Compressco Partners, L.P.

CIK:0001449488|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 386,128	$ 353,398
Cost of revenues (excluding depreciation and amortization expense):
Total cost of revenues	210,456	197,566
Depreciation and amortization	77,409	78,231
Impairments and other charges	0	135
Selling, general, and administrative expense	47,552	42,563
Interest expense, net of capitalized interest of $18 in 2023 and $318 in 2022	53,899	49,481
Other (income) expense, net	2,519	2,904
Loss before taxes and discontinued operations	(5,707)	(17,482)
Provision for income taxes	3,773	4,786
Loss from continuing operations	(9,480)	(22,268)
Income (loss) from discontinued operations, net of taxes	0	173
Net loss	(9,480)	(22,095)
General partner interest in net loss	(44)	(104)
Common units interest in net loss	$ (9,436)	$ (21,991)
Basic and diluted net loss per common unit:
Loss from continuing operations per common unit, basic (in usd per share)	$ (0.07)	$ (0.16)
Loss from continuing operations per common unit, diluted (in usd per share)	(0.07)	(0.16)
Income (loss) from discontinued operations per common unit, basic (in usd per share)	0	0
Income (loss) from discontinued operations per common unit, diluted (in usd per share)	0	0
Net loss per common unit, basic (in usd per share)	(0.07)	(0.16)
Net loss per common unit, diluted (in usd per share)	$ (0.07)	$ (0.16)
Weighted average common units outstanding:
Basic (in shares)	141,900,481	141,109,230
Diluted (in shares)	141,900,481	141,109,230
Contract services
Revenues:
Total revenues	$ 284,049	$ 263,241
Cost of revenues (excluding depreciation and amortization expense):
Total cost of revenues	140,663	135,639
Aftermarket services
Revenues:
Total revenues	83,621	72,928
Cost of revenues (excluding depreciation and amortization expense):
Total cost of revenues	66,355	58,199
Equipment rentals
Revenues:
Total revenues	17,209	14,865
Cost of revenues (excluding depreciation and amortization expense):
Total cost of revenues	2,094	2,346
Equipment sales
Revenues:
Total revenues	1,249	2,364
Cost of revenues (excluding depreciation and amortization expense):
Total cost of revenues	$ 1,344	$ 1,382

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (9,480)	$ (22,095)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	77,409	78,231
Impairments and other charges	0	135
Provision (benefit) for deferred income taxes	343	376
Equity-based compensation expense, net	1,505	1,333
Provision (recovery) for credit losses	99	(407)
Amortization of deferred financing costs	182	318
Other non-cash charges and credits	279	95
Gain (loss) on sale of property, plant, and equipment	1,798	(961)
Changes in operating assets and liabilities:
Accounts receivable	6,480	(12,292)
Inventories	(6,027)	(17,563)
Prepaid expenses and other current assets	(1,055)	3,781
Accounts payable and accrued expenses	(9,028)	4,277
Other	(335)	316
Net cash provided by operating activities	62,170	35,544
Investing activities:
Purchases of property, plant, and equipment, net	(57,871)	(52,073)
Proceeds from sale of property, plant, and equipment	6,412	8,134
Net cash used in investing activities	(51,459)	(43,939)
Financing activities:
Proceeds from long-term debt	343,979	115,513
Payments of long-term debt	(349,409)	(113,360)
Distributions	(5,701)	(5,669)
Debt issuance costs and other financing activities	(104)	(343)
Equipment financing lease, net	(1,037)	14,129
Net cash provided by (used in) financing activities	(12,272)	10,270
Effect of exchange rate changes on cash	98	2
Increase (decrease) in cash and cash equivalents and restricted cash	(1,463)	1,877
Cash and cash equivalents at beginning of period	8,475	6,598
Cash and cash equivalents at end of period	7,012	8,475
Supplemental cash flow information:
Interest paid	53,399	47,272
Income taxes paid	3,748	6,559
Decrease (increase) in accrued capital expenditures	$ 5,304	$ (4,225)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,012	$ 8,475
Inventories	44,932	45,902
Prepaid expenses and other current assets	8,651	7,905
Total current assets	120,023	128,315
Property, plant, and equipment:
Land and building	7,241	7,227
Compressors and equipment	1,134,451	1,103,657
Vehicles	8,783	8,640
Construction in progress	34,880	37,183
Total property, plant, and equipment	1,185,355	1,156,707
Less accumulated depreciation	(666,075)	(611,734)
Net property, plant, and equipment	519,280	544,973
Other assets:
Deferred tax assets	17	3
Intangible assets, net of accumulated amortization of $39,586 in 2023 and $36,627 in 2022	16,181	19,140
Operating lease right-of-use assets	28,244	27,205
Other assets	3,291	2,767
Total other assets	47,733	49,115
Total assets	687,036	722,403
Current liabilities:
Accounts payable	21,996	34,589
Unearned income	2,525	2,590
Accrued liabilities and other	45,851	47,076
Current liabilities associated with discontinued operations	0	0
Total current liabilities	70,372	84,255
Other liabilities:
Long-term debt, net	628,587	634,016
Deferred tax liabilities	1,768	1,245
Operating lease liabilities	19,526	19,419
Other long-term liabilities	5,642	8,742
Total other liabilities	655,523	663,422
Commitments and contingencies
Partners’ capital:
General partner interest	(1,690)	(1,618)
Common units (141,995,028 units issued and outstanding at December 31, 2023 and 141,237,462 units issued and outstanding at December 31, 2022)	(22,855)	(9,250)
Accumulated other comprehensive loss	(14,314)	(14,406)
Total partners’ capital (deficit)	(38,859)	(25,274)
Total liabilities and partners’ capital	687,036	722,403
Nonrelated Party
Current assets:
Trade accounts receivable	58,648	65,085
Affiliate
Current assets:
Trade accounts receivable	$ 780	$ 948