufactured by third-party suppliers. Our customers operate throughout many of the onshore producing regions of the United States, as well as in a number of international locations including Mexico, Canada, Argentina, Egypt, and Chile. CSI's general partner is owned by Spartan Energy Partners.
Forward-Looking Statements
This news release contains "forward-looking statements" and information based on our beliefs and those of our general partner, CSI Compressco GP LLC. Forward-looking statements in this news release are identifiable by the use of the following words and other similar words: "anticipates," "assumes," "believes," "budgets," "could," "estimates," "expectations," "expects," "forecasts," "goal," "intends," "may," "might," "plans," "predicts," "projects," "schedules," "seeks," "should," "targets," "will," and "would." These forward-looking statements include statements, other than statements of historical fact, including anticipated return of standby equipment to in service, the redeployment of idle fleet compressors, joint-bidding on potential projects with Spartan, commodity prices and demand for CSI's equipment and services and other statements regarding CSI's beliefs, expectations, plans, prospects and other future events, performance, and other statements that are not purely historical. Such forward-looking statements reflect our current views with respect to future events and financial performance, and are based on assumptions that we believe to be reasonable, but such forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: economic and operating condition that are outside of our control, including the trading price of our common units; the severity and duration of the COVID-19 pandemic and related economic repercussions and the resulting negative impact on the demand for oil and gas, operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, remote work arrangements, and supply chain disruptions, other global or national health concerns; the current significant surplus in the supply of oil and the ability of OPEC and other oil producing nations to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry; the levels of competition we encounter; our dependence upon a limited number of customers and the activity levels of our customers; our ability to replace our contracts with our customers, which are generally short-term contracts; the availability of adequate sources of capital to us; our existing debt levels and our ability to obtain additional financing or refinancing; our ability to continue to make cash distributions, or increase cash distributions from current levels, after the establishment of reserves, payment of debt service and other contractual obligations; the restrictions on our business that are imposed under our long-term debt agreements; our operational performance; the credit and risk profile of Spartan Energy Partners; ability of our general partner to retain key personnel; risks related to acquisitions and our growth strategy; the availability of raw materials and labor at reasonable prices; risks related to our foreign operations; the effect and results of litigation, regulatory matters, settlements, audits, assessments, and contingencies; or potential material weaknesses in the future; information technology risks, including the risk of cyberattack; and other risks and uncertainties contained in our Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission ("SEC"), which are available free of charge on the SEC website at www.sec.gov. The risks and uncertainties referred to above are generally beyond our ability to control and we cannot predict all the risks and uncertainties that could cause our actual results to differ from those indicated by the forward-looking statements. If any of these risks or uncertainties materialize, or if any of the underlying assumptions prove incorrect, actual results may vary from those indicated by the forward-looking statements, and such variances may be material. All subsequent written and verbal forward-looking statements made by or attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements we may make, except as may be required by law.
Reconciliation of Non-GAAP Financial Measures
The Partnership includes in this release the non-GAAP financial measures Adjusted EBITDA, distributable cash flow, distribution coverage ratio, free cash flow, and net leverage ratio. Adjusted EBITDA is used as a supplemental financial measure by the Partnership's management to:
- assess the Partnership's ability to generate available cash sufficient to make distributions to the Partnership's unitholders and general partner;
- evaluate the financial performance of its assets without regard to financing methods, capital structure or historical cost basis;
- measure operating performance and return on capital as compared to those of our competitors; and
- determine the Partnership's ability to incur and service debt and fund capital expenditures.
The Partnership defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and before certain charges, including impairments, bad debt expense attributable to bankruptcy of customers, equity compensation, non-cash costs of compressors sold, gain on extinguishment of debt, write-off of unamortized financing costs, and excluding, severance and other non-recurring or unusual expenses or charges.
Distributable cash flow is used as a supplemental financial measure by the Partnership's management, as it provides important information relating to the relationship between our financial operating performance and our cash distribution capability. Additionally, the Partnership uses distributable cash flow in setting forward expectations and in communications with the board of directors of our general partner. The Partnership defines distributable cash flow as Adjusted EBITDA less current income tax expense, maintenance capital expenditures, interest expense, and severance expense, plus non-cash interest expense.
The Partnership believes that the distribution coverage ratio provides important information relating to the relationship between the Partnership's financial operating performance and its cash distribution capability. The Partnership defines the distribution coverage ratio as the ratio of distributable cash flow to the total quarterly distribution payable, which includes, as applicable, distributions payable on all outstanding common units and the general partner interest.
The Partnership defines free cash flow as net cash provided by operating activities less capital expenditures, net of sales proceeds. Management primarily uses this metric to assess our ability to retire debt, evaluate our capacity to further invest and grow, and measure our performance as compared to our peer group of companies.
The Partnership defines net leverage ratio as net debt (the sum of the carrying value of long-term and short-term debt on its consolidated balance sheet, less cash, excluding restricted cash on the consolidated balance sheet and excluding outstanding letters of credit) divided by Adjusted EBITDA for calculating net leverage (Adjusted EBITDA as reported externally adjusted for certain items to comply with its credit agreement) for the trailing twelve-month period. Management primarily uses this metric to assess the Partnership's ability to borrow, reduce debt, add to cash balances, pay distributions, and fund investing and financing activities.
These non-GAAP financial measures should not be considered an alternative to net income, operating income, cash flows from operating activities, or any other measure of financial performance presented in accordance with U.S. GAAP. These non-GAAP financial measures may not be comparable to Adjusted EBITDA, distributable cash flow, free cash flow or other similarly titled measures of other entities, as other entities may not calculate these non-GAAP financial measures in the same manner as CSI. Management compensates for the limitation of these non-GAAP financial measures as an analytical tool by reviewing the comparable U.S. GAAP measures, understanding the differences between the measures and incorporating this knowledge into management's decision-making process. Furthermore, these non-GAAP measures should not be viewed as indicative of the actual amount of cash that CSI has available for distributions or that the Partnership plans to distribute for a given period, nor should they be equated to available cash as defined in the Partnership's partnership agreement.
Schedule A - Income Statement | |||||||||
Results of Operations (unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Sep 30, 2022 | Jun 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | |||||
(In Thousands, Except per Unit Amounts) | |||||||||
Revenues: | IS | ||||||||
Contract services | $ 67,492 | $ 64,348 | $ 59,413 | $ 194,647 | $ 174,044 | ||||
Aftermarket services | 23,192 | 16,213 | 13,991 | 52,273 | 39,943 | ||||
Equipment rentals | 3,869 | 3,618 | 3,326 | 10,987 | 8,430 | ||||
Equipment sales | 342 | 343 | 954 | 1,522 | 1,564 | ||||
Total revenues | $ 94,895 | $ 84,522 | $ 77,684 | $ 259,429 | $ 223,981 | ||||
Cost of revenues (excluding depreciation and amortization expense): | |||||||||
Cost of contract services | $ 34,793 | $ 33,585 | $ 30,628 | $ 99,418 | $ 86,312 | ||||
Cost of aftermarket services | 18,056 | 13,362 | 11,898 | 42,051 | 33,664 | ||||
Cost of equipment rentals | 563 | 451 | 292 | 1,530 | 654 | ||||
Cost of equipment sales | 66 | 165 | 1,492 | 683 | 1,838 | ||||
Total cost of revenues | $ 53,478 | $ 47,563 | $ 44,310 | $ 143,682 | $ 122,468 | ||||
Depreciation and amortization | 19,867 | 19,346 | 19,627 | 58,572 | 58,662 | ||||
Impairments of long-lived assets | 135 | — | — | 135 | — | ||||
Selling, general, and administrative expense | 10,731 | 10,911 | 10,265 | 32,483 | 31,068 | ||||
Interest expense, net | 12,615 | 12,556 | 13,635 | 37,552 | 40,975 | ||||
Other (income) expense, net | 1,661 | 325 | (608) | 2,530 | (540) | ||||
Loss before taxes and discontinued operations | $ (3,592) | $ (6,179) | $ (9,545) | $ (15,525) | $ (28,652) | ||||
Provision for income taxes | 940 | 741 | 677 | 2,497 | 3,730 | ||||
Loss from continuing operations | $ (4,532) | $ (6,920) | $ (10,222) | $ (18,022) | $ (32,382) | ||||
Loss from discontinued operations, net of taxes | $ 81 | 92 | (270) | 173 | (623) | ||||
Net loss | $ (4,451) | (6,828) | (10,492) | (17,849) | (33,005) | ||||
Net loss per basic and diluted common unit | $ (0.03) | $ (0.05) | $ (0.22) | $ (0.13) | $ (0.68) | ||||
Schedule B - Reconciliation of Net Loss to Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio | |||||||||
The following table reconciles net loss to Adjusted EBITDA, distributable cash flow and distribution coverage ratio for the three and nine month periods ended September 30, 2022, June 30, 2022 and September 30, 2021: | |||||||||
Results of Operations (unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Sep 30, 2022 | Jun 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | |||||
(In Thousands, except Ratios) | |||||||||
Net loss | $ (4,451) | $ (6,828) | $ (10,492) | $ (17,849) | $ (33,005) | ||||
Interest expense, net | 12,615 | 12,556 | 13,635 | 37,552 | 40,975 | ||||
Provision for income taxes | 940 | 741 | 677 | 2,497 | 3,730 | ||||
Depreciation and amortization | 19,867 | 19,346 | 19,627 | 58,572 | 58,662 | ||||
Impairments of fixed assets and inventory | 135 | — | — | 135 | — | ||||
Non-cash cost of compressors sold | 66 | 165 | 1,423 | 683 | 1,861 | ||||
Equity compensation | 458 | 432 | 498 | 1,232 | 1,807 | ||||
Prior year sales tax accrual adjustment | — | — | — | — | 367 | ||||
Manufacturing engine order cancellation charge | — | — | — | — | 300 | ||||
Severance | 233 | — | — | 233 | 114 | ||||
Provision for income taxes, depreciation, amortization and impairments attributed to discontinued operations | (81) | (92) | — | (173) | — | ||||
Other | — | — | 336 | — | 336 | ||||
Transaction Costs | — | 105 | — | 210 | 308 | ||||
Adjusted EBITDA | $ 29,782 | $ 26,425 | $ 25,704 | $ 83,092 | $ 75,455 | ||||
Less: | |||||||||
Current income tax expense | 784 | 724 | 489 | 2,286 | 2,489 | ||||
Maintenance capital expenditures | 5,121 | 4,821 | 2,811 | 13,723 | 9,936 | ||||
Interest expense | 12,615 | 12,556 | 13,635 | 37,552 | 40,975 | ||||
Severance and other | 233 | 105 | 336 | 443 | 758 | ||||
Plus: | |||||||||
Non-cash items included in interest expense | 2,118 | 2,050 | 2,193 | 6,098 | 6,513 | ||||
Distributable cash flow | $ 13,147 | $ 10,269 | $ 10,626 | $ 35,186 | $ 27,810 | ||||
Cash distribution attributable to period | $ 1,412 | $ 1,412 | $ 487 | $ 4,236 | $ 1,458 | ||||
Distribution coverage ratio | 9.3x | 7.3x | 21.8 x | 8.3x | 19.1x | ||||
Schedule C - Reconciliation of Net Cash Provided by Operating Activities Operations to Free Cash Flow | |||||||||
The following table reconciles net cash provided by operating activities to free cash flow for the three and nine month periods ended September 30, 2022, June 30, 2022 and September 30, 2021: | |||||||||
Results of Operations (unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | |||||
(In Thousands) | |||||||||
Net cash provided by (used in) operating activities | $ 42,395 | $ (10,201) | $ 25,742 | $ 43,964 | $ 31,476 | ||||
Capital expenditures, net of sales proceeds | (17,412) | (11,830) | (6,887) | (35,177) | (16,875) | ||||
Free cash flow | $ 24,983 | $ (22,031) | $ 18,855 | $ 8,787 | $ 14,601 | ||||
Schedule D – Reconciliation to Adjusted EBITDA Margin (unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Sep 30, 2022 | Jun 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | |||||
Consolidated | (In Thousands, except Margin %) | ||||||||
Revenue | $ 94,895 | $ 84,522 | $ 77,684 | $ 259,429 | $ 223,981 | ||||
Loss before taxes and discontinued operations | $ (3,592) | $ (6,179) | $ (9,545) | $ (15,525) | $ (28,652) | ||||
Adjusted loss margin before taxes and discontinued operations | (3.8) % | (7.3) % | (12.3) % | (6.0) % | (12.8) % | ||||
Adjusted EBITDA (Schedule B) | $ 29,782 | $ 26,425 | $ 25,704 | $ 83,092 | $ 75,455 | ||||
Adjusted EBITDA Margin | 31.4 % | 31.3 % | 33.1 % | 32.0 % | 33.7 % | ||||
Schedule E – Reconciliation of Net Loss to Adjusted EBITDA for Net Leverage Ratio Calculation (unaudited) | |
(in thousands, except ratios) | |
Twelve Months | |
Sep 30, 2022 | |
Net loss | $ (35,085) |
Interest expense, net | 51,368 |
Provision for income taxes | 3,731 |
Depreciation and amortization | 78,144 |
Impairments and other charges | 135 |
Goodwill Impairment | — |
Bad debt expense attributable to bankruptcy of customer | — |
Non-cash cost of compressors sold | 2,189 |
Equity Compensation | 1,711 |
ERP Write off | 4,635 |
Sales tax adjustment affecting prior periods | — |
Transaction costs | 2,048 |
Reorganization cost | 754 |
Provision for income taxes, depreciation, amortization and impairments attributed to discontinued operations | (253) |
Severance | 233 |
Other | (137) |
Adjusted EBITDA | $ 109,473 |
Debt Schedule | Sep 30, 2022 |
$ 400,000 | |
172,717 | |
Asset Based Loan | 52,500 |
Finance Lease | 12,844 |
Letters of Credit | 1,669 |
Cash on Hand | (15,665) |
Net Debt | $ 624,065 |
Net Leverage Ratio (Net Debt/Adjusted EBITDA for Net Leverage Calculation) | 5.7x |
Schedule F – Balance Sheet | |||
September 30, | December 31, | ||
(in thousands) | (Unaudited) | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 15,665 | $ 6,598 | |
Trade accounts receivable, net of allowances for doubtful accounts of | 60,081 | 53,520 | |
Trade receivable - affiliate | 2,498 | — | |
Inventories | 43,598 | 33,271 | |
Prepaid expenses and other current assets | 6,689 | 7,390 | |
Total current assets | 128,531 | 100,779 | |
Property, plant, and equipment: | |||
Land and building | 7,227 | 13,409 | |
Compressors and equipment | 1,104,805 | 1,072,927 | |
Vehicles | 8,654 | 8,469 | |
Construction in progress | 32,483 | 31,968 | |
Total property, plant, and equipment | 1,153,169 | 1,126,773 | |
Less accumulated depreciation | (602,319) | (556,311) | |
Net property, plant, and equipment | 550,850 | 570,462 | |
Other assets: | |||
Intangible assets, net of accumulated amortization of | 19,879 | 22,095 | |
Operating lease right-of-use assets | 28,047 | 25,898 | |
Deferred tax asset | 5 | 5 | |
Other assets | 3,022 | 3,122 | |
Total other assets | 50,953 | 51,120 | |
Total assets | $ 730,334 | $ 722,361 | |
LIABILITIES AND PARTNERS' CAPITAL | |||
Current liabilities: | |||
Accounts payable | $ 40,803 | $ 28,958 | |
Accrued liabilities and other | 57,222 | 42,075 | |
Current liabilities associated with discontinued operations | — | 262 | |
Total current liabilities | 98,025 | 71,295 | |
Other liabilities: | |||
Long-term debt, net | 623,916 | 631,141 | |
Deferred tax liabilities | 1,028 | 819 | |
Operating lease liabilities | 18,897 | 17,648 | |
Other long-term liabilities | 8,778 | 299 | |
Total other liabilities | 652,619 | 649,907 | |
Commitments and contingencies | |||
Partners' capital: | |||
General partner interest | (1,591) | (1,486) | |
Common units (141,213,944 units issued and outstanding at September 30, 2022 and 140,386,811 units issued and outstanding at December 31, 2021) | (4,002) | 17,049 | |
Accumulated other comprehensive income (loss) | (14,717) | (14,404) | |
Total partners' capital | (20,310) | 1,159 | |
Total liabilities and partners' capital | $ 730,334 | $ 722,361 | |
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SOURCE CSI Compressco LP
FAQ
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