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 (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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