THE WOODLANDS, Texas,
Jan. 22, 2019 /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 December 31, 2018 of $0.01 per outstanding
common unit, or $0.04 per outstanding
common unit on an annualized basis. This cash distribution is a
reduction to the previous quarterly distribution and will be paid
on February 14, 2019 to all common
unitholders of record as of the close of business on February 1, 2019.
![CSI Compressco LP Logo CSI Compressco LP Logo](https://mma.prnewswire.com/media/431423/CSI_Compressco_LP_Logo.jpg)
On December 20, 2018, CSI
Compressco announced a reduction in its quarterly common unit
distributions for a period of up to four quarters. The monthly
redemption of Series A Preferred into common units has become
unduly dilutive to the existing common unit holders given the
recent decline in the unit price of CSI Compressco despite the
continued strong business environment. The Partnership
intends to use the approximately $34
million of reduced distributions to redeem the remaining
Series A Preferred units for cash and avoid further dilution to the
Partnership's common unit holders. The redemption of the
Series A Preferred will be completed by the third quarter of 2019,
at which time management and the Board will re-evaluate the
distribution policy based on business conditions at that time.
CSI Compressco expects to release its fourth quarter and
full year 2018 earnings results before the opening of the market
on Wednesday, February 27, 2019. Following the release,
CSI Compressco will host a conference call at 10:30 a.m. Eastern
Time to discuss the results. CSI Compressco invites you
to listen to the conference call by calling the toll free number
1-866-374-8397. The conference call will also be available by live
audio webcast and may be accessed through CSI
Compressco's website at www.csicompressco.com. The news
release will be available on CSI Compressco's website
prior to the conference call. An audio replay of the
conference call will be available at 1-877-344-7529, conference
number 10127832 for one week following the conference call 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 more than 5,700 compressor packages
providing approximately 1.1 million in aggregate horsepower,
utilizing a full spectrum of low, medium and high horsepower
engines. 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 news 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