Archrock and EnerVest Announce Successful Field Pilot of Methane Capture Technology

Rhea-AI Summary

Archrock (NYSE:AROC) and EnerVest, Ltd. have successfully completed a field pilot of Archrock's innovative methane capture technology at a United Production Partners gathering facility in the Barnett Shale. This technology aims to reduce fugitive emissions from compressor operations, enhancing the environmental sustainability of the oil and gas sector. CEO Brad Childers highlighted the technology's significance, especially following the Inflation Reduction Act of 2022, positioning it as vital for meeting cleaner energy needs. Archrock plans to initiate full marketing efforts by Q4 2022.

Positive

• Successful completion of methane capture technology pilot.
• Expected commercialization aligns with emission reduction strategies post-Inflation Reduction Act of 2022.
• Positive reception from multiple customers across various basins.

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• None.

HOUSTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock”) and EnerVest, Ltd. (“EnerVest”) announced today the successful completion of a field pilot of Archrock’s patent-pending methane capture technology on a United Production Partners (UPP) gathering facility in the Barnett Shale. EnerVest is the contract operator for UPP.

The field pilot comes following extensive testing of the technology in a lab setting. Archrock’s methane capture device is a solution for fugitive emissions reductions from compressor operations, including unit blowdowns and compressor packings. The device is a skid mounted solution for natural gas powered and electric motor driven compressor packages for both existing compression facilities as well as greenfield locations.

“We are excited to advance our strategy of assisting the oil and gas industry to reduce its methane intensity with the development and commercialization of a state-of-the-art methane capture technology for the compression industry,” said Brad Childers, Archrock’s President and Chief Executive Officer. “In particular, methane leak mitigation will be critical in solidifying the important role natural gas will continue to play in meeting the growing need for cleaner energy. The potential value of this technology is further enhanced in light of the recent passage of the Inflation Reduction Act of 2022.

“This is an important milestone for our company and I am extremely proud of our new ventures team for their dedication to designing, engineering and successfully testing a technology that has the potential to be a game-changer for methane capture in the industry. This technology is complementary and value enhancing to our core contract compression services as many of our customers commit to emission reduction strategies and seek responsibly sourced gas certifications. We believe this is a unique technology, with the ability to cost-effectively capture methane on existing infrastructure as well as new facilities while allowing us to maintain our commitment to maximize customer uptime. As a long-term customer, EnerVest was an ideal partner for a pilot. In addition, we have already engaged with multiple customers across all basins on the technology, have received positive reception and look forward to commencing full marketing efforts during the fourth quarter,” Childers concluded.

Levi Maurer, Vice President of Operations at EnerVest, said, “We were happy to partner with Archrock in the evaluation of this cutting-edge methane capture technology as we actively look for solutions to reduce our emissions footprint. In our 30 years as an operator across various basins, EnerVest has consistently maintained a commitment to safety and environmental stewardship and we believe solutions like this are necessary to ensure the long-term sustainability of the oil and gas industry.” 

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is the leading provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

About EnerVest

Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas on behalf of partners. EnerVest is currently the contract operator for United Productions Partners. More information about EnerVest and United Production Partners is available at www.enervest.net and www.unitedpp.com

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Archrock expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Archrock’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Archrock does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

For information, contact:

Megan Repine
Vice President, Investor Relations
(281) 836-8360
investor.relations@archrock.com

FAQ

What is the significance of Archrock's methane capture technology?

Archrock's methane capture technology aims to significantly reduce fugitive emissions from compressor operations, enhancing environmental sustainability in the oil and gas industry.

When will Archrock begin full marketing of its methane capture technology?

Archrock plans to commence full marketing efforts for its methane capture technology during the fourth quarter of 2022.

How does the Inflation Reduction Act of 2022 impact Archrock's new technology?

The Inflation Reduction Act of 2022 enhances the potential value of Archrock's methane capture technology by aligning with the industry's emission reduction goals.

What role did EnerVest play in Archrock's methane capture technology pilot?

EnerVest was the contract operator for the United Production Partners facility where Archrock conducted its methane capture technology pilot, showcasing collaboration in emissions reduction initiatives.