CSI Compressco LP is seeking a new president following Owen Serjeant’s July 22 resignation for personal reasons.
“CSI Compressco is a much stronger company today than it was when Owen joined it in the fourth quarter of 2017, thanks in part to his contributions,” said interim President Brady Murphy.
The Woodlands, Tex.-based firm has reported US$136 million in revenues for the second quarter of 2019, compared to US$103 million for the first quarter and US$100 million for the second quarter of last year. It attributed the increase primarily to new equipment sales and stronger aftermarket services activity.
The company had a net loss of US$2.9 million for the second quarter, an improvement from the US$12.5 million loss in the first quarter.
As of June 30, its fleet of 5300 packages totaled 1.15 million hp (857 MW) with a utilization rate of 89%. The company said it will add 107,000 hp (80 MW) this year, a 9.4% increase.
“We remain bullish on compression as the industry continues to require more equipment to handle increased gas production and the increasing trend for centralized gas lift,” Murphy said.
“As we continue our disciplined capital allocation policy, we are focusing our investments in new units to provide compression services to our core customers, who are major operators in key shale basins that require more equipment and compression services.”
Elijio Serrano, chief financial officer, said CSI Compressco particularly has tried to accommodate customers who want to supplement existing rental units in fields. “The key to making good progress in this business is to deploy equipment into clusters; (then) we don’t have to add incremental technicians and mechanics.”