MIDLAND, Texas, Jan. 22, 2016 /PRNewswire/ -- CSI
Compressco LP (CSI Compressco or the Partnership) (NASDAQ: CCLP)
announced today that the board of directors of its general partner
has declared a cash distribution attributable to the quarter ended
December 31, 2015, of $0.3775 per outstanding unit, or $1.51 per outstanding unit on an annualized
basis. This amount is a decrease from the previous distribution of
$0.5025, and a decrease from the
distribution of $0.4850 ($1.94 on an annualized basis) attributable to the
fourth quarter of 2014. This cash distribution will be paid on
February 15, 2016, to all unitholders
of record as of the close of the business on February 1, 2016.
Timothy A. Knox, President of CSI
Compressco, remarked, "We have been and will continue to take
aggressive actions on both cost and revenue opportunities to
mitigate the ongoing weakness and volatility in the oil and gas
markets. Reducing the distribution was a difficult decision that
will enable us to protect our balance sheet for when the market
rebounds. We will remain focused on serving our customers and
delivering value to our shareholders."
In addition, CSI Compressco expects to release its fourth
quarter 2015 earnings results on Thursday,
February 25, 2016, and will host a conference call at
10:30 a.m. Eastern Time on that day
to discuss the earnings results. The phone number for the call is
866/374-8397. The conference will also be available by live audio
webcast and may be accessed through CSI Compressco's website at
www.csicompressco.com. The earnings press release will be available
on CSI Compressco's website prior to the conference call. A
replay of the call will be available at 877/344-7529, conference
number 10079566, for one week following the conference, and the
archived webcast will be available through CSI Compressco's website
for thirty days following the conference.
CSI Compressco LP is a provider of compression services and
equipment for natural gas and oil production, gathering,
transportation, processing, and storage. CSI Compressco's
compression and related services business includes a fleet of over
6,000 compressor packages providing in excess of 1.1 million in
aggregate horsepower, utilizing a full spectrum of low-, medium-,
and high-horsepower engines. CSI Compressco also provides well
monitoring and automated sand separation services in conjunction
with compression services in Mexico. CSI Compressco's equipment and parts
sales business includes the fabrication and sale of standard
compressor packages, custom-designed compressor packages, and
oilfield fluid pump systems designed and fabricated primarily at
our facilities in Midland, Texas,
and Oklahoma City, Oklahoma, as
well as the sale of compressor package parts and components
manufactured by third-party suppliers. CSI Compressco's aftermarket
services business provides compressor package reconfiguration and
maintenance services. CSI Compressco's customers comprise a broad
base of natural gas and oil exploration and production, mid-stream,
transmission, and storage companies operating throughout many of
the onshore producing regions of the
United States as well as in a number of foreign countries,
including Mexico, Canada, and Argentina. CSI Compressco is managed by CSI
Compressco GP Inc., which is an indirect, wholly owned subsidiary
of TETRA Technologies, Inc. (NYSE: TTI).
Forward Looking Statements
This press release contains "forward-looking statements" and
information based on our beliefs and those of our general partner,
CSI Compressco GP Inc. Forward-looking statements in this press
release are identifiable by the use of the following words and
other similar words: "anticipates", "assumes", "believes",
"budgets", "could", "estimates", "expects", "forecasts", "goal",
"intends", "may", "might", "plans", "predicts", "projects",
"schedules", "seeks", "should, "targets", "will" and "would".
These forward-looking statements include statements concerning
expected results of operations for 2015, anticipated benefits and
growth of CSI Compressco LP following the acquisition of Compressor
Systems, Inc. (CSI), including increases in cash distributions per
unit, financial guidance, estimated distributable cash, estimated
earnings, earnings per unit, and statements regarding CSI
Compressco's beliefs, expectations, plans, goals, future events and
performance, and other statements that are not purely historical.
Such forward-looking statements reflect our current views with
respect to future events and financial performance and are based on
assumptions that we believe to be reasonable but such
forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to: economic and
operating conditions that are outside of our control, including the
supply, demand, and prices of crude oil and natural gas; the levels
of competition we encounter; the activity levels of our customers;
the availability of adequate sources of capital to us; our ability
to comply with contractual obligations, including those under our
financing arrangements; our operational performance; risks related
to acquisitions and our growth strategy, including our recent
acquisition of Compressor Systems, Inc.; the availability of raw
materials and labor at reasonable prices; risks related to our
foreign operations; the effect and results of litigation,
regulatory matters, settlements, audits, assessments, and
contingencies; and other risks and uncertainties contained in our
Annual Report on Form 10-K and our other filings with the U.S.
Securities and Exchange Commission ("SEC"), which are available
free of charge on the SEC website at www.sec.gov. The risks and
uncertainties referred to above are generally beyond our ability to
control and we cannot predict all the risks and uncertainties that
could cause our actual results to differ from those indicated by
the forward-looking statements. If any of these risks or
uncertainties materialize, or if any of the underlying assumptions
prove incorrect, actual results may vary from those indicated by
the forward-looking statements, and such variances may be material.
All subsequent written and oral forward-looking statements made by
or attributable to us or to persons acting on our behalf are
expressly qualified in their entirety by reference to these risks
and uncertainties. You should not place undue reliance on
forward-looking statements. Each forward-looking statement speaks
only as of the date of the particular statement, and we undertake
no obligation to update or revise any forward-looking statements we
may make, except as may be required by law.
This press release serves as qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and
(d). CSI Compressco's distributions to foreign investors are
subject to federal tax withholding at the highest applicable
effective tax rate. Nominees are treated as withholding agents
responsible for withholding distributions received by them on
behalf of foreign investors.
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SOURCE CSI Compressco LP