OKLAHOMA CITY, Jan. 18, 2013 /PRNewswire/ -- Compressco Partners, L.P. (NASDAQ: GSJK) announced today that the board of directors of its general partner has declared a cash distribution attributable to the quarter ended December 31, 2012 of $0.42 per outstanding unit. This amount is an increase of $0.0225 per outstanding unit over the previous distribution of $0.3975 per outstanding unit. This cash distribution will be paid on February 15, 2013 to all unitholders of record as of the close of the business on February 1, 2013.
Ronald J. Foster, President of Compressco Partners, remarked, "We are very pleased that our strong 2012 performance has enabled us to increase our distribution for the second consecutive quarter. While this rate of increase in our distribution may not continue, we anticipate future distribution increases to correspond with the expected growth of our business."
In addition, Compressco Partners expects to release its full year 2012 earnings results on Tuesday, February 26, 2013 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 800/860-2442. 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 10023820, 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, including both conventional wellhead compression services and unconventional compression services, and in certain markets, 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, Eastern 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," "will," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "seeks," "goal," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that Compressco Partners intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning expected results of operations for 2012 and 2013, 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 the section titled "Item 1A. Risk Factors" contained in Compressco Partners' Annual Report on Form 10-K for the year ended December 31, 2011, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the 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.
SOURCE Compressco Partners, L.P.