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.
Ex-agent sentenced in fraud
Safiyyah Tahir Battles, formerly a real estate agent with T&T Realty in Oklahoma City, was sentenced Friday to 30 months in federal prison for mortgage fraud and money laundering, U.S. Attorney Sanford C. Coats said. A jury in June convicted Battles of using an interstate wire facility to defraud Saxon Mortgage in Fort Worth, Texas, and engaging in a monetary transaction with more than $10,000 from the proceeds of crime. U.S. District Judge Timothy D. DeGiusti also ordered Battles to pay restitution of $326,902 and a forfeiture judgment of $102,630. She will be required to serve two years on supervised release after her prison term, including 104 hours of community service.