OKLAHOMA CITY, July 11, 2014 /PRNewswire/ -- Compressco
Partners, L.P. (Compressco Partners or the Partnership) (NASDAQ:
GSJK) announced today that the board of directors of its general
partner has declared a cash distribution attributable to the
quarter ended June 30, 2014 of
$0.4525 per outstanding unit, or
$1.81 per outstanding unit on an
annualized basis. This amount is an increase of $0.0075 per outstanding unit over the previous
distribution of $0.445, and an
increase of $0.0275 per outstanding
unit over the distribution of $0.425
($1.70 on an annualized basis)
attributable to the second quarter of 2013. This cash distribution
will be paid on August 15, 2014 to
all unitholders of record as of the close of the business on
July 21, 2014.
Also on July 11, 2014 the board of
directors of the Partnership's general partner confirmed and
approved that, upon payment of the second quarter distribution, the
financial tests required for conversion of the outstanding
subordinated units into common units will have been met.
Accordingly, the Partnership's 6,273,970 subordinated units will
convert on a one-for-one basis into common units effective
August 18, 2014, the first business
day following the second quarter distribution. The conversion of
the subordinated units does not impact the amount of cash
distributions paid by the Partnership or the total number of
outstanding units of the Partnership. The subordinated units were
issued by the Partnership in connection with its initial public
offering in June of 2011.
In addition, Compressco Partners expects to release its second
quarter 2014 earnings results on Thursday,
August 7, 2014 and will host a conference call at
10:30 a.m. Eastern Time on that day
to discuss the earnings results. The phone number for the call is
877/870-4263. The conference will also be available by live audio
webcast and may be accessed through Compressco Partners' website at
www.compressco.com. The earnings press release will be available on
Compressco Partners' website prior to the conference call. A replay
of the call will be available at 877/344-7529, conference number
10049403, for one week following the conference, and the archived
webcast will be available through Compressco Partners' website for
thirty days following the conference.
Compressco Partners is a provider of compression-based
production enhancement services, which are used in both
conventional wellhead compression applications and unconventional
compression applications, and in certain circumstances, well
monitoring and sand separation services. Compressco Partners
provides services to a broad base of natural gas and oil
exploration and production companies operating throughout many of
the onshore producing regions of the
United States. Internationally, Compressco Partners has
significant operations in Mexico
and Canada and a growing presence
in certain countries in South
America, Europe, and the
Asia-Pacific region. Compressco
Partners is managed by Compressco Partners GP Inc., which is an
indirect, wholly owned subsidiary of TETRA Technologies, Inc.
(NYSE: TTI).
Forward Looking Statements
This press release includes certain statements that are deemed
to be forward-looking statements. Generally, the use of words such
as "may," "expect," "intend," "estimate," "projects," "anticipate,"
"believe," "assume," "could," "should," "plans," "targets," or
similar expressions that convey the uncertainty of future events,
activities, expectations, or outcomes identify forward-looking
statements. These forward-looking statements include statements
concerning expected results of operations for 2014, anticipated
activities by our customers, financial guidance, estimated
distributable cash, estimated earnings, earnings per unit, and
statements regarding Compressco Partners' beliefs, expectations,
plans, goals, future events, and performance, and other statements
that are not purely historical. These forward-looking statements
are based on certain assumptions and analyses made by Compressco
Partners in light of its experience and its perception of
historical trends, current conditions, expected future
developments, and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of risks and
uncertainties, many of which are beyond the control of Compressco
Partners. Investors are cautioned that any such statements are not
guarantees of future performances or results and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Some of the factors that could
affect actual results are described in Compressco Partners' Annual
Report on Form 10-K for the year ended December 31, 2013, as well as other risks
identified from time to time in its reports on Form 10-Q and Form
8-K filed with the U.S. Securities and Exchange Commission.
Compressco Partners undertakes no obligation to update or revise
any forward-looking statement to reflect new information or
events.
This press release serves as qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and
(d). Compressco Partners' distributions to foreign investors are
subject to federal tax withholding at the highest applicable
effective tax rate. Nominees are treated as withholding agents
responsible for withholding distributions received by them on
behalf of foreign investors.
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SOURCE Compressco Partners, L.P.