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 (CCLP) declared a cash distribution of $0.01 per common unit for the quarter ended June 30, 2021, translating to an annualized rate of $0.04. This distribution will be paid on August 13, 2021, to holders of record as of July 30, 2021. The company is set to release its second-quarter 2021 results on July 30 before market opening, followed by a conference call at 11:00 a.m. ET. CSI Compressco provides compression services and equipment for natural gas and oil production, with a significant fleet of compressor packages.
TETRA Technologies reported a first quarter 2021 revenue of $77 million, up 2% sequentially. The company faced a net loss before discontinued operations of $11.9 million, compared to $7.1 million in the previous quarter. A significant highlight was a $121 million gain from the deconsolidation of CSI Compressco. Adjusted EBITDA was $9 million, impacted by adverse weather costs. Cash flow from operations dropped to $5.8 million. TETRA reduced its total debt by $29 million, ending the quarter with $171 million in total debt.
TETRA Technologies has signed a memorandum of understanding (MOU) with CarbonFree to advance the commercialization of the SkyCycle technology, a carbon capture solution that mineralizes CO2. This partnership leverages TETRA's expertise in calcium chloride production. The collaboration, which began in November 2020, aims for a definitive agreement within a year, potentially involving investments from TETRA. The initiative aligns with TETRA's strategy to grow in the low carbon energy market, emphasizing cost-effective solutions for carbon capture and mineralization.
CSI Compressco LP (CCLP) reported first quarter 2021 revenues of $65.7 million, a decline from $71.1 million in Q4 2020. Compression services revenue rose to $54.2 million, up from $52.6 million. The net loss narrowed to $14.5 million from $23.0 million in Q4, aided by reduced non-recurring charges. Adjusted EBITDA fell to $21.1 million from $26.2 million, with a notable drop in equipment sale benefits. Distributable cash flow decreased to $4.3 million and distribution coverage ratio dropped to 8.9x.
CSI Compressco LP (NASDAQ: CCLP) announced a cash distribution of $0.01 per common unit for Q1 2021, translating to an annualized distribution of $0.04. This payment will be made on May 14, 2021, to unitholders of record as of April 30, 2021. The company is set to release its first quarter earnings on April 30, 2021, prior to the market opening, followed by a conference call at 10:30 AM ET to discuss the results.
TETRA Technologies, Inc. announced the appointment of Shawn D. Williams to its Board of Directors, effective March 31, 2021. Williams brings extensive experience in the specialty chemicals industry, having previously served as CEO of Nexeo Plastics and in leadership roles at Momentive and General Electric. His expertise is expected to enhance TETRA's strategic initiatives in fluids and aqueous chemistry. The company also holds an 11% equity interest in CSI Compressco LP (CCLP), indicating its active engagement in related sectors.
TETRA Technologies reported its full year and Q4 2020 results, reflecting a significant operational shift. The company generated over $30 million from selling assets including 10.95 million common units of CSI Compressco. Although total revenue dropped 33% year-over-year to $377.7 million, adjusted EBITDA improved to $49.1 million, with margins rising to 13%. TETRA achieved $26 million in free cash flow from continuing operations despite the challenging market, reducing net debt to $133 million. The firm also noted a strong demand for its calcium chloride business in early 2021.
CSI Compressco LP (CCLP) reported Q4 2020 revenues of $71.1 million, down from $72.3 million in Q3 2020. The net loss increased to $23.0 million, influenced by $7.5 million in non-recurring charges. Adjusted EBITDA decreased to $26.2 million, with distributable cash flow at $7.7 million, reflecting a decline from previous quarters. The distribution coverage ratio was a robust 15.94x. Despite modest declines, CEO John Jackson expressed optimism for 2021, highlighting opportunities in joint projects with Spartan Energy Partners and a commitment to capital discipline.
CSI Compressco announced the acquisition of its General Partner and majority common units by Spartan Energy Partners from TETRA Technologies for $13.95 million. This transaction, effective January 29, 2021, will not alter CSI Compressco's capital structure or incur additional debt. New executives include John Jackson as CEO and Jon Byers as CFO. TETRA retains an 11% ownership in the company. This deal aims to strengthen CSI Compressco's market position and support business growth amid an anticipated market recovery.
CSI Compressco LP (NASDAQ: CCLP) has declared a cash distribution of $0.01 per common unit for the quarter ending on December 31, 2020, equating to an annualized amount of $0.04. The distribution will be paid on February 12, 2021, to unitholders of record by January 29, 2021. Additionally, the company plans to announce its fourth quarter and full-year 2020 results before market opening on February 24, 2021, followed by a conference call at 10:30 a.m. ET.
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