Exterran Lost $228M in 2016 – No Mention of OH “Clawback”

Headquartered in Houston, Texas, Exterran Corporation (with 5,400 employees) specializes in natural gas compression production equipment and processing facilities. They design, build and operate compressor stations and natural gas processing plants. In 2012 MDN reported on a contract Exterran won to build three natural gas processing plants in West Virginia (see Exterran Wins Contract to Build 3 WV NatGas Processing Plants). The company is also active in other Marcellus/Utica states, including Ohio. In 2013 the company opened a plant to build compressor stations in an industrial park near Youngstown, OH. The state gave the company a $300,000 grant in return for promises to create 103 jobs over a seven year period. Exterran came close for the first couple of years, but then the crash in prices hit and along with it, work dried up. The plant closed in March 2016, and as we previously reported, Ohio now wants “all or part of” the $300,000 grant back (see Ohio Wants to “Clawback” $300K Grant to TX-based Exterran Energy). Good luck with that. Exterran released their fourth quarter and full year 2016 update yesterday, and it shows the company lost $228 million last year…

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