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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 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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