Compressco Partners Improves Utilization Rate
Net income doubles during Second Quarter
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.