CSI Compressco LP (NASDAQ:CCLP) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
On December 20, 2018, CSI Compressco LP, a Delaware limited partnership (the “Partnership”) issued a press release announcing an update on fourth quarter 2018 guidance and providing guidance on total year 2019. The Partnership also announced in the press release that it intends to reduce its quarterly cash distributions to the Partnership’s common unit holders for a period of up to the next four quarters. The Partnership intends to use the approximately $34 million of reduced distributions to redeem the remaining Series A preferred units for cash and avoid further dilution to the Partnership’s common unit holders.The redemption of the Series A preferred units is expected to be completed by the third quarter of 2019, at which time management and the Board of Directors of the Partnership’s general partner will re-evaluate the distribution policy based on business conditions at that time. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Item 7.01 (including the exhibit) shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
CSI Compressco LP Exhibit
EX-99 2 cclp-ex99_7.htm EX-99 cclp-ex99_7.htm Exhibit 99.1 CSI COMPRESSCO LP ANNOUNCES FOURTH QUARTER 2018 GUIDANCE UPDATE,…
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About CSI Compressco LP (NASDAQ:CCLP)
CSI Compressco LP, formerly Compressco Partners, L.P., is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers. It provides these compression services and equipment to a base of natural gas and oil exploration and production, midstream and transmission companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. It is a service provider of natural gas compression services in the United States, utilizing its fleet of compressor packages that employs a spectrum of low-, medium- and high-horsepower engines.