CSI Compressco LP Declares Fourth Quarter 2015 Cash Distribution And Schedules Fourth Quarter 2015 Results Conference Call
Date : 01/22/2016 @ 7:30AM
Source : PR Newswire (US)
Stock : Csi Compressco LP - Common Units (MM) (CCLP)
Quote : 7.12 0.0 (0.00%) @ 8:02AM
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).