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CSI Compressco LP - $CCLP STOCK NEWS

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.

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CSI Compressco LP (CCLP) releases 2023 Schedule K-1 investor tax packages online, accessible via their website or tax support link, with mailing to begin shortly. Unitholders can call for more information.
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CSI Compressco LP (CCLP) announced fourth quarter and total year 2023 results, showing growth in revenues, Adjusted EBITDA, and distribution coverage ratio. Despite a net loss, the Partnership's performance improved with an increase in revenue and EBITDA year over year.
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CSI Compressco LP (CCLP) to release Q4 and full year 2023 results on March 1, 2024, without a conference call due to pending merger with Kodiak Gas Services, Inc.
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Kodiak Gas Services, Inc. and CSI Compressco LP announce approval of Merger Agreement by majority unitholders. The transaction is expected to close in the second quarter of 2024.
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Kodiak Gas Services, Inc. and CSI Compressco LP announce approval of Merger Agreement by majority unitholders. The transaction is expected to close in the second quarter of 2024.
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CSI Compressco LP (CCLP) announced a cash distribution of $0.01 per outstanding common unit for the quarter ended December 31, 2023, totaling $0.04 per outstanding common unit on an annualized basis. The distribution will be paid on February 14, 2024, to common unitholders of record as of January 31, 2024.
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Kodiak Gas Services, Inc. (NYSE: KGS) and CSI Compressco LP (NASDAQ: CCLP) have executed a definitive merger agreement under which Kodiak will acquire CSI Compressco in an all-equity transaction valued at approximately $854 million, including the assumption of $619 million of net debt. The acquisition will create the industry's largest contract compression fleet with 4.3 million revenue-generating horsepower. The combined entity is expected to generate approximately $630 million in 2024 Adjusted EBITDA after the expected annual run-rate cost synergies of at least $20 million.
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Kodiak Gas Services, Inc. (NYSE: KGS) to acquire CSI Compressco LP (NASDAQ: CCLP) in an all-equity transaction valued at approximately $854 million, including the assumption of $619 million of net debt. The acquisition will create the industry's largest contract compression fleet, with 4.3 million revenue-generating horsepower, and is expected to generate approximately $630 million in 2024 Adjusted EBITDA after the expected annual run-rate cost synergies of at least $20 million.
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CSI Compressco LP (CCLP) to Present at Bank of America Leveraged Finance Conference - Latest Presentation Materials Available on Company's Website
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CSI Compressco LP (NASDAQ: CCLP) announced third quarter 2023 results. Total revenues were $99.7 million, net loss was $0.9 million, and adjusted EBITDA was $33.8 million. Compression fleet utilization increased to 87.6% and distributable cash flow was $14.0 million. The distribution coverage ratio was 9.9x. Management is optimistic about the strong demand and expects continued growth in the natural gas compression market.
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FAQ

What services does CSI Compressco LP provide?

CSI Compressco LP offers compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage. They also provide well monitoring and automated sand separation services, alongside aftermarket support for compressor packages.

Where are CSI Compressco’s compressor packages manufactured?

CSI Compressco's compressor packages are primarily designed and fabricated at their facilities located in Midland, Texas, and Oklahoma City, Oklahoma.

What is the current status of CSI Compressco's fleet utilization?

As of the latest reports, CSI Compressco's overall fleet utilization rate is 87.6%, with the reciprocating fleet utilization rate at 93.9%.

How has CSI Compressco performed financially in the recent quarter?

In the third quarter of 2023, CSI Compressco reported improvements in operational execution, increased quarterly EBITDA, and positive leverage metrics. The company also saw enhancements in their contract services gross profit percentage.

What is the significance of the merger between CSI Compressco and Kodiak Gas Services?

The merger, valued at approximately $854 million, will create the largest contract compression fleet in the industry, enhancing service offerings and financial performance. The combined entity is expected to generate significant synergies and drive stable cash flows.

What are CSI Compressco’s plans for capital expenditures in 2023?

CSI Compressco plans to invest between $49.0 million and $54.0 million in 2023, focusing on maintenance capital expenditures, expanding the contract services fleet, and investing in technology and systems.

Who are CSI Compressco's primary customers?

CSI Compressco's customers include a broad base of natural gas and oil exploration and production companies, midstream, transmission, and storage companies, operating both domestically in the U.S. and internationally in countries such as Mexico, Canada, Argentina, and Chile.

How does CSI Compressco support its equipment and services?

CSI Compressco provides comprehensive aftermarket services including compressor package overhaul, repair, reconfiguration, and maintenance, as well as the sale of compressor parts and components sourced from third-party manufacturers.

What is the expected timeline for the merger with Kodiak Gas Services to be completed?

The merger between CSI Compressco and Kodiak Gas Services is expected to close in the second quarter of 2024, subject to regulatory approvals and customary closing conditions.

What is CSI Compressco's outlook for 2024?

CSI Compressco has a positive outlook for 2024, driven by robust demand for medium and large horsepower units, strategic growth initiatives, and continued improvements in fleet utilization and financial performance.

CSI Compressco LP

Nasdaq:CCLP

CCLP Rankings

CCLP Stock Data

344.84M
59.00M
93.65%
44.26%
0.06%
Support Activities for Oil and Gas Operations
Mining, Quarrying, and Oil and Gas Extraction
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