THE WOODLANDS, Texas,
April 21, 2017 /PRNewswire/
-- CSI Compressco LP ("CSI Compressco") (NASDAQ: CCLP)
announced today that the board of directors of its general partner
has declared a cash distribution attributable to the quarter ended
March 31, 2017 of $0.1875 per outstanding common unit, or
$0.75 per outstanding common unit on
an annualized basis. The quarterly amount is a $0.1900 decrease from the previous quarterly
distribution of $0.3775. This cash
distribution will be paid on May 15,
2017 to all common unitholders of record as of the close of
business on May 1, 2017.
Timothy A. Knox, President of CSI
Compressco, remarked, "As the general recovery of the oil and gas
sector takes longer to positively impact our sales and services
business than was anticipated, we believe it prudent to adjust our
distribution. We will continue to take aggressive actions on
both cost and revenue opportunities, protect our balance sheet, and
remain focused on serving our customers in order to maximize the
long-term value and return to our unitholders."
CSI Compressco expects to release its first quarter 2017
earnings results on Tuesday, May 9,
2017 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
1-866-374-8397. 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 1-877-344-7529, conference
number 10101584, for one week following the conference, and the
archived webcast will be available through CSI Compressco's website
for thirty days following the conference.
About CSI Compressco
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
approximately 6,000 compressor packages and 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).
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