Welcome to our dedicated page for CSI Compressco LP news (Ticker: CCLP), a resource for investors and traders seeking the latest updates and insights on CSI Compressco LP stock.
CSI Compressco LP (NASDAQ: CCLP) is a prominent provider of compression services and equipment tailored for the natural gas and oil industry. With a robust fleet exceeding 6,000 compressor packages and an aggregate horsepower surpassing 1.0 million, CSI Compressco ensures optimal performance in production, gathering, transportation, processing, and storage of natural gas and oil. The company operates a diverse range of low- to high-horsepower engines, offering flexibility and reliability to meet various industry needs.
In addition to compression services, CSI Compressco extends its expertise to well monitoring and automated sand separation services, particularly in Mexico. Their equipment and parts sales business segment is noteworthy for the fabrication and sale of both standard and custom-designed compressor packages, alongside oilfield fluid pump systems manufactured at their facilities in Midland, Texas, and Oklahoma City, Oklahoma.
The company's aftermarket services division specializes in overhaul, repair, reconfiguration, and maintenance of compressor packages. This includes the sale of compressor parts and components sourced from third-party suppliers, ensuring comprehensive support for their clients.
Recently, CSI Compressco has demonstrated significant operational improvements, reflected in their third-quarter 2023 results. Highlights include increased gross profit percentages in contract services, elevated quarterly EBITDA, and improving leverage metrics. The company's fleet utilization rates have shown considerable progress, with an overall utilization rate of 87.6% for compressor fleets and 93.9% for the reciprocating fleet as of the latest reports.
Financially, CSI Compressco is on a solid footing with a positive outlook for 2024, driven by robust demand for medium and large HP units and a strategic focus on organic growth. The company's capital expenditure for 2023 is projected to range between $49.0 million and $54.0 million, signifying their commitment to enhancing their service fleet and investing in technology.
Additionally, CSI Compressco recently announced a merger agreement with Kodiak Gas Services, Inc., valued at approximately $854 million, including the assumption of $619 million in net debt. This merger is expected to create the largest contract compression fleet in the industry, significantly enhancing service capabilities and financial performance.
CSI Compressco LP (NASDAQ: CCLP) has declared a cash distribution of $0.01 per common unit for the quarter ended March 31, 2023, amounting to an annualized rate of $0.04. The distribution will be paid on May 15, 2023 to unitholders of record as of April 30, 2023. Additionally, the company is set to release its first-quarter 2023 results on May 4, 2023, before market opening. A conference call to discuss the results will occur at 10:30 a.m. ET the same day. CSI Compressco provides a variety of compression services and equipment vital for natural gas and oil production and operates a fleet of approximately 4,800 compressor packages with 1.2 million aggregate horsepower.
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