MIDLAND, Texas, July 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
June 30, 2016 of $0.3775 per outstanding unit, or $1.51 per outstanding unit on an annualized
basis. This amount is equal to the previous quarterly distribution,
and a decrease of $0.1225 per
outstanding unit from the distribution of $0.5000 ($2.00 on
an annualized basis) attributable to the second quarter of 2015.
This cash distribution will be paid on August 15, 2016 to all unitholders of record as
of the close of the business on August 1,
2016.
In addition, CSI Compressco expects to release its second
quarter 2016 earnings results on Friday,
August 5, 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 10090249, 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 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 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 facility in
Midland, Texas. CSI Compressco's
aftermarket business provides compressor package reconfiguration
and maintenance services as well as the sale of compressor package
parts and components manufactured by third-party suppliers. 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, other than
statements of historical fact, concerning CSI Compressco's
strategy, future operations, financial position, estimated
revenues, projected costs and other statements regarding CSI
Compressco's beliefs, expectations, plans, prospects, and other
future events and performance. 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; the loss of our management; risks related to
acquisitions and our growth strategy, including our 2014
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; risks associated with a material weakness in our
internal control over financial reporting and the consequences we
may encounter if we are unable to remediate that material weakness
or if we identify other material weaknesses in the future;
information technology risks, including the risk of cyberattack;
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