Edit ModuleShow Tags

Compressco Partners Improves Utilization Rate

Net income doubles during Second Quarter


Published:

Compressco Partners of Oklahoma City reported that its average compressor fleet utilization rate was 85.3% during the second quarter, compared to 82.6% in the same period of 2013.

Earnings before interest, taxes and depreciation (EBITDA) were US$9.3 million compared to the similar period of 2013. Net income jumped 97% to US$4.9 million, versus US$2.5 million in the second quarter of last year.

“Compressco responded to oil shale related compression opportunities and improved natural gas prices to generate tremendous improvement in net income for the quarter, compared to the second quarter of 2013. We are also pleased with the continued revenue growth in our U.S. business. In addition, our foreign businesses have reported increased revenues compared to the prior period,” said Ronald Foster, senior vice president and chief marketing officer.

President Timothy Knox noted that Compressco completed its acquisition of Compressor Systems Inc. of Midland, Texas, on Aug. 4. “We have begun the integration process … that will allow us to expand our operating territory and grow the compression services fleet,” he said.

Edit ModuleShow Tags

Archive »Recent Articles

Proteo - Advanced Diagnostic And Protection Systems For Centrifugal Pumps

This paper presents Proteo, a centrifugal pump model-based control system that ensures energy benefits from a variable speed drive (VSD) technique.

Pumping Up The FPSO Sector

Sulzer provides pump products for FPSOs, especially custom designs that can endure severe conditions on the high seas.

Schlumberger To Acquire Cameron

Schlumberger and Cameron have jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction.

Siemens Supplying 10 Compressor Trains For LNG Project

Siemens has received a contract to supply the first 10 compressor trains for an LNG project in the United States. The customer, Mangolia LNG, is developing the mid-scale LNG facility on 115 acres of land in the Port of Lake Charles, Louisiana.

Compressor Station Reaches Full Capacity

A new gas-lift compressor station in the shallow area of the Guneshli field in the Azerbaijani sector of the Caspian Sea reached full capacity in mid-August.