CSI COMPRESSCO LP (NASDAQ:CCLP) Files An 8-K Results of Operations and Financial Condition

CSI COMPRESSCO LP (NASDAQ:CCLP) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.

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On November 6, 2019, CSI Compressco LP (the “Partnership”), issued a news release announcing its financial results for the third quarter 2019. The news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information furnished in this Item 2.02 and in Exhibit 99.1 to this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 1, 2019, the board of directors of CSI Compressco GP Inc. (the “General Partner”), the general partner of the Partnership, appointed Brady M. Murphy as President of the General Partner, effective immediately.  Prior to such appointment, Mr. Murphy was acting as Interim President since May 17, 2019, as was previously disclosed in the Partnership’s Current Report on Form 8-K filed on May 20, 2019.  Mr. Murphy will continue to serve as a member of and as chairman of the board of directors of the General Partner.  

As an employee of TETRA Technologies, Inc. (“TETRA”), Mr. Murphy will not receive any compensation for serving as the President of the General Partner. There are no arrangements or understandings between Mr. Murphy and any other person to which he was selected to assume the duties and responsibilities of the General Partner’s principal executive officer. Mr. Murphy has no family relationship with any director or executive officer of the General Partner, Partnership or any person nominated or chosen by the General Partner to become a director or executive officer.

Mr. Murphy, 60, has served as Interim President of the General Partner since May 17, 2019, as the Chairman of the Board of the General Partner since May 3, 2019 and as a director of the General Partner since February 21, 2018. Mr. Murphy also has served as TETRA’s Chief Executive Officer since May 3, 2019, President from February 12, 2018 and he previously served as TETRA’s Chief Operating Officer from February 12, 2018 to May 3, 2019. Mr. Murphy has served as a director of TETRA since December 19, 2018. Prior to joining TETRA, Mr. Murphy served as chief executive officer of Paradigm Group B.V., a private company focused on strategic technologies for the upstream energy industry, from January 2017 until February 2018. Mr. Murphy previously served at Halliburton for 34 years and held numerous international and North America positions, including senior vice president – global business development and marketing from 2012 to December 2015, senior vice president – business development Eastern Hemisphere, and senior vice president – Europe/Sub-Saharan Africa region. Mr. Murphy received his B.S. degree in Chemical Engineering from Pennsylvania State University and is an alumnus of Harvard Business School’s Advanced Management Program.

For relationships among the Partnership, the General Partner, TETRA and its affiliates, please read Item 13 “Certain Relationships and Related Transactions, and Director Independence,” which is incorporated herein by reference to the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 4, 2019.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

CSI Compressco LP Exhibit
EX-99.1 2 cclp-ex991_6.htm EX-99.1 cclp-ex991_6.htm Exhibit 99.1 FOR IMMEDIATE RELEASE   CSI Compressco LP Announces Strong Third Quarter Results And Updates Total Year Financial Guidance   THE WOODLANDS,…
To view the full exhibit click here

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.

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