Compressco sees rise in revenue
Compressco Partners LP expects revenues to reach as high as $137 million this year, with pretax profits ranging from $25 million to $29 million, the partnership announced Friday. President Ronald J. Foster said those figures represent an improvement over last year, driven by estimates of increased demand for Compressco's production enhancement services. “During much of 2012, we invested growth capital in anticipation of increasing demand forecasted for 2013,” Foster said. “We expect that this strategy will result in accelerated growth, particularly in Latin America.” He said Compressco also expects its quarterly distribution to reach at least 42 cents a unit in 2013. “Additional distribution increases during 2013 will be dependent on continued strong demand for our services in the markets we serve and our ability to successfully execute our growth strategies,” Foster said.