CSI Compressco LP (CCLP)

CSI Compressco LP was a master limited partnership that provided natural gas compression services and equipment to oil and gas producers and midstream companies. It owned and operated a fleet of compressor packages under service contracts, sold custom-built compression equipment, and offered aftermarket parts and services, with operations concentrated in major U.S. basins and some activity in Latin America.

The partnership traced its roots to Compressco Partners, which TETRA Technologies took public on the Nasdaq market in 2011. In 2014 Compressco Partners acquired Compressor Systems, Inc., a much larger compression business, and took the CSI Compressco name, trading under the CCLP symbol. TETRA served as general partner for several years before selling its general partner interest to an affiliate of Spartan Energy Partners in early 2021.

Like many energy MLPs, CSI Compressco carried a heavy debt load, and its unit price fell sharply in the late 2010s as distributions were cut. The partnership worked to refinance its notes and focus on larger horsepower equipment while generating cash flow from long-term compression contracts.

In December 2023 Kodiak Gas Services, a contract compression company that had gone public earlier that year, agreed to acquire CSI Compressco in an all-equity transaction, with CCLP unitholders receiving Kodiak stock. The deal closed on April 1, 2024, creating the largest contract compression fleet in the industry by Kodiak's description, with a heavier presence in the Permian Basin and Eagle Ford Shale. CCLP units were delisted following the closing.