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) reported its first quarter 2022 results, highlighting total revenues of $80.0 million, up from $69.8 million in Q1 2021. Contract services revenue reached $62.8 million, marking an increase from $56.2 million year-over-year. Net loss improved to $6.6 million from $12.9 million in Q1 2021. Adjusted EBITDA was $26.9 million, a rise from $23.3 million year-over-year. The distribution coverage ratio for Q1 2022 was 7.3x, with a distribution of $0.01 per common unit payable on May 13, 2022. Fleet utilization increased to 81.4%.
CSI Compressco LP (NASDAQ: CCLP) will release its first quarter 2022 results on May 13, 2022, before market opening. A conference call will be held at 10:30 a.m. Eastern Time to discuss the results, accessible via 1-866-374-8397. The call will also be available as a live audio webcast on CSI Compressco's website. The earnings release will precede the call, with an audio replay available for one week after. CSI Compressco offers natural gas compression and treating services.
CSI Compressco LP (NASDAQ: CCLP) has declared a cash distribution of $0.01 per common unit for the quarter ending March 31, 2022. This translates to an annualized rate of $0.04 per unit. Payments are scheduled for May 13, 2022, to unitholders on record as of April 30, 2022. CSI Compressco provides compression services and equipment for natural gas and oil production and has a fleet of approximately 4,800 compressor packages with about 1.2 million horsepower. The company serves domestic and international markets, including Mexico and Canada.
CSI Compressco LP (CCLP) announced its fourth quarter and total year 2021 results, highlighting total revenues of $80.2 million for Q4, up from $77.7 million in Q3. The company reported a net loss of $17.2 million, which includes $7.0 million in non-recurring charges, compared to $10.6 million in Q3. Adjusted EBITDA for Q4 was $26.4 million versus $25.7 million in Q3. Total revenues for 2021 reached $304.2 million, a slight increase from $301.6 million in 2020, while the net loss decreased from $73.8 million in 2020 to $50.3 million in 2021.
CSI Compressco LP (NASDAQ: CCLP) is set to release its fourth quarter and full year 2021 results on March 10, 2022, before market opening. A conference call will be held at 10:30 a.m. ET to discuss the results, accessible via toll-free number 1-866-374-8397 and also through live audio webcast on CSI Compressco's website. An audio replay will be available for a week following the call. CSI Compressco specializes in natural gas compression and related services, operating a fleet of approximately 4,800 compressor packages.
CSI Compressco LP (NASDAQ: CCLP) has announced a cash distribution of $0.01 per outstanding common unit for the quarter ended December 31, 2021. This translates to an annualized rate of $0.04 per unit. The distribution will be paid on February 14, 2022 to unitholders of record as of January 31, 2022. CSI Compressco specializes in compression services and equipment for natural gas and oil, boasting a fleet of around 4,800 compressor packages and a diverse range of services including well monitoring and maintenance.
CSI Compressco LP (CCLP) announced significant transactions, including the redemption of all outstanding Senior Unsecured Notes due 2022, improving liquidity from $35 million to $54 million, a 54% increase. The company raised $57 million through private placements and acquired Spartan Energy Partners' operations, expected to boost EBITDA by about 20%. This move reduces net leverage from 6.8x to 5.5x and results in no bond maturities until 2025. The third-quarter revenue reached $71.3 million, but the net loss widened to $14.4 million, reflecting ongoing operational challenges.
CSI Compressco LP (NASDAQ: CCLP) announced a cash distribution of $0.01 per common unit for Q3 2021, translating to an annualized rate of $0.04. This distribution will be paid on November 12, 2021 to unitholders of record as of October 25, 2021. The company provides compression services and equipment for oil and natural gas operations, with a fleet of around 4,900 compressor packages and a total horsepower of approximately 1.2 million.
TETRA Technologies reported second quarter 2021 revenue of $102 million, a 32% sequential increase from Q1 2021, benefitting from peak seasonal sales in Northern Europe. The net loss before discontinued operations narrowed to $6.7 million from $11.9 million in Q1. Adjusted EBITDA rose 44% to $13 million, driven by improved operational performance. Despite a cash flow decline, demand for completion fluids is expected to rise. The company is also expanding its facility in Finland and investing in low carbon energy initiatives, including a $5 million investment in CarbonFree.
CSI Compressco LP (CCLP) announced its second quarter 2021 results, reporting total revenues of $69.8 million, up from $65.7 million in Q1 2021. Compression service revenue rose to $55.3 million compared to $54.2 million previously. The partnership incurred a net loss of $12.1 million, an improvement from a $14.5 million loss in Q1. Adjusted EBITDA reached $23.1 million, while distributable cash flow improved to $6.5 million. The distribution coverage ratio increased to 13.3x. A distribution of $0.01 per unit is scheduled for August 13, 2021.
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