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CSI Compressco LP (NASDAQ: CCLP) is a specialized provider of compression services and equipment catering to the oil and natural gas industry. With a comprehensive portfolio of solutions, the company plays a pivotal role in supporting the production, gathering, transportation, processing, and storage of natural gas and oil. CSI Compressco's operations are built around three core business segments: contract compression services, equipment and parts sales, and aftermarket services.
Core Business Areas
Contract Compression Services: At the heart of CSI Compressco's business is its fleet of over 6,000 compressor packages, collectively delivering more than 1 million horsepower. These packages are designed to meet a wide range of operational needs, from low- to high-horsepower applications. The company also offers well monitoring and automated sand separation services, particularly in Mexico, further enhancing its value to clients.
Equipment and Parts Sales: CSI Compressco fabricates and sells both standard and custom-designed compressor packages, as well as oilfield fluid pump systems. These products are manufactured at its state-of-the-art facilities in Midland, Texas, and Oklahoma City, Oklahoma. Additionally, the company supplies compressor package parts and components sourced from third-party suppliers, ensuring that clients have access to a full spectrum of solutions.
Aftermarket Services: The company's aftermarket division provides essential reconfiguration, maintenance, and repair services for compressor packages. This ensures optimal performance and extends the lifecycle of critical equipment, reducing downtime and operational costs for clients.
Market Position and Industry Significance
Operating in a highly specialized niche, CSI Compressco serves a diverse customer base that includes natural gas and oil exploration and production companies, midstream operators, and storage providers. Its services are essential for maintaining the efficiency and reliability of natural gas infrastructure, a critical component of the global energy supply chain. The company's geographic footprint spans key onshore producing regions in the United States, as well as international markets such as Mexico, Canada, Argentina, and Chile.
Competitive Landscape
CSI Compressco competes with other providers of compression services and equipment, differentiating itself through its extensive fleet, technical expertise, and comprehensive service offerings. Its ability to deliver tailored solutions—ranging from low- to high-horsepower compressor packages—positions it as a versatile partner for clients with diverse operational needs. Furthermore, the addition of natural gas treating equipment and automated sand separation services enhances its competitive edge by addressing broader challenges in the oil and gas sector.
Industry Challenges and Opportunities
The oil and gas industry is inherently cyclical, with demand for compression services influenced by factors such as commodity prices, regulatory changes, and technological advancements. CSI Compressco's diversified service offerings and geographic reach help mitigate these risks, enabling the company to adapt to changing market conditions. Additionally, the growing emphasis on natural gas as a cleaner energy source presents opportunities for expansion, particularly in regions prioritizing energy transition initiatives.
Commitment to Excellence
CSI Compressco's commitment to delivering high-quality services and solutions is evident in its investment in advanced manufacturing facilities, skilled workforce, and robust customer support infrastructure. By continuously innovating and adapting to industry trends, the company remains a trusted partner for its clients, contributing to the efficiency and sustainability of their operations.
CSI Compressco (NASDAQ: CCLP) has announced that its 2022 Schedule K-1 investor tax packages are now available online. Unitholders can access these packages through the Investor Relations K-1 Tax Support link on the company's website or directly via the K-1 Tax Package Support website. The company is also mailing tax packages starting from this week. For further assistance, unitholders may contact K-1 Tax Package Support toll-free at (877) 223-4851. This release serves as qualified notice under Treasury Regulation Section 1.1446-4.
CSI Compressco LP (CCLP) reported its fourth quarter and total year 2022 results on March 10, 2023. Fourth quarter revenues increased to $94.0 million, up from $80.2 million the previous year. The net loss narrowed to $4.2 million from $17.3 million. Adjusted EBITDA rose 23% to $32.4 million. Full year 2022 revenues reached $353.4 million, while the net loss decreased to $22.1 million. The company highlighted improved fleet utilization at 86.8% and a distribution coverage ratio of 9.2x. Looking ahead, management anticipates strong demand for horsepower and aims to reduce the net leverage ratio to 5x by year-end 2023.
CSI Compressco LP (NASDAQ: CCLP) will release its fourth quarter and full year 2022 financial results on March 10, 2023, prior to market opening. A conference call to discuss these results will follow at 10:30 a.m. ET. Investors can participate by calling 1-866-374-8397 or via a live webcast on the company's website. An audio replay will be available for one week post-call. The company provides compression services for natural gas and oil production and has a fleet of around 4,800 compressor packages.
TETRA Technologies, Inc. (NYSE: TTI) reported robust fourth quarter and full year 2022 results. Fourth quarter revenue reached $147 million, up 30% year-on-year, with a gross profit of $31.1 million. However, the company faced a net loss of $1.8 million due to non-recurring charges. Adjusted EBITDA rose to $20.3 million, a 56% increase year-on-year. The Water & Flowback Services segment saw significant growth with 66% revenue increase for the year. TETRA's strategic investments in the offshore completion fluids market and its initiatives in low-carbon energy solutions are expected to drive further growth in 2023.
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.
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.
CSI Compressco LP (CCLP) announced a cash distribution of $0.01 per common unit for the quarter ended September 30, 2022, equating to an annualized amount of $0.04. This distribution will be paid on November 14, 2022, to unitholders of record as of October 31, 2022. The company will release its third quarter 2022 results on November 3, 2022, followed by a conference call at 10:30 a.m. ET. CSI Compressco provides compression services and equipment for natural gas and oil production.
CSI Compressco LP (NASDAQ: CCLP) has announced the availability of its 2021 Schedule K-3 investor tax packages online. This resource is essential for unitholders, especially foreign ones, who need detailed tax information for reporting purposes. The K-3 forms can be accessed through CSI Compressco's website or the K-1 Tax Package Support site. Investors are encouraged to consult tax advisors regarding the applicability of Schedule K-3 for their federal income tax needs.
CSI Compressco LP reported its second quarter 2022 results, showing total revenues of $84.5 million, up from $76.5 million year-over-year. Contract services revenue rose to $64.3 million. The company experienced a net loss of $6.8 million, improved from a loss of $9.6 million in Q2 2021. Adjusted EBITDA remained stable at $26.4 million. Fleet utilization increased to 82.8% from 76.9%, with a distribution of $0.01 per common unit set for August 12. Concerns over rising costs due to inflation and supply chain challenges were noted, impacting overall profitability.
CSI Compressco LP (NASDAQ: CCLP) announced a cash distribution of $0.01 per common unit for the quarter ended June 30, 2022, equivalent to an annualized rate of $0.04. This distribution will be paid on August 12, 2022, to unitholders of record as of July 29, 2022. The company plans to release its second-quarter results on August 9, 2022, before market opening, followed by a conference call at 10:30 a.m. ET. CSI Compressco provides compression services and equipment for the oil and gas industry, with a global operational footprint.
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