Csi Compressco Lp (CCLP) 10-Q Quarterly Report July 2021

THE WOODLANDS, Texas (July 30, 2021) / PRNewswire / - CSI Compressco LP (“CSI Compressco,” “CCLP” or the “Partnership”) (NASDAQ: CCLP) today announced second quarter 2021 results.

Second Quarter 2021 Summary:

•Total revenues for the second quarter 2021 were $69.8 million, compared to $65.7 million in the first quarter 2021.

•Compression and related services revenue increased sequentially to $55.3 million in the second quarter 2021 compared to $54.2 million in the first quarter 2021.

•Net loss was $12.1 million, including $0.7 million in non-recurring charges compared to a net loss of $14.5 million in the first quarter 2021 which included $0.4 million in non-recurring charges.

•Adjusted EBITDA was $23.1 million compared to $21.1 million in the first quarter 2021. The second quarter of 2021 Adjusted EBITDA included a $0.1 million benefit from the sale of used equipment compared to a $0.5 million benefit in the first quarter 2021.

•Distributable cash flow was $6.5 million compared to $4.3 million in the first quarter 2021.

•Distribution coverage ratio was 13.3x in the second quarter 2021 compared to 8.9x in the first quarter 2021.

•Second quarter of 2021 distribution of $0.01 per common unit will be paid on August 13, 2021.

Second Quarter 2021

“In the second quarter of 2021, we saw business activity starting to increase which is reflected in our results. Revenues, Adjusted EBITDA and fleet utilization all improved sequentially compared to the first quarter of 2021. We continue to see this trend improve in actual signed contracts for additional compression as well as additional forward looking quotes and activity. While we cannot predict with certainty the rest of the year’s performance, the trends continue to give us optimism that 2021 will improve as the year progresses. Our customers appear more confident in their projected activity for the rest of the year and are starting to execute around those plans. We have received a number of signed orders in the second quarter both in idle equipment going back to work and some orders for new large horsepower units. These contracted units will begin deploying in the third quarter and continue through the first quarter of 2022. The overall impact of this customer activity, if it continues, is that in the second half of 2021 both the contract compression business and the aftermarket services business should continue to see improving utilization and margins” commented John Jackson, Chief Executive Officer of CSI Compressco.

“We remain excited about the future of the Partnership and the industry overall. While the improving market trends exist, we recognize that risk around results may persist during 2021, but we are optimistic about both the near-term activity levels and long-term future of the compression industry. Capital efficiency, cost management and customer service are areas we continue to aggressively pursue as these are areas we can control. We expect to deliver the highest levels of service and performance to our customers as we have the people and assets in place that allow us to execute efficiently in any environment. We believe the natural gas business has a bright future and is a critical component of the energy infrastructure both today and in the transition in the energy markets in the years ahead.”

The following information was filed by Csi Compressco Lp (CCLP) on Friday, July 30, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Csi Compressco Lp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CCLP
CIK: 1449488
Form Type: 10-Q Quarterly Report
Accession Number: 0001449488-21-000036
Submitted to the SEC: Fri Jul 30 2021 11:55:31 AM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Oil And Gas Field Services