Compressco expands its reach
Oklahoma City-based Compressco Partners LP is putting its products to work in unconventional resource plays after low natural gas prices forced its core customers to curtail operations.
Each station is stocked with all of the necessary parts and tools; most are staffed by only one person, who can complete the appointed task in about four hours.
“We're actually building what the customers requested,” Sylvester said.
Foster said there is a large market for Compressco's services as the U.S. Energy Information Administration estimates there are about 300,000 wells that produce less than 300,000 cubic feet of gas a day, but many producers have shut in their gas wells because of low prices.
Foster said Compressco has found other ways for customers to use its products when natural gas prices drop by moving into areas that are home to unconventional operations.
He said that has helped Compressco increase its earnings.
This year's Oklahoma Inc. rankings show Compressco increased its earnings per share by more than 900 percent, good for second best among the state's publicly traded companies. Compressco finished No. 8 overall.
Foster said Compressco also is turning its attention to international markets. Four years ago, its products were sold only in North America, but now the company is active in Australia, Argentina and several countries in Europe.
“Wherever gas is worth something, we're there trying to increase production,” Foster said.
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