Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35195 | |
Entity Registrant Name | CSI Compressco LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3450907 | |
Entity Address, Address Line One | 24955 Interstate 45 North | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 364-2244 | |
Title of 12(b) Security | COMMON UNITS REPRESENTING LIMITED PARTNERSHIP INTERESTS | |
Trading Symbol | CCLP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock Shares Outstanding | 47,971,240 | |
Entity Central Index Key | 0001449488 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 69,758 | $ 72,770 | $ 135,468 | $ 158,205 |
Cost of revenues | 38,585 | 39,532 | 74,845 | 89,268 |
Depreciation and amortization | 18,997 | 19,880 | 37,527 | 39,550 |
Impairments and other charges | 0 | 8,874 | 0 | 8,874 |
Insurance recoveries associated with damaged equipment | 0 | (517) | 0 | (517) |
Selling, general and administrative expense | 9,116 | 9,241 | 18,710 | 18,331 |
Interest expense, net | 13,932 | 13,580 | 27,830 | 26,749 |
Other (income) expense, net | (97) | 4,403 | 227 | 4,843 |
Loss before taxes and discontinued operations | (10,775) | (22,223) | (23,671) | (28,893) |
Provision for income taxes | 1,019 | 961 | 2,526 | 1,157 |
Loss from continuing operations | (11,794) | (23,184) | (26,197) | (30,050) |
Loss from discontinued operations, net of tax | (291) | (1,394) | (353) | (8,158) |
Net loss | (12,085) | (24,578) | (26,550) | (38,208) |
General partner interest in net loss | (168) | (345) | (370) | (537) |
Common units interest in net loss | $ (11,917) | $ (24,233) | $ (26,180) | $ (37,671) |
Basic and diluted net loss per common unit: | ||||
Loss from continuing operations per common unit (in dollars per share) | $ (0.24) | $ (0.48) | $ (0.54) | $ (0.62) |
Income (loss) from discontinued operations per common unit (in dollars per share) | (0.01) | (0.03) | (0.01) | (0.17) |
Net loss per common unit (in dollars per share) | $ (0.25) | $ (0.51) | $ (0.55) | $ (0.79) |
Weighted average common units outstanding: | ||||
Basic (in shares) | 47,971,240 | 47,333,256 | 47,848,240 | 47,254,516 |
Diluted (in shares) | 47,971,240 | 47,333,256 | 47,848,240 | 47,254,516 |
Compression and related services | ||||
Revenues | $ 55,329 | $ 56,284 | $ 109,568 | $ 122,049 |
Cost of revenues | 26,597 | 25,395 | 53,023 | 57,003 |
Aftermarket services | ||||
Revenues | 14,289 | 15,737 | 25,290 | 33,707 |
Cost of revenues | 11,959 | 13,433 | 21,476 | 29,678 |
Equipment sales | ||||
Revenues | 140 | 749 | 610 | 2,449 |
Cost of revenues | $ 29 | $ 704 | $ 346 | $ 2,587 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (12,085) | $ (24,578) | $ (26,550) | $ (38,208) |
Foreign currency translation, net of tax | 81 | 177 | 138 | (176) |
Comprehensive loss | $ (12,004) | $ (24,401) | $ (26,412) | $ (38,384) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,305 | $ 16,577 |
Trade accounts receivable, net of allowances for doubtful accounts | 52,173 | 43,837 |
Inventory, Net | 32,418 | 31,188 |
Prepaid expenses and other current assets | 7,556 | 5,184 |
Current assets associated with discontinued operations | 1 | 39 |
Total current assets | 100,453 | 96,825 |
Property, plant, and equipment: | ||
Land and building | 13,246 | 13,259 |
Compressors and equipment | 989,475 | 975,375 |
Vehicles | 7,611 | 7,692 |
Construction in progress | 8,407 | 12,763 |
Total property, plant, and equipment | 1,018,739 | 1,009,089 |
Less accumulated depreciation | (490,212) | (457,688) |
Net property, plant, and equipment | 528,527 | 551,401 |
Other assets: | ||
Intangible assets, net of accumulated amortization | 23,576 | 25,057 |
Operating Lease, Right-of-Use Asset | 28,730 | 32,637 |
Deferred tax asset | 10 | 10 |
Deferred Costs and Other Assets | 3,710 | 4,036 |
Total other assets | 56,026 | 61,740 |
Total assets | 685,006 | 709,966 |
Current liabilities: | ||
Accounts payable | 20,382 | 19,766 |
Accrued liabilities and other | 36,705 | 36,070 |
Amounts payable to affiliates | 3,274 | 3,234 |
Current liabilities associated with discontinued operations | 164 | 345 |
Total current liabilities | 60,525 | 59,415 |
Other liabilities: | ||
Long-term debt, net | 641,471 | 638,631 |
Deferred tax liabilities | 2,535 | 1,478 |
Due to Related Parties, Noncurrent | 11,296 | 0 |
Operating Lease, Liability, Noncurrent | 20,529 | 24,059 |
Other long-term liabilities | 558 | 11,716 |
Total other liabilities | 676,389 | 675,884 |
Commitments and Contingencies | ||
Partners' capital: | ||
General partner interest | (1,269) | (885) |
Common units | 36,384 | 10,055 |
Accumulated other comprehensive income (loss) | (14,255) | (14,393) |
Total partners' capital | (51,908) | (25,333) |
Total liabilities and partners' capital | $ 685,006 | $ 709,966 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Trade accounts receivable, allowances for doubtful accounts | $ 1,040 | $ 1,333 |
Patents, trademarks, and other intangible assets, accumulated amortization | $ 32,192 | $ 30,711 |
Partners' capital: | ||
Common units issued and outstanding | 47,971,240 | 47,352,291 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | General Partner [Member] | Common Unitholders | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2019 | $ 48,991 | $ 180 | $ 63,384 | $ (14,573) |
Beginning balance, units at Dec. 31, 2019 | 47,079 | |||
Partners' capital rollforward | ||||
Net loss | (13,630) | (192) | $ (13,438) | |
Distributions | (478) | (7) | (471) | |
Equity compensation | 229 | $ 229 | ||
Vesting of phantom units (units) | 213 | |||
Other comprehensive income (loss) | (353) | (353) | ||
Ending balance at Mar. 31, 2020 | 34,759 | (19) | $ 49,704 | (14,926) |
Ending balance, units at Mar. 31, 2020 | 47,292 | |||
Beginning balance at Dec. 31, 2019 | 48,991 | 180 | $ 63,384 | (14,573) |
Beginning balance, units at Dec. 31, 2019 | 47,079 | |||
Partners' capital rollforward | ||||
Net loss | (38,208) | |||
Ending balance at Jun. 30, 2020 | 10,330 | (371) | $ 25,450 | (14,749) |
Ending balance, units at Jun. 30, 2020 | 47,344 | |||
Beginning balance at Mar. 31, 2020 | 34,759 | (19) | $ 49,704 | (14,926) |
Beginning balance, units at Mar. 31, 2020 | 47,292 | |||
Partners' capital rollforward | ||||
Net loss | (24,578) | (345) | $ (24,233) | |
Distributions | (480) | (7) | (473) | |
Equity compensation | 452 | $ 452 | ||
Vesting of phantom units (units) | 52 | |||
Other comprehensive income (loss) | 177 | 177 | ||
Ending balance at Jun. 30, 2020 | 10,330 | (371) | $ 25,450 | (14,749) |
Ending balance, units at Jun. 30, 2020 | 47,344 | |||
Beginning balance at Dec. 31, 2020 | (25,333) | (885) | $ (10,055) | (14,393) |
Beginning balance, units at Dec. 31, 2020 | 47,352 | |||
Partners' capital rollforward | ||||
Net loss | (14,465) | (202) | $ (14,263) | 0 |
Distributions | (484) | (7) | (477) | 0 |
Equity compensation | 474 | 0 | $ 474 | 0 |
Vesting of phantom units (units) | 619 | |||
Other comprehensive income (loss) | 57 | 0 | $ 0 | 57 |
Acquisition of affiliate from TETRA | (141) | (141) | ||
Ending balance at Mar. 31, 2021 | (39,892) | (1,094) | $ (24,462) | (14,336) |
Ending balance, units at Mar. 31, 2021 | 47,971 | |||
Beginning balance at Dec. 31, 2020 | (25,333) | (885) | $ (10,055) | (14,393) |
Beginning balance, units at Dec. 31, 2020 | 47,352 | |||
Partners' capital rollforward | ||||
Net loss | (26,550) | |||
Ending balance at Jun. 30, 2021 | (51,908) | (1,269) | $ (36,384) | (14,255) |
Ending balance, units at Jun. 30, 2021 | 47,971 | |||
Beginning balance at Mar. 31, 2021 | (39,892) | (1,094) | $ (24,462) | (14,336) |
Beginning balance, units at Mar. 31, 2021 | 47,971 | |||
Partners' capital rollforward | ||||
Net loss | (12,085) | (168) | $ (11,917) | 0 |
Distributions | (487) | (7) | (480) | 0 |
Equity compensation | 475 | 0 | $ 475 | 0 |
Vesting of phantom units (units) | 0 | |||
Other comprehensive income (loss) | 81 | 0 | $ 0 | 81 |
Ending balance at Jun. 30, 2021 | $ (51,908) | $ (1,269) | $ (36,384) | $ (14,255) |
Ending balance, units at Jun. 30, 2021 | 47,971 |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Partners' Capital [Abstract] | ||||
Distributions | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Tax on translation adjustment | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (26,550) | $ (38,208) |
Reconciliation of net income to cash provided by operating activities: | ||
Depreciation and amortization | 37,527 | 40,025 |
Impairments and other charges | 0 | 14,348 |
Provision (benefit) for deferred income taxes | 1,007 | 409 |
Insurance recoveries associated with damaged equipment | 0 | (517) |
Equity compensation expense | 1,310 | 812 |
Provision for doubtful accounts | 46 | 593 |
Amortization of deferred financing costs | 275 | 1,356 |
Equipment received in lieu of cash | 0 | 725 |
Debt exchange expenses | 0 | 4,755 |
Other non-cash charges and credits | (40) | (157) |
(Gain) Loss on sale of property, plant, and equipment | (207) | (443) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,252) | 13,903 |
Inventories | (4,223) | 7,817 |
Prepaid expenses and other current assets | (2,642) | (2,267) |
Accounts payable and accrued expenses | 2,198 | (24,566) |
Other | (521) | (405) |
Net cash provided by operating activities | (72) | 18,180 |
Investing activities: | ||
Purchases of property, plant, and equipment, net | (10,232) | (11,249) |
Proceeds from sale of property, plant, and equipment | 383 | 3,641 |
Insurance recoveries associated with damaged equipment | 0 | 517 |
Acquisition of affiliate from TETRA, net of cash acquired | 420 | 0 |
Advances and other investing activities | (112) | 0 |
Net cash used in investing activities | (9,541) | (7,091) |
Financing activities: | ||
Proceeds from long-term debt | 4,916 | 271,831 |
Payments of long-term debt | (2,154) | (273,853) |
Distributions | (971) | (958) |
Financing costs | (61) | (2,207) |
Payments to affiliate | (356) | (1,507) |
Net cash used in financing activities | 1,374 | (6,694) |
Effect of exchange rate changes on cash | (33) | (8) |
Increase (decrease) in cash and cash equivalents and restricted cash | (8,272) | 4,387 |
Cash and cash equivalents at beginning of period | 16,577 | 2,370 |
Cash and cash equivalents and restricted cash at end of period | 8,305 | 6,757 |
Supplemental cash flow information: | ||
Interest paid | 23,624 | 29,083 |
Income taxes paid | 2,023 | 644 |
Decrease in accrued capital expenditures | 208 | 1,421 |
Paid-in-kind interest | $ 2,750 | $ 0 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, Business Description and Accounting Policies | ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization CSI Compressco LP, a Delaware limited partnership, is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. We also provide aftermarket services and compressor package parts and components manufactured by third-party suppliers. We provide compression services and equipment to a broad base of natural gas and oil exploration and production, midstream, and transmission companies operating throughout many of the onshore producing regions of the United States as well as in a number of international locations, including the countries of Mexico, Canada, and Argentina. Previously, our equipment sales business included our new unit sales business that consisted of the fabrication and sale of new standard and custom-designed, engineered compressor packages fabricated primarily at our facility in Midland, Texas that were used to provide compression services or sold to our customers. In the fourth quarter of 2020, we fully exited the new unit sales business and we have reflected these operations as discontinued operations for all periods presented. See Note 2 – “Discontinued Operations.” Used equipment sales revenue continues to be included in equipment sales revenue. Unless the context requires otherwise, when we refer to “the Partnership,” “we,” “us,” and “our,” we are describing CSI Compressco LP and its wholly owned subsidiaries. Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. In the opinion of our management, our unaudited consolidated financial statements as of June 30, 2021, and for the three and six-month periods ended June 30, 2021 and 2020, include all normal recurring adjustments that are necessary to provide a fair statement of our results for these interim periods. Operating results for the three and six-month period ended June 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 4, 2021. Segments Our General Partner has concluded that we operate in one business segment. Significant Accounting Policies Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K . There have been no significant changes in our accounting policies or the application thereof during the three months ended June 30, 2021. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications Certain previously reported financial information has been reclassified to present our new unit sales business as discontinued operations. See Note 2 – “Discontinued Operations” for further information. In addition, certain previously reported financial information has been reclassified to conform to the current year’s presentation. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Cash Equivalents We consider all highly liquid cash investments with maturities of three months or less when purchased to be cash equivalents. Foreign Currencies Accumulated other comprehensive income (loss) is included in partners’ capital in the accompanying consolidated balance sheets and consists of the cumulative currency translation adjustments associated with our international operations. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.5) million and $(0.1) million during the three and six-month periods ended June 30, 2021, respectively, and $(0.3) million and $1.4 million during the three and six- month periods ended June 30, 2020 , respectively. Inventories Inventories consist primarily of compressor package parts and supplies and work in process and are stated at the lower of cost or net realizable value. For parts and supplies, cost is determined using the weighted average cost method. The cost of work in progress is determined using the specific identification method. Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically, when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. There were no impairments attributed to continuing operations recorded during the three and six-month periods ended June 30, 2021 . See Note 4 - "Impairments and Other Charges" for additional discussion of recorded impairments during the three and six-month periods ended June 30, 2020. Income Taxes Our operations are not subject to U.S. federal income tax other than the operations that are conducted through taxable subsidiaries. We incur state and local income taxes in certain areas of the U.S. in which we conduct business. We incur income taxes and are subject to withholding requirements related to certain of our operations in Latin America, Canada, and other foreign countries in which we operate. Furthermore, we also incur Texas Margin Tax, which, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, is classified as an income tax for reporting purposes. A portion of the carrying value of certain deferred tax assets is subject to a valuation allowance. Earnings Per Common Unit Our computations of earnings per common unit are based on the weighted average number of common units outstanding during the applicable period. Basic earnings per common unit are determined by dividing net income (loss) allocated to the common units after deducting the amount allocated to our General Partner (including any distributions to our General Partner on its incentive distribution rights) by the weighted average number of outstanding common units during the period. When computing earnings per common unit under the two class method in periods when distributions are greater than earnings, the amount of the distribution is deducted from net income (loss) and the excess of distributions over earnings is allocated between the General Partner and common units based on how our Partnership Agreement allocates net losses. Diluted earnings per common unit are computed using the treasury stock method, which considers the potential future issuance of limited partner common units. Unvested phantom units are not included in basic earnings per common unit, as they are not considered to be participating securities, but are included in the calculation of diluted earnings per common unit. For the three and six-month periods ended June 30, 2021 and June 30, 2020, all unvested phantom units were excluded from the calculation of diluted common units because the impact was anti-dilutive. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements were utilized in the determination of the carrying value of our Series A Preferred Units (a Level 3 fair value measurement). We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward purchase and sale derivative contracts. For these fair value measurements, we utilize the quoted value (a Level 2 fair value measurement). Refer to Note 8 – “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis, such as in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets (a Level 3 fair value measurement) and for the impairment of long-lived assets (a Level 3 fair value measurement). Distributions On January 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended December 31, 2020 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution was paid on February 12, 2021, to each of the holders of common units of record as of the close of business on January 29, 2021. On April 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended March 31, 2021 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution was paid on May 14, 2021 to each of the holders of common units of record as of the close of business on April 30, 2021. New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairments will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 will be effective for us in the first quarter of 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments were effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of June 30, 2021, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On July 2, 2020, we completed the sale of our Midland manufacturing facility. The Midland facility was used to design, fabricate and assemble new standard and customized compressor packages for our new unit sales business. In connection with the Midland manufacturing facility sale, we entered into an agreement with the buyer to continue to operate a portion of the facility, which allowed us to close out the remaining backlog for the new unit sales business and to continue to operate our aftermarket services business at that location for an interim period. Following completion of the last unit in October 2020, we ceased fabricating new compressor packages for sales to third parties or for our own service fleet. The operations associated with the new unit sales business were previously reported in equipment sales revenues and are now reflected as discontinued operations in our financial statements for all periods presented. Used equipment sales revenue continues to be included in equipment sales revenue. A summary of financial information related to our discontinued operations for the new unit sales business is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Income (Loss) from Discontinued Operations (in thousands) Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue $ — $ 23,643 $ — $ 28,487 Cost of revenues (13) 23,711 9 28,528 Depreciation, amortization, and accretion — 237 — 475 Impairments of long-lived assets — 103 5,474 General and administrative expense 304 931 344 2,097 Total pretax loss from discontinued operations (291) (1,339) (353) (8,087) Income tax provision — 55 — 71 Total loss from discontinued operations $ (291) $ (1,394) $ (353) $ (8,158) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) June 30, 2021 December 31, 2020 Carrying amounts of major classes of assets included as part of discontinued operations Inventories $ 1 $ 32 Other Current Assets — 7 Current assets of discontinued operations $ 1 $ 39 Carrying amounts of major classes of liabilities included as part of discontinued operations Accrued liabilities $ 164 $ 345 Current liabilities of discontinued operations $ 164 $ 345 |
Revenue from Contract with Cust
Revenue from Contract with Customers (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS As of June 30, 2021 , we had $43.7 million of remaining contractual performance obligations for compression services. As a practical expedient, thi s amount does not include revenue for compression service contracts whose original expected duration is less than twelve months an d does not consider the effects of the time value of money . Expected revenue to be recognized in the future as of June 30, 2021 for completion of performance obligations of compression service contracts are as follows: 2021 2022 2023 2024 Thereafter Total (In Thousands) Compression service contracts remaining performance obligations $ 20,926 $ 18,012 $ 4,571 $ 130 $ 14 $ 43,653 Our contract asset balances included in trade accounts receivable in our consolidated balance sheets, primarily associated with revenue accruals prior to invoicing, were $11.0 million and $6.8 million as of June 30, 2021 and December 31, 2020, respectively. The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Six Months Ended 2021 2020 (In Thousands) Unearned income, beginning of period $ 269 $ 283 Additional unearned income 398 4,345 Revenue recognized (248) (1,472) Unearned income, end of period $ 419 $ 3,156 Unearned income is included in accrued liabilities and other on the consolidated balance sheets. As of June 30, 2021 and December 31, 2020, contract costs were immaterial. Disaggregated revenue from contracts with customers by geography is as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Compression and related services United States $ 46,634 $ 49,032 $ 92,620 $ 106,307 International 8,695 7,252 16,948 15,742 55,329 56,284 109,568 122,049 Aftermarket services United States 13,451 15,427 24,264 32,712 International 838 310 1,026 995 14,289 15,737 25,290 33,707 Equipment sales United States 115 482 586 1,676 International 25 267 24 773 140 749 610 2,449 Total Revenue United States 60,200 64,941 117,470 140,695 International 9,558 7,829 17,998 17,510 $ 69,758 $ 72,770 $ 135,468 $ 158,205 |
Impairments and Other Charges
Impairments and Other Charges | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Impairments and Other Charges | IMPAIRMENTS AND OTHER CHARGESDuring the second quarter of 2020, primarily as a result of continued negative impacts on our compression fleet associated with the COVID-19 pandemic and declines in oil and gas prices, we recorded impairments and other charges of approximately $9.0 million associated with non-core used compressor equipment that we had held for sale, the low horsepower class of our compression fleet, and field inventory for compression and related services. Fair value used to determine impairments was estimated based on a market approach. There were no such impairments in 2021. |
Inventories Inventories (Notes)
Inventories Inventories (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Components of inventories as of June 30, 2021 and December 31, 2020, are as follows: June 30, 2021 December 31, 2020 (In Thousands) Parts and supplies $ 29,314 $ 28,483 Work in progress 3,104 2,705 Total inventories $ 32,418 $ 31,188 Inventories |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS Long-term debt consists of the following: Scheduled Maturity June 30, 2021 December 31, 2020 (In Thousands) Credit Agreement (1) June 29, 2023 $ — $ — 7.25% Senior Notes (2) August 15, 2022 80,220 80,001 7.50% First Lien Notes (3) April 2025 399,658 399,655 10.00%/10.75% Second Lien Notes (4) April 2026 161,593 158,975 Total long-term debt $ 641,471 $ 638,631 (1) Because there was no outstanding balance on the Credit Agreement, associated deferred financing costs of $0.5 million as of June 30, 2021 and $0.6 million as of December 31, 2020 were classified as other long-term assets on the accompanying consolidated balance sheet. (2) Net of the unamortized discount of $0.2 million as of June 30, 2021 and $0.3 million as of December 31, 2020 and unamortized deferred financing costs of $0.3 million as of June 30, 2021 and $0.4 million as of December 31, 2020. (3) Net of the unamortized deferred financing costs of $4.6 million as of June 30, 2021 and $5.2 million as of December 31, 2020, net of the unamortized discount of $0.2 million as of June 30, 2021 and $0.2 million as of December 31, 2020, and net of deferred restructuring gain of $4.5 million as of June 30, 2021 and $5.0 million as of December 31, 2020. (4) Net of the unamortized discount of $0.7 million as of June 30, 2021 and $0.7 million as of December 31, 2020, and net of unamortized deferred financing costs of $1.1 million as of June 30, 2021 and $1.2 million as of December 31, 2020, and net of deferred restructuring gain of $3.4 million as of June 30, 2021 and $3.7 million as of December 31, 2020. Our Credit Agreement and Senior Note agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. We are in compliance with all covenants of our credit and senior note agreements as of June 30, 2021. See Note 7 – “Related Party Transactions,” for a discussion of our amounts payable to affiliates and long-term affiliate payable to Spartan Energy Partners LP (“Spartan”). Credit Agreement In June 2020, the Partnership amended the Loan and Security Agreement dated June 29, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement provides for maximum revolving credit commitments of $35.0 million and includes a $5.0 million reserve, which results in reduced borrowing availability. The Credit Agreement includes a $25.0 million sublimit for letters of credit. Additionally, on January 29, 2021, the Partnership further amended the Credit Agreement to temporarily increase the size of the reserve to $10.0 million and also required that Spartan backstop all of the Partnership’s outstanding letters of credit. These temporary restrictions expired on April 30, 2021. On April 30, 2021, the required reserve on our Credit Agreement was reduced to $5.0 million and Spartan’s backstop for the Partnership’s outstanding letters of credits was released. As of June 30, 2021, we had no balance outstanding under the Credit Agreement and $2.1 million of letters of credit against our Credit Agreement. Subject to compliance with the covenants, borrowing base, and other provisions of the agreements that may limit borrowings under the Credit Agreement, we had availability of $17.1 million as of June 30, 2021. Borrowings under the credit facility are subject to the applicable margin related to (i) LIBOR Rate Loans (as defined in the Credit Agreement) between 3.00% and 3.50% and (ii) Base Rate Loans (as defined in the Credit Agreement) between 2.00% and 2.50%. The commitment fee in respect of the unutilized commitments under the Credit Agreement is 0.50%. Notes We may from time to time seek to retire or purchase certain amounts of our outstanding senior notes through cash purchases, in open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. 7.25% Senior Notes due 2022 As of June 30, 2021, our 7.25% Senior Notes due 2022 (the “Senior Notes”) had $80.2 million outstanding net of unamortized discounts and unamortized deferred financing costs. Interest on these notes is payable on February 15 and August 15 of each year. The Senior Notes are unsecured obligations, and are guaranteed on an unsecured basis by the Partnership’s subsidiaries that guarantee the Credit Agreement. Our Senior Notes are jointly and severally, and fully and unconditionally, guaranteed by each of the Partnership’s domestic restricted subsidiaries (other than CSI Compressco Finance Inc. “Finance Corp”) that guarantee the Partnership’s other indebtedness (collectively, the "Guarantor Subsidiaries”). The Senior Notes indenture includes customary provisions for the release of the guarantees by the Guarantor Subsidiaries upon the occurrence of certain allowed events including the release of a guarantor under our revolving credit facility. 7.50% First Lien Notes due 2025 As of June 30, 2021, our First Lien Notes had $399.7 million outstanding net of unamortized discounts, unamortized deferred financing costs and deferred restructuring gains. Interest on these notes is payable on April 1 and October 1 of each year. The First Lien Notes are secured by a first-priority security interest in substantially all of the Partnership’s and its subsidiaries assets, subject to certain permitted encumbrances and exceptions, and are guaranteed on a senior secured basis by each of the Partnership’s U.S. restricted subsidiaries (other than Finance Corp, certain immaterial subsidiaries and certain other excluded U.S. subsidiaries). 10.000%/10.750% Second Lien Notes due 2026 As of June 30, 2021, our Second Lien Notes had $161.6 million outstanding, net of unamortized discounts, unamortized deferred financing costs and deferred restructuring gains. Interest on the Second Lien Notes is payable on April 1 and October 1 of each year. The Second Lien Notes are secured by a second-priority security interest in substantially all of the Partnership’s and its subsidiaries assets, subject to certain permitted encumbrances and exceptions, and are guaranteed on a senior secured basis by each of the Partnership’s U.S. restricted subsidiaries (other than Finance Corp and certain other excluded U.S. subsidiaries). In connection with the payment of PIK Interest (as defined below), if any, in respect of the Second Lien Notes, the issuers will be entitled to increase the outstanding aggregate principal amount of the Second Lien Notes or issue additional notes (“PIK notes”) under the Second Lien Notes indenture on the same terms and conditions as the already outstanding Second Lien Notes. Interest will accrue at (1) the annual rate of 7.250% payable in cash, plus (2) at the election of the Issuers (made by delivering a notice to the Second Lien Trustee not less than five business days prior to the record date), the annual rate of (i) 2.750% payable in cash (together with the annual rate set forth in clause (1), the “Cash Interest Rate”) or (ii) 3.500% payable by increasing the principal amount of the outstanding Second Lien Notes or by issuing additional PIK notes, in each case rounding up to the nearest $1.00 (such increased principal amount or additional PIK notes, the “PIK Interest”). The indentures governing our First Lien Notes and Second Lien Notes contain customary covenants restricting our ability and the ability of our restricted subsidiaries to: (i) pay distributions on, purchase, or redeem our common units, make certain investments and other restricted payments, or purchase or redeem any subordinated debt; (ii) incur or guarantee additional indebtedness or issue certain kinds of preferred equity securities; (iii) create or incur certain liens securing indebtedness; (iv) sell assets, including dispositions of the collateral securing our First Lien Notes and Second Lien Notes; (v) consolidate, merge, or transfer all or substantially all of our assets; (vi) enter into transactions with affiliates; and (vii) enter into agreements that restrict distributions or other payments from our restricted subsidiaries to us. Our Second Lien Notes indenture further restricts our ability to make distributions in respect of our common units in any amount exceeding $0.04 per common unit per year, unless such increased distribution is funded by proceeds from an equity offering. These covenants are subject to a number of important limitations and exceptions, including certain provisions permitting us, subject to the satisfaction of certain conditions, to transfer assets to certain of our unrestricted subsidiaries. The indentures also contain customary events of default and acceleration provisions relating to events of default, which provide that upon an event of default under the indentures, the Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding First Lien Notes and Second Lien Notes may declare all of the First Lien Notes and Second Lien Notes to be due and payable immediately. During the fourth quarter of 2020 and the second quarter of 2021, the Partnership elected to increase the principal amount outstanding through the issuance of PIK notes. As of June 30, 2021, our principal amount outstanding included $4.4 million of PIK notes. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS On January 29, 2021, Spartan acquired from TETRA the Partnership’s General Partner, IDRs and 10.95 million common units in the Partnership (the “GP Sale”). The Partnership did not issue any common units or incur any debt as a result of the transaction. TETRA retained 5.2 million common units of the Partnership. Omnibus Agreement Under the terms of the Omnibus Agreement, our General Partner provided all personnel and services reasonably necessary to manage our operations and conduct our business (other than in Mexico, Canada, and Argentina), and certain of TETRA’s Latin American-based subsidiaries provided personnel and services necessary for the conduct of certain of our Latin American-based businesses. In addition, under the Omnibus Agreement, TETRA provided certain corporate and general and administrative services as requested by our General Partner, including, without limitation, legal, accounting and financial reporting, treasury, insurance administration, claims processing and risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, and tax services. Pursuant to the Omnibus Agreement, we reimbursed our General Partner and TETRA for services they provide to us. Upon the closing of the GP Sale, the Omnibus Agreement terminated in accordance with its terms. Beginning in February 2021, we reimburse our General Partner under the terms of our partnership agreement for any expenses and expenditures incurred or payments made on our behalf, including, operating expenses related to our operations and for the provision of various general and administrative services for our benefit. Transition Services Agreement TETRA will continue to provide back-office support to the Partnership under a Transition Services Agreement for a period of time until the Partnership has completed a full separation from TETRA’s back-office support functions. Spartan and General Partner Ownership As of June 30, 2021, Spartan’s ownership interest in us was approximately 23%, with the common units held by the public representing an approximate 65% interest in us. Other Sources of Financing In February 2019, we entered into a transaction with TETRA whereby TETRA agreed to fund the construction of and purchase from us of up to $15.0 million of new compression services equipment and to subsequently lease the equipment back to us in exchange for a monthly rental fee. As of November 30, 2020, pursuant to this arrangement, $14.8 million had been funded by TETRA for the construction of new compressor services equipment and all compression units were completed and deployed under this agreement. In December 2020, TETRA sold these compressors and assigned the corresponding leases to Spartan. As of June 30, 2021, the financing obligation owed to Spartan was $10.6 million and is included in amounts payable to affiliates and long-term affiliate payable in our consolidated balance sheet as of June 30, 2021. The balances were included in accrued liabilities and other and other long-term liabilities in our consolidated balance sheet as of December 31, 2020. Imputed interest expense recognized for the three and six-month period ended June 30, 2021 was $0.6 million and $1.2 million, respectively . Mexico Payroll Affiliate In January 2021, the Partnership entered into an agreement to purchase a TETRA-owned entity, which administers payroll in Mexico, for consideration of approximately $0.4 million. The difference between the fair value of the affiliate and TETRA’s historic carrying value of the affiliates’ net assets was recorded as a capital distribution. The associated liability was paid in April 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined by ASC Topic 820 as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. Under U.S. GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. Financial Instruments Derivative Contracts We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. We enter into 30-day foreign currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of June 30, 2021, we had the following foreign currency derivative contract outstanding relating to a portion of our foreign operations: Derivative contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 5,984 19.97 July 2, 2021 Under a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries, we may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as economic hedges of the cash flow of our currency exchange risk exposure, they will not be formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. The fair values of our foreign currency derivative contracts are based on quoted market values (a Level 2 fair value measurement). None of our foreign currency derivative instruments contains credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the three and six-month periods ended June 30, 2021, we recognized $0.2 million and $0.1 million, respectively, of net (gains) losses associated with our foreign currency derivatives program. During the three and six-month periods ended June 30, 2020, we recognized $0.3 million and $(1.1) million, respectively, of net (gains) losses associated with our foreign currency derivatives programs. These amounts are included in other (income) expense, net, in the accompanying consolidated statement of operations. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on recent trades for these notes. The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) 7.25% Senior Notes $ 80,722 $ 80,117 $ 80,722 $ 67,274 7.50% First Lien Notes 400,000 407,200 400,000 369,680 10.000%/10.750% Second Lien Notes 159,919 147,125 157,162 114,728 $ 640,641 $ 634,442 $ 637,884 $ 551,682 Other |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As a partnership, we are generally not subject to income taxes at the entity level because our income is included in the tax returns of our partners. Our operations are treated as a partnership for federal tax purposes with each partner being separately taxed on its share of taxable income. However, a portion of our business is conducted through taxable U.S. corporate subsidiaries. Accordingly, a U.S. federal and state income tax provision has been reflected in the accompanying statements of operations. Certain of our operations are located outside of the U.S., and the Partnership, through its foreign subsidiaries, is responsible for income taxes in these countries. Our effective tax rate for the six-month period ended June 30, 2021, was negative 10.7% primarily attributable to taxes in certain foreign jurisdictions and Texas gross margin taxes combined with losses generated in entities for which no related tax benefit has been recorded. Included in our deferred tax assets are net operating loss carryforwards and tax credits that are available to offset future income tax liabilities in the U.S. as well as in certain foreign jurisdictions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. While the outcome of any lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse effect on our financial condition, results of operations, |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended June 30, 2021 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution will be paid on August 13, 2021 to each of the holders of common units of record as of the close of business on July 30, 2021. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Nature of Operations [Text Block] | Organization CSI Compressco LP, a Delaware limited partnership, is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. We also provide aftermarket services and compressor package parts and components manufactured by third-party suppliers. We provide compression services and equipment to a broad base of natural gas and oil exploration and production, midstream, and transmission companies operating throughout many of the onshore producing regions of the United States as well as in a number of international locations, including the countries of Mexico, Canada, and Argentina. Previously, our equipment sales business included our new unit sales business that consisted of the fabrication and sale of new standard and custom-designed, engineered compressor packages fabricated primarily at our facility in Midland, Texas that were used to provide compression services or sold to our customers. In the fourth quarter of 2020, we fully exited the new unit sales business and we have reflected these operations as discontinued operations for all periods presented. See Note 2 – “Discontinued Operations.” Used equipment sales revenue continues to be included in equipment sales revenue. Unless the context requires otherwise, when we refer to “the Partnership,” “we,” “us,” and “our,” we are describing CSI Compressco LP and its wholly owned subsidiaries. | |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of compressor package parts and supplies and work in process and are stated at the lower of cost or net realizable value. For parts and supplies, cost is determined using the weighted average cost | |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically, when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. There were no impairments attributed to continuing operations recorded during the three and six-month periods ended June 30, 2021 . See Note 4 - "Impairments and Other Charges" for additional discussion of recorded impairments during the three and six-month periods ended June 30, 2020. | |
Consolidation policy | Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. In the opinion of our management, our unaudited consolidated financial statements as of June 30, 2021, and for the three and six-month periods ended June 30, 2021 and 2020, include all normal recurring adjustments that are necessary to provide a fair statement of our results for these interim periods. Operating results for the three and six-month period ended June 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 4, 2021. | |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. | |
Foreign currencies policy | Foreign Currencies Accumulated other comprehensive income (loss) is included in partners’ capital in the accompanying consolidated balance sheets and consists of the cumulative currency translation adjustments associated with our international operations. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.5) million and $(0.1) million during the three and six-month periods ended June 30, 2021, respectively, and $(0.3) million and $1.4 million during the three and six- month periods ended June 30, 2020 , respectively. | |
Earnings per common unit policy | Earnings Per Common Unit Our computations of earnings per common unit are based on the weighted average number of common units outstanding during the applicable period. Basic earnings per common unit are determined by dividing net income (loss) allocated to the common units after deducting the amount allocated to our General Partner (including any distributions to our General Partner on its incentive distribution rights) by the weighted average number of outstanding common units during the period. When computing earnings per common unit under the two class method in periods when distributions are greater than earnings, the amount of the distribution is deducted from net income (loss) and the excess of distributions over earnings is allocated between the General Partner and common units based on how our Partnership Agreement allocates net losses. Diluted earnings per common unit are computed using the treasury stock method, which considers the potential future issuance of limited partner common units. Unvested phantom units are not included in basic earnings per common unit, as they are not considered to be participating securities, but are included in the calculation of diluted earnings per common unit. For the three and six-month periods ended June 30, 2021 and June 30, 2020, all unvested phantom units were excluded from the calculation of diluted common units because the impact was anti-dilutive. | |
Revenue [Policy Text Block] | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements were utilized in the determination of the carrying value of our Series A Preferred Units (a Level 3 fair value measurement). We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward purchase and sale derivative contracts. For these fair value measurements, we utilize the quoted value (a Level 2 fair value measurement). Refer to Note 8 – “Fair Value Measurements” for further discussion. | |
Distributions policy | Distributions On January 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended December 31, 2020 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution was paid on February 12, 2021, to each of the holders of common units of record as of the close of business on January 29, 2021. On April 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended March 31, 2021 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution was paid on May 14, 2021 to each of the holders of common units of record as of the close of business on April 30, 2021. | |
New accounting pronouncements policy | New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairments will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 will be effective for us in the first quarter of 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments were effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of June 30, 2021, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. | |
Reclassifications [Text Block] | Reclassifications Certain previously reported financial information has been reclassified to present our new unit sales business as discontinued operations. See Note 2 – “Discontinued Operations” for further information. In addition, certain previously reported financial information has been reclassified to conform to the current year’s presentation. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all highly liquid cash investments with maturities of three months or less when purchased to be cash equivalents. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Income (Loss) from Discontinued Operations (in thousands) Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue $ — $ 23,643 $ — $ 28,487 Cost of revenues (13) 23,711 9 28,528 Depreciation, amortization, and accretion — 237 — 475 Impairments of long-lived assets — 103 5,474 General and administrative expense 304 931 344 2,097 Total pretax loss from discontinued operations (291) (1,339) (353) (8,087) Income tax provision — 55 — 71 Total loss from discontinued operations $ (291) $ (1,394) $ (353) $ (8,158) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) June 30, 2021 December 31, 2020 Carrying amounts of major classes of assets included as part of discontinued operations Inventories $ 1 $ 32 Other Current Assets — 7 Current assets of discontinued operations $ 1 $ 39 Carrying amounts of major classes of liabilities included as part of discontinued operations Accrued liabilities $ 164 $ 345 Current liabilities of discontinued operations $ 164 $ 345 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Expected revenue to be recognized in the future as of June 30, 2021 for completion of performance obligations of compression service contracts are as follows: 2021 2022 2023 2024 Thereafter Total (In Thousands) Compression service contracts remaining performance obligations $ 20,926 $ 18,012 $ 4,571 $ 130 $ 14 $ 43,653 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Six Months Ended 2021 2020 (In Thousands) Unearned income, beginning of period $ 269 $ 283 Additional unearned income 398 4,345 Revenue recognized (248) (1,472) Unearned income, end of period $ 419 $ 3,156 |
Disaggregation of Revenue [Table Text Block] | Disaggregated revenue from contracts with customers by geography is as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Compression and related services United States $ 46,634 $ 49,032 $ 92,620 $ 106,307 International 8,695 7,252 16,948 15,742 55,329 56,284 109,568 122,049 Aftermarket services United States 13,451 15,427 24,264 32,712 International 838 310 1,026 995 14,289 15,737 25,290 33,707 Equipment sales United States 115 482 586 1,676 International 25 267 24 773 140 749 610 2,449 Total Revenue United States 60,200 64,941 117,470 140,695 International 9,558 7,829 17,998 17,510 $ 69,758 $ 72,770 $ 135,468 $ 158,205 |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories as of June 30, 2021 and December 31, 2020, are as follows: June 30, 2021 December 31, 2020 (In Thousands) Parts and supplies $ 29,314 $ 28,483 Work in progress 3,104 2,705 Total inventories $ 32,418 $ 31,188 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings Long-Term Debt and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | Long-term debt consists of the following: Scheduled Maturity June 30, 2021 December 31, 2020 (In Thousands) Credit Agreement (1) June 29, 2023 $ — $ — 7.25% Senior Notes (2) August 15, 2022 80,220 80,001 7.50% First Lien Notes (3) April 2025 399,658 399,655 10.00%/10.75% Second Lien Notes (4) April 2026 161,593 158,975 Total long-term debt $ 641,471 $ 638,631 (1) Because there was no outstanding balance on the Credit Agreement, associated deferred financing costs of $0.5 million as of June 30, 2021 and $0.6 million as of December 31, 2020 were classified as other long-term assets on the accompanying consolidated balance sheet. (2) Net of the unamortized discount of $0.2 million as of June 30, 2021 and $0.3 million as of December 31, 2020 and unamortized deferred financing costs of $0.3 million as of June 30, 2021 and $0.4 million as of December 31, 2020. (3) Net of the unamortized deferred financing costs of $4.6 million as of June 30, 2021 and $5.2 million as of December 31, 2020, net of the unamortized discount of $0.2 million as of June 30, 2021 and $0.2 million as of December 31, 2020, and net of deferred restructuring gain of $4.5 million as of June 30, 2021 and $5.0 million as of December 31, 2020. (4) Net of the unamortized discount of $0.7 million as of June 30, 2021 and $0.7 million as of December 31, 2020, and net of unamortized deferred financing costs of $1.1 million as of June 30, 2021 and $1.2 million as of December 31, 2020, and net of deferred restructuring gain of $3.4 million as of June 30, 2021 and $3.7 million as of December 31, 2020. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions Table | As of June 30, 2021, we had the following foreign currency derivative contract outstanding relating to a portion of our foreign operations: Derivative contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 5,984 19.97 July 2, 2021 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) 7.25% Senior Notes $ 80,722 $ 80,117 $ 80,722 $ 67,274 7.50% First Lien Notes 400,000 407,200 400,000 369,680 10.000%/10.750% Second Lien Notes 159,919 147,125 157,162 114,728 $ 640,641 $ 634,442 $ 637,884 $ 551,682 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | Apr. 19, 2021$ / shares | Jan. 19, 2021$ / shares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Foreign currency exchange gains (losses) | $ | $ (500) | $ (300) | $ (100) | $ 1,400 | ||
Number of Reportable Segments | 1 | |||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ / shares | $ 0.01 | $ 0.01 | ||||
Amount of declared distribution on an annualized basis | $ / shares | $ 0.04 | $ 0.04 | ||||
Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenue | $ 0 | $ 23,643 | $ 0 | $ 28,487 | |
Cost of revenues | (13) | 23,711 | 9 | 28,528 | |
Depreciation, amortization, and accretion | 0 | 237 | 0 | 475 | |
Impairments of long-lived assets | 0 | 103 | 5,474 | ||
General and administrative expense | 304 | 931 | 344 | 2,097 | |
Total pretax loss from discontinued operations | (291) | (1,339) | (353) | (8,087) | |
Income tax provision | 0 | 55 | 0 | 71 | |
Total loss from discontinued operations | (291) | $ (1,394) | (353) | $ (8,158) | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||
Inventories | 1 | 1 | $ 32 | ||
Other Current Assets | 0 | 0 | 7 | ||
Current assets of discontinued operations | 1 | 1 | 39 | ||
Accrued liabilities | 164 | 164 | 345 | ||
Current liabilities of discontinued operations | $ 164 | $ 164 | $ 345 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue Performance Obligations (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 43,653 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Amount | $ 20,926 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 18,012 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 4,571 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 130 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 14 |
Revenue from Contract with Cu_3
Revenue from Contract with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 11,000 | $ 6,800 | |
Movement in Deferred Revenue [Roll Forward] | |||
Unearned income, beginning of period | 269 | $ 283 | |
Additional unearned income | 398 | 4,345 | |
Revenue recognized | (248) | (1,472) | |
Unearned income, end of period | $ 419 | $ 3,156 |
Revenue from Contract with Cu_4
Revenue from Contract with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 69,758 | $ 72,770 | $ 135,468 | $ 158,205 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 60,200 | 64,941 | 117,470 | 140,695 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,558 | 7,829 | 17,998 | 17,510 |
Compression and related services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 55,329 | 56,284 | 109,568 | 122,049 |
Compression and related services | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 46,634 | 49,032 | 92,620 | 106,307 |
Compression and related services | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,695 | 7,252 | 16,948 | 15,742 |
Aftermarket services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,289 | 15,737 | 25,290 | 33,707 |
Aftermarket services | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,451 | 15,427 | 24,264 | 32,712 |
Aftermarket services | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 838 | 310 | 1,026 | 995 |
Equipment sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 140 | 749 | 610 | 2,449 |
Equipment sales | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 115 | 482 | 586 | 1,676 |
Equipment sales | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 25 | $ 267 | $ 24 | $ 773 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Non-core used compressor equipment | |
Long Lived Assets Held-for-sale [Line Items] | |
Impairment of long-lived assets held for sale | $ 9 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Other Inventory, Supplies, Gross | $ 29,314 | $ 28,483 |
Inventory, Work in Process, Gross | 3,104 | 2,705 |
Inventory, Net | $ 32,418 | $ 31,188 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)$ / shares | Apr. 30, 2021USD ($) | Jan. 29, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 11, 2020USD ($) | |
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 641,471,000 | $ 641,471,000 | $ 638,631,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 17,100,000 | 17,100,000 | |||||
Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 0 | 0 | 0 | ||||
Unamortized Debt Issuance Expense | 500,000 | 500,000 | 600,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | |||||
Letters of Credit Outstanding, Amount | $ 2,100,000 | 2,100,000 | |||||
Credit Agreement [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 10,000,000 | |||||
Credit Agreement [Member] | Second Amendment to Loan and Security Agreement [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||
Credit Agreement [Member] | Second Amendment to Loan and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Credit Agreement [Member] | Second Amendment to Loan and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Credit Agreement [Member] | Second Amendment to Loan and Security Agreement [Member] | Base Rate [Member] | Minimum [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Credit Agreement [Member] | Second Amendment to Loan and Security Agreement [Member] | Base Rate [Member] | Maximum | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Credit Agreement [Member] | Line of Credit | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||||||
Credit Agreement [Member] | Line of Credit | Second Amendment to Loan and Security Agreement [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reserve amount | 5,000,000 | ||||||
Credit Agreement [Member] | Line of Credit | CCLP Bank Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Line Of Credit Facility, Accordion Feature, Increase Limit | $ 25,000,000 | ||||||
CSI Compressco Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 80,220,000 | $ 80,220,000 | 80,001,000 | ||||
Interest rate, stated percentage | 7.25% | 7.25% | |||||
Unamortized Debt Issuance Expense | $ 300,000 | $ 300,000 | 400,000 | ||||
Debt Instrument, Unamortized Discount | 200,000 | 200,000 | 300,000 | ||||
Compressco Partners First Lien Notes 7.50% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 399,658,000 | $ 399,658,000 | 399,655,000 | ||||
Interest rate, stated percentage | 7.50% | 7.50% | |||||
Unamortized Debt Issuance Expense | $ 4,600,000 | $ 4,600,000 | 5,200,000 | ||||
Debt Instrument, Unamortized Discount | 200,000 | 200,000 | 200,000 | ||||
Gains (Losses) on Restructuring of Debt | $ 5,000,000 | 4,500,000 | |||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 161,593,000 | 161,593,000 | 158,975,000 | ||||
Unamortized Debt Issuance Expense | 1,100,000 | 1,100,000 | 1,200,000 | ||||
Debt Instrument, Unamortized Discount | $ 700,000 | 700,000 | $ 700,000 | ||||
Gains (Losses) on Restructuring of Debt | 3,700,000 | $ 3,400,000 | |||||
Debt instrument, increase (decrease), net | $ 4,400,000 | ||||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 10.00% | 10.00% | |||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 10.75% | 10.75% | |||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Second Lien Notes Indenture [Member] | CSI Compressco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 161,600,000 | $ 161,600,000 | |||||
Debt Instrument, Percent Of Debt | 0.25 | ||||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Rate 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 7.25% | 7.25% | |||||
Distribution per common unit | $ / shares | $ 0.04 | ||||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Rate 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 2.75% | 2.75% | |||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Rate 3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.50% | 3.50% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Thousands, $ in Thousands | Jan. 29, 2021 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||
Due to Related Parties, Noncurrent | $ 11,296 | $ 11,296 | $ 0 | ||
Due from Related Parties, Current | 14,800 | ||||
Finance Lease, Interest Expense | 600 | 1,200 | |||
Mexico Payroll Affiliate | |||||
Related Party Transaction [Line Items] | |||||
Business Combination, Consideration Transferred | $ 400 | ||||
TETRA | |||||
Related Party Transaction [Line Items] | |||||
Finance Lease, Liability | 10,600 | 10,600 | |||
Maximum | |||||
Related Party Transaction [Line Items] | |||||
Due to Related Parties, Noncurrent | $ 15,000 | $ 15,000 | |||
Spartan Energy Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 23.00% | ||||
Common Unitholders | |||||
Related Party Transaction [Line Items] | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 65.00% | ||||
GP Sale | Spartan Energy Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 10,950 | ||||
GP Sale | TETRA | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Number of Shares Retained After Transaction | 5,200 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Derivative [Line Items] | ||||
Net gains associated with foreign currency derivative program | $ 200 | $ 300 | $ 100 | $ (1,100) |
Forward Sale Contract, Mexican Pesos [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 5,984 | $ 5,984 | ||
Traded exchange rate | 19.97 | 19.97 | ||
Value date | Jul. 2, 2021 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 640,641 | $ 637,884 |
Fair Value | 634,442 | 551,682 |
7.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 80,722 | 80,722 |
Fair Value | 80,117 | 67,274 |
7.50% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 400,000 | 400,000 |
Fair Value | 407,200 | 369,680 |
10.00%/10.75% Second Lien Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 159,919 | 157,162 |
Fair Value | $ 147,125 | $ 114,728 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Percent | (10.70%) |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jul. 19, 2021 | Apr. 19, 2021 | Jan. 19, 2021 |
Subsequent Event [Line Items] | |||
Amount of declared distribution | $ 0.01 | $ 0.01 | |
Amount of declared distribution on an annualized basis | $ 0.04 | $ 0.04 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Amount of declared distribution | $ 0.01 | ||
Amount of declared distribution on an annualized basis | $ 0.04 |