THE
WOODLANDS, Texas, Aug. 7, 2023
/PRNewswire/ -- CSI Compressco LP ("CSI," or the
"Partnership") (NASDAQ: CCLP) today announced second quarter 2023
results.
Second Quarter 2023 Results:
- Total revenues were $96.8 million
compared to $84.5 million in the
second quarter 2022.
- Contract services revenue increased to $70.5 million compared to $64.3 million in the second quarter 2022.
- Net loss was $2.6 million
compared to a net loss of $6.8
million in the second quarter 2022.
- Adjusted EBITDA was $32.5 million
compared to $26.4 million in the
second quarter 2022.
- Trailing Twelve Months Adjusted EBITDA was $125.4 million.
- Compression fleet utilization increased to 87.0% compared to
82.8% in the second quarter 2022.
- Operating horsepower increased to 1,025,586 compared to 992,597
in the second quarter 2022.
- Distributable cash flow was $11.4
million compared to $8.4
million in the second quarter 2022.
- Distribution coverage ratio was 8.1x compared to 5.9x in the
second quarter 2022.
- Second quarter of 2023 distribution of $0.01 per common unit will be paid on
August 14, 2023.
- Net Leverage Ratio was 5.1x compared to 6.1x in the second
quarter 2022.
- CSI has no significant credit facility or debt maturities until
2025.
Management Commentary
John Jackson, CEO of CSI
Compressco commented, "Our second quarter results reflect the
strength of the natural gas compression market and the improving
operational execution by CSI Compressco. The operating results
reflect continued improvement in EBITDA and leverage while
maintaining an essentially flat utilization from the 1st
quarter to the second quarter of 2023. The forward outlook is
encouraging as the visibility and sustainability of these results
continues to improve.
Demand for medium and large HP (600 HP+) remains strong as
evidenced by utilization rates across the industry, the tight
available supply, long lead times for new build units, the
sustained incremental demand from customers and lack of speculative
new build large horsepower units. Our overall fleet utilization
remained relatively flat at 87.0% as did the reciprocating fleet at
93.2%. Our reciprocating fleet represents approximately 83%
of our total horsepower. Regarding the incremental new build
demand, we have committed capital for 2023 and 2024 with signed
contracts for large HP units for delivery beginning in the fourth
quarter 2023 and continuing into the third quarter of 2024.
Our net leverage metric continues to improve, currently at 5.1x,
with our full year guidance range of 4.8x - 5.2x remaining
unchanged. We remain committed to limiting our capital spending
during 2023 such that CSI Compressco will generate free cash
flow.
The long-term outlook has continued to improve with longer-term
contracts and improving returns. The visibility and dollar
value of future revenue under contract is multiples higher compared
to any prior cycle in our history. In addition to longer
tenor contracts, we continue to increase the percentage of
multi-year contracts that have inflation protection as existing
contracts are renewed and new build contracts are executed. We view
the future with a high degree optimism as the visibility of strong
results and activity lengthens which strengthens our earnings
capability and accelerates the improvement in CSI Compressco's
financial metrics."
Distributable cash flow in the second quarter was $11.4 million compared to $8.4 million in the second quarter 2022. Our
distribution coverage ratio was 8.1x for the second quarter of
2023.
This press release includes the following financial measures
that are not presented in accordance with generally accepted
accounting principles in the United
States ("U.S. GAAP"): Adjusted EBITDA, distributable cash
flow, distribution coverage ratio, free cash flow, and net leverage
ratio. Please see Schedules B-E for reconciliations of these
non-GAAP financial measures to the most directly comparable U.S.
GAAP measures.
Unaudited results of operations for the quarter ended
June 30, 2023 compared to the prior
quarter and the corresponding prior year quarter are presented in
the table below.
|
Three Months
Ended
|
|
|
|
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Q2-2023 v
Q1-2023
|
|
Q2-2023 v
Q2-2022
|
|
(In Thousands, except
percentage changes)
|
Net loss
|
$
(2,573)
|
|
$
(2,613)
|
|
$
(6,828)
|
|
2 %
|
|
62 %
|
Adjusted
EBITDA
|
$
32,530
|
|
$
30,740
|
|
$
26,425
|
|
6 %
|
|
23 %
|
Distributable cash
flow
|
$
11,390
|
|
$
12,462
|
|
$
8,357
|
|
(9) %
|
|
36 %
|
Net cash provided by
(used in) operating activities
|
$
4,772
|
|
$
19,854
|
|
$
(10,201)
|
|
(76) %
|
|
147 %
|
Free cash
flow
|
$
(2,872)
|
|
$
5,543
|
|
$
(22,031)
|
|
(152) %
|
|
87 %
|
As of June 30, 2023, total
compressor fleet horsepower was 1,178,427, fleet horsepower in
service was 1,025,586, for an overall fleet utilization rate of
87.0% (we define the overall service fleet utilization rate as the
service compressor fleet horsepower in service divided by the total
compressor fleet horsepower). Idle horsepower equipment under
repair is not considered utilized, but we do count units on standby
as utilized when the client is being billed a standby service
rate.
Balance Sheet
Cash on hand at the end of the second quarter was $12.3 million. At the end of the second quarter,
$63.8 million was outstanding on the
Partnership's credit facilities. Our debt also includes
$400.0 million of first lien secured
bonds due in 2025 and $172.7 million
of second lien secured bonds due in 2026. Net leverage ratio at the
end of the quarter was 5.1x.
As of June 30, 2023, our borrowing
base availability under our credit facilities was $32.5 million. Total liquidity at quarter-end was
$44.8 million. As of August 3, 2023, our borrowing base availability
under our credit facilities totaled $41.9
million, and total liquidity was approximately $51.6 million. This compares to total liquidity
of $46.4 million at year end
2022.
Capital Expenditures - 2023 Expectations
We expect capital expenditures for 2023 to be between
$43.0 million and $48.0 million. These capital expenditures include
approximately $17.0 million and
$19.0 million of maintenance capital
expenditures, approximately $23.0
million and $25.0 million of
capital expenditures primarily associated with the expansion of our
contract services fleet, and $3.0
million and $4.0 million of
capital expenditures related to investments in technology,
primarily software and systems.
Second Quarter 2023 Cash Distribution on Common Units
On July 17, 2023, the board of
directors of our General Partner declared a cash distribution
attributable to the quarter ended June 30,
2023 of $0.01 per outstanding
common unit. This distribution equates to a distribution of
$0.04 per outstanding common unit on
an annualized basis. This distribution will be paid on August 14, 2023 to each of the holders of common
units of record as of the close of business on July 28, 2023. The distribution coverage ratio
for the second quarter of 2023 was 8.1x.
Conference Call
CSI will host a conference call to discuss second quarter
results today, August 7, 2023, at 10:30 a.m. Eastern
Time. The phone number for the call is
1-866-374-8397. The conference call will also be available by
live audio webcast and may be accessed through CSI's website
at www.csicompressco.com. An audio replay of the conference
call will be available at 1-877-344-7529, conference number
10181167, replay code 1276488, for one week following the
conference call and the archived webcast will be available through
CSI's website for thirty days following the conference call.
CSI Compressco Overview
CSI Compressco is a provider of contract services including
natural gas compression services and treating services. Natural gas
compression is used for natural gas and oil production, gathering,
artificial lift, transmission, processing, and storage. Treating
services include removal of contaminants from a natural gas stream
and cooling to reduce the temperature of produced gas and liquids.
CSI Compressco's compression and related services business includes
a fleet of approximately 4,800 compressor packages providing
approximately 1.2 million in aggregate horsepower, utilizing a full
spectrum of low-, medium- and high-horsepower engines. Our treating
fleet includes amine units, gas coolers, and related equipment. CSI
Compressco's aftermarket business provides compressor package
overhaul, repair, reconfiguration, and maintenance services as well
as the sale of compressor package parts and components manufactured
by third-party suppliers. Our customers comprise a broad base of
natural gas and oil exploration and production, midstream,
transmission, and storage companies operating throughout many of
the onshore producing regions of the
United States, as well as in a number of international
locations. including the countries of Mexico, Canada, Argentina, Egypt and Chile. CSI Compressco's General Partner is
owned by Spartan Energy Partners LP.
Forward-Looking Statements
This news release contains "forward-looking statements" and
information based on our beliefs and those of our general
partner, CSI Compressco GP LLC. Forward-looking statements in
this news release are identifiable by the use of the following
words and other similar words: "anticipates," "assumes,"
"believes," "budgets," "could," "estimates," "expectations,"
"expects," "forecasts," "goal," "intends," "may," "might," "plans,"
"predicts," "projects," "schedules," "seeks," "should," "targets,"
"will," and "would." These forward-looking statements include
statements, other than statements of historical fact, including
anticipated return of standby equipment to in service, the
redeployment of idle fleet compressors, joint-bidding on potential
projects with Spartan, commodity prices and demand for CSI
Compressco's equipment and services and other statements regarding
CSI Compressco's beliefs, expectations, plans, prospects and other
future events, performance, and other statements that are not
purely historical. Such forward-looking statements reflect our
current views with respect to future events and financial
performance, and are based on assumptions that we believe to be
reasonable, but such forward-looking statements are subject to
numerous risks and uncertainties, including but not limited to:
economic and operating conditions that are outside of our control,
including the trading price of our common units, and the supply,
demand, and price of oil and natural gas; the levels of competition
we encounter; our dependence upon a limited number of customers and
the activity levels of our customers; the levels of competition we
encounter; our ability to renew our contracts with our customers,
which are generally short-term contracts; the availability of
adequate sources of capital to us, including changes to interest
rates; our existing debt levels and our ability to obtain
additional financing; our ability to continue to make cash
distributions, or increase cash distributions from current levels,
after the establishment of reserves, payment of debt service and
other contractual obligations; the restrictions on our business
that are imposed under our long-term debt agreements; the credit
and risk profile of Spartan Energy Partners; risks related to
acquisitions and our growth strategy; the availability of raw
materials and labor at reasonable prices; risks related to our
foreign operations; the effect and results of litigation,
regulatory matters, environmental laws and regulations,
settlements, audits, assessments, and contingencies; information
technology risks, including the risk from cyberattack; acts of
terrorism, war or political or civil unrest in the United States of elsewhere, including the
Russian military invasion of Ukraine; operating hazards, natural disasters,
weather-related impacts, casualty losses and other matters beyond
our control; the effects of existing and future laws and
governmental regulations; global or national health concerns,
including the outbreak of pandemics or epidemics such as the
COVID-19 pandemic, including operational challenges, workforce
challenges, and supply chain disruptions; and other risks and
uncertainties contained in our Annual Report on Form 10-K and our
other filings with the U.S. Securities and Exchange Commission
("SEC"), which are available free of charge on the SEC website at
www.sec.gov. The risks and uncertainties referred to above are
generally beyond our ability to control and we cannot predict all
the risks and uncertainties that could cause our actual results to
differ from those indicated by the forward-looking statements. If
any of these risks or uncertainties materialize, or if any of the
underlying assumptions prove incorrect, actual results may vary
from those indicated by the forward-looking statements, and such
variances may be material. All subsequent written and verbal
forward-looking statements made by or attributable to us or to
persons acting on our behalf are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to update or
revise any forward-looking statements we may make, except as may be
required by law.
Reconciliation of Non-GAAP Financial Measures
The Partnership includes in this release the non-GAAP financial
measures Adjusted EBITDA, distributable cash flow, distribution
coverage ratio, free cash flow, and net leverage ratio. Adjusted
EBITDA is used as a supplemental financial measure by the
Partnership's management to:
- assess the Partnership's ability to generate available cash
sufficient to make distributions to the Partnership's unitholders
and general partner;
- evaluate the financial performance of its assets without regard
to financing methods, capital structure or historical cost
basis;
- measure operating performance and return on capital as compared
to those of our competitors; and
- determine the Partnership's ability to incur and service debt
and fund capital expenditures.
The Partnership defines Adjusted EBITDA as earnings before
interest, taxes, depreciation and amortization, and before certain
charges, including impairments, bad debt expense attributable to
bankruptcy of customers, equity compensation, non-cash costs of
compressors sold, gain on extinguishment of debt, write-off of
unamortized financing costs, and excluding, severance and other
non-recurring or unusual expenses or charges.
Distributable cash flow is used as a supplemental financial
measure by the Partnership's management, as it provides important
information relating to the relationship between our financial
operating performance and our cash distribution capability.
Additionally, the Partnership uses distributable cash flow in
setting forward expectations and in communications with the board
of directors of our general partner. The Partnership defines
distributable cash flow as Adjusted EBITDA less current income tax
expense, maintenance capital expenditures, interest expense, and
severance expense, plus non-cash interest expense.
The Partnership believes that the distribution coverage ratio
provides important information relating to the relationship between
the Partnership's financial operating performance and its cash
distribution capability. The Partnership defines the distribution
coverage ratio as the ratio of distributable cash flow to the total
quarterly distribution payable, which includes, as applicable,
distributions payable on all outstanding common units and the
general partner interest.
The Partnership defines free cash flow as net cash provided by
operating activities less capital expenditures, net of sales
proceeds. Management primarily uses this metric to assess our
ability to retire debt, evaluate our capacity to further invest and
grow, and measure our performance as compared to our peer group of
companies.
The Partnership defines net leverage ratio as net debt (the sum
of the carrying value of long-term and short-term debt on its
consolidated balance sheet, less cash, excluding restricted cash on
the consolidated balance sheet and excluding outstanding letters of
credit) divided by Adjusted EBITDA for calculating net leverage
(Adjusted EBITDA as reported externally adjusted for certain items
to comply with its credit agreement) for the trailing twelve-month
period. Management primarily uses this metric to assess the
Partnership's ability to borrow, reduce debt, add to cash balances,
pay distributions, and fund investing and financing activities.
These non-GAAP financial measures should not be considered an
alternative to net income, operating income, cash flows from
operating activities, or any other measure of financial performance
presented in accordance with U.S. GAAP. These non-GAAP financial
measures may not be comparable to Adjusted EBITDA, distributable
cash flow, free cash flow or other similarly titled measures of
other entities, as other entities may not calculate these non-GAAP
financial measures in the same manner as CSI. Management
compensates for the limitation of these non-GAAP financial measures
as an analytical tool by reviewing the comparable U.S. GAAP
measures, understanding the differences between the measures and
incorporating this knowledge into management's decision-making
process. Furthermore, these non-GAAP measures should not be viewed
as indicative of the actual amount of cash that CSI has available
for distributions or that the Partnership plans to distribute for a
given period, nor should they be equated to available cash as
defined in the Partnership's partnership agreement.
Schedule A -
Income Statement
|
Results of
Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2022
|
|
(In Thousands, Except
per Unit Amounts)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Contract
services
|
$
70,521
|
|
$
69,647
|
|
$
64,348
|
|
$
140,168
|
|
$
127,155
|
Aftermarket
services
|
21,209
|
|
17,351
|
|
16,213
|
|
38,560
|
|
29,081
|
Equipment
rentals
|
4,773
|
|
4,114
|
|
3,618
|
|
8,887
|
|
7,118
|
Equipment
sales
|
276
|
|
259
|
|
343
|
|
535
|
|
1,180
|
Total
revenues
|
$
96,779
|
|
$
91,371
|
|
$
84,522
|
|
$
188,150
|
|
$
164,534
|
Cost of revenues
(excluding depreciation and amortization expense):
|
|
|
|
|
|
|
|
|
|
Cost of contract
services
|
$
35,767
|
|
$
36,827
|
|
$
33,585
|
|
$
72,594
|
|
$
64,625
|
Cost of aftermarket
services
|
16,924
|
|
14,214
|
|
13,362
|
|
31,138
|
|
23,995
|
Cost of equipment
rentals
|
555
|
|
555
|
|
451
|
|
1,110
|
|
967
|
Cost of equipment
sales
|
249
|
|
207
|
|
165
|
|
456
|
|
617
|
Total cost of
revenues
|
$
53,495
|
|
$
51,803
|
|
$
47,563
|
|
$
105,298
|
|
$
90,204
|
Depreciation and
amortization
|
19,086
|
|
18,851
|
|
19,346
|
|
37,937
|
|
38,705
|
Selling, general, and
administrative expense
|
12,291
|
|
9,979
|
|
10,911
|
|
22,270
|
|
21,752
|
Interest expense,
net
|
13,747
|
|
13,315
|
|
12,556
|
|
27,062
|
|
24,937
|
Other (income) expense,
net
|
(191)
|
|
(516)
|
|
325
|
|
(707)
|
|
869
|
Loss before taxes and
discontinued operations
|
$
(1,649)
|
|
$
(2,061)
|
|
$
(6,179)
|
|
$
(3,710)
|
|
$
(11,933)
|
Provision for income
taxes
|
924
|
|
552
|
|
741
|
|
1,476
|
|
1,557
|
Net loss
|
$
(2,573)
|
|
(2,613)
|
|
(6,828)
|
|
(5,186)
|
|
(13,398)
|
Net loss per basic and
diluted common unit
|
$
(0.02)
|
|
$
(0.02)
|
|
$
(0.05)
|
|
$
(0.04)
|
|
$
(0.09)
|
Schedule B -
Reconciliation of Net Loss to Adjusted EBITDA, Distributable Cash
Flow and Distribution Coverage Ratio
|
The following table
reconciles net loss to Adjusted EBITDA, distributable cash flow and
distribution coverage
ratio for the three and six month periods ended June 30, 2023,
March 31, 2023 and June 30, 2022:
|
Results of
Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2022
|
|
(In Thousands, except
Ratios)
|
Net loss
|
$
(2,573)
|
|
$
(2,613)
|
|
$
(6,828)
|
|
$
(5,186)
|
|
$
(13,398)
|
Interest expense,
net
|
13,747
|
|
13,315
|
|
12,556
|
|
27,062
|
|
24,937
|
Provision for income
taxes
|
924
|
|
552
|
|
741
|
|
1,476
|
|
1,557
|
Depreciation and
amortization
|
19,086
|
|
18,851
|
|
19,346
|
|
37,937
|
|
38,705
|
Non-cash cost of
compressors sold
|
249
|
|
207
|
|
165
|
|
456
|
|
617
|
Equity
compensation
|
516
|
|
361
|
|
432
|
|
877
|
|
483
|
Outside services costs
related to unit disposals
|
155
|
|
—
|
|
—
|
|
155
|
|
—
|
Severance
|
58
|
|
67
|
|
—
|
|
125
|
|
—
|
Provision for income
taxes, depreciation,
amortization and impairments attributed to
discontinued operations
|
—
|
|
—
|
|
(92)
|
|
—
|
|
(92)
|
Other
|
368
|
|
—
|
|
—
|
|
368
|
|
—
|
Transaction
Costs
|
—
|
|
—
|
|
105
|
|
—
|
|
210
|
Adjusted
EBITDA
|
$
32,530
|
|
$
30,740
|
|
$
26,425
|
|
$
63,270
|
|
$
53,310
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Current income tax
expense
|
1,146
|
|
560
|
|
724
|
|
1,706
|
|
1,502
|
Maintenance capital
expenditures
|
6,005
|
|
4,298
|
|
4,821
|
|
10,303
|
|
8,602
|
Interest
expense
|
13,747
|
|
13,315
|
|
12,556
|
|
27,062
|
|
24,937
|
Severance and
other
|
309
|
|
67
|
|
105
|
|
376
|
|
210
|
Plus:
|
|
|
|
|
|
|
|
|
|
Non-cash items included
in interest expense
|
67
|
|
(38)
|
|
138
|
|
29
|
|
262
|
Distributable cash
flow
|
$
11,390
|
|
$
12,462
|
|
$
8,357
|
|
$
23,852
|
|
$
18,321
|
|
|
|
|
|
|
|
|
|
|
Cash distribution
attributable to period
|
$
1,412
|
|
$
1,412
|
|
$
1,412
|
|
$
2,824
|
|
$
2,824
|
Distribution coverage
ratio
|
8.1x
|
|
8.8x
|
|
5.9 x
|
|
8.5x
|
|
6.5x
|
Schedule C -
Reconciliation of Net Cash Provided by Operating Activities
Operations to Free Cash Flow
The following table
reconciles net cash provided by operating activities to free cash
flow for the three and six
month periods ended June 30, 2023, March 31, 2023 and June 30,
2022:
|
|
Results of
Operations (unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
|
(In
Thousands)
|
Net cash provided by
(used in) operating activities
|
$
4,772
|
|
$
19,854
|
|
$
(10,201)
|
Capital expenditures,
net of sales proceeds
|
(7,644)
|
|
(14,311)
|
|
(11,830)
|
Free cash
flow
|
$
(2,872)
|
|
$
5,543
|
|
$
(22,031)
|
Schedule D – Reconciliation to Adjusted
EBITDA Margin (unaudited)
|
|
Three Months
Ended
|
|
Jun 30,
2023
|
|
Mar 31,
2023
|
|
Jun 30,
2022
|
Consolidated
|
(In Thousands, except
Margin %)
|
Revenue
|
$ 96,779
|
|
$ 91,371
|
|
$ 84,522
|
Loss before taxes and
discontinued operations
|
$
(1,649)
|
|
$
(2,061)
|
|
$
(6,179)
|
Adjusted loss margin
before taxes and discontinued operations
|
(1.7) %
|
|
(2.3) %
|
|
(7.3) %
|
Adjusted EBITDA
(Schedule B)
|
$ 32,530
|
|
$ 30,740
|
|
$ 26,425
|
Adjusted EBITDA
Margin
|
33.6 %
|
|
33.6 %
|
|
31.3 %
|
Schedule E –
Reconciliation of Net Loss to Adjusted EBITDA for Net Leverage
Ratio Calculation (unaudited) (in thousands, except
ratios)
|
|
Twelve Months
Ended
|
|
Jun 30,
2023
|
|
|
Net loss
|
$
(13,883)
|
Interest expense,
net
|
52,628
|
Provision for income
taxes
|
4,705
|
Depreciation and
amortization
|
77,463
|
Impairments and other
charges
|
135
|
Non-cash cost of
compressors sold
|
1,221
|
Equity
Compensation
|
1,725
|
Outside services costs
related to unit disposals
|
155
|
Provision for income
taxes, depreciation, amortization and impairments attributed to
discontinued
operations
|
(81)
|
Severance
|
557
|
Other
|
808
|
Adjusted
EBITDA
|
$
125,433
|
Debt
Schedule
|
Jun 30,
2023
|
7.50% First Lien
Notes
|
$
400,000
|
10.00%/10.75% Second
Lien Notes
|
172,717
|
Asset Based
Loan
|
63,771
|
Finance
Lease
|
16,613
|
Cash on Hand
|
(12,316)
|
Net
Debt
|
$
640,785
|
|
|
Net Leverage Ratio
(Net Debt/Adjusted EBITDA for Net Leverage
Calculation)
|
5.1x
|
Schedule F
– Balance Sheet
|
|
June 30,
2023
|
|
December 31,
2022
|
(in
thousands)
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
12,316
|
|
$
8,475
|
Trade accounts
receivable, net of allowances for doubtful accounts of $389 as
of
June 30, 2023 and $736 as of December 31, 2022
|
55,641
|
|
65,085
|
Trade receivable -
affiliate
|
698
|
|
948
|
Inventories
|
52,361
|
|
45,902
|
Prepaid expenses and
other current assets
|
7,252
|
|
7,905
|
Total current
assets
|
128,268
|
|
128,315
|
Property, plant, and
equipment:
|
|
|
|
Land and
building
|
7,227
|
|
7,227
|
Compressors and
equipment
|
1,120,944
|
|
1,103,657
|
Vehicles
|
8,604
|
|
8,640
|
Construction in
progress
|
30,906
|
|
37,183
|
Total property, plant,
and equipment
|
1,167,681
|
|
1,156,707
|
Less accumulated
depreciation
|
(638,814)
|
|
(611,734)
|
Net property, plant,
and equipment
|
528,867
|
|
544,973
|
Other
assets:
|
|
|
|
Intangible assets, net
of accumulated amortization of $38,106 as of June 30,
2023 and $36,627 as of December 31, 2022
|
17,661
|
|
19,140
|
Operating lease
right-of-use assets
|
27,841
|
|
27,205
|
Deferred tax
asset
|
3
|
|
3
|
Other assets
|
2,959
|
|
2,767
|
Total other
assets
|
48,464
|
|
49,115
|
Total assets
|
$
705,599
|
|
$
722,403
|
LIABILITIES AND
PARTNERS' CAPITAL
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
25,146
|
|
$
34,589
|
Accrued liabilities and
other
|
48,846
|
|
49,666
|
Total current
liabilities
|
73,992
|
|
84,255
|
Other
liabilities:
|
|
|
|
Long-term debt,
net
|
635,566
|
|
634,016
|
Deferred tax
liabilities
|
1,174
|
|
1,245
|
Operating lease
liabilities
|
18,194
|
|
19,419
|
Other long-term
liabilities
|
9,392
|
|
8,742
|
Total other
liabilities
|
664,326
|
|
663,422
|
Commitments and
contingencies
|
|
|
|
Partners'
capital:
|
|
|
|
General partner
interest
|
(1,656)
|
|
(1,618)
|
Common units
(141,995,028 units issued and outstanding at June 30, 2023 and
141,237,462 units issued and outstanding at December 31,
2022)
|
(16,657)
|
|
(9,250)
|
Accumulated other
comprehensive income (loss)
|
(14,406)
|
|
(14,406)
|
Total partners'
capital
|
(32,719)
|
|
(25,274)
|
Total liabilities and
partners' capital
|
$
705,599
|
|
$
722,403
|
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SOURCE CSI Compressco LP