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

FS-Elliott Introduces SteadiAIR 5 Warranty

FS-Elliott Co., LLC, a manufacturer of oil-free centrifugal air and gas compressors, announced that its SteadiAIR 5 warranty is available on Polaris+ compressors.

Two Steps Back, Two Steps Forward For Natural Gas

Natural gas prices saw a slight drop at the beginning of the report week (July 22 to July 29), then bounced back to their starting point at most locations near the end of it, according to the U.S. Energy Information Administration (EIA).

Answer: Promised Land - July 2015

Promised Land - July 2015

Ariel Ships 50,000th Compressor

Ariel Corp. has shipped its 50,000th compressor – the KBB/6. The equipment, however, isn’t leaving the state of Ohio.