Exterran Completes “Financial Restatement” – Releases Financials for 1Q-3Q

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, and as we recently 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). The company, which is publicly traded on the New York Stock Exchange, has just issued what is called a “financial restatement”–which means they get to revise their previous quarterly financial statements. The do-over shows less bleeding in 3Q16 than earlier in the year. Exterran lost $93 million in 1Q16, they lost $96 million in 2Q16, and just $13 million in 3Q16. Here is the financial restatement issued by Exterran last week…

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