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Archrock Inc. (NYSE: AROC) is a premier provider of natural gas contract compression services in the United States, holding a prominent position in the energy infrastructure sector. Established over 60 years ago, the company has built a legacy of reliability and expertise, delivering essential compression services to the oil and natural gas industry. With the largest fleet in the country, strategically located assets, and highly skilled, certified technicians, Archrock ensures its services are available where and when they're needed most.
Archrock operates through two primary business segments: Contract Operations and Aftermarket Services. The Contract Operations segment caters to the installation, operation, and maintenance of natural gas compression equipment, supporting customers' efforts to produce, compress, and transport natural gas efficiently. In contrast, the Aftermarket Services segment provides comprehensive services for customers who own compression equipment, including maintenance, overhaul, reconfiguration, and parts sales.
Recent achievements underscore Archrock's robust performance and strategic direction. In the third quarter of 2023, the company achieved record levels in utilization, revenue per horsepower, and Adjusted EBITDA. The contract operations gross margin rose to 64%, reflecting positive pricing trends and effective cost management. Furthermore, Archrock has committed its 2024 new build capital and is experiencing strong booking demand extending into 2025, driven by investments in oil basins with associated gas and infrastructure to support growing LNG exports from the U.S.
Financially, Archrock is focused on maintaining a strong balance sheet, enhancing profitability, and delivering returns to shareholders. The company has increased its dividend and engaged in share buybacks, demonstrating confidence in its financial performance and market prospects. Archrock's strategic initiatives include a differentiated capital allocation framework aimed at sustainable dividend growth, leverage reduction, and high-return capital expenditures.
With a commitment to environmental responsibility and operational excellence, Archrock continues to support the natural gas industry's critical infrastructure needs. By leveraging its extensive market presence and operational capabilities, Archrock remains well-positioned to capitalize on the enduring demand for natural gas compression services, contributing to the broader goal of providing cleaner, reliable, and affordable energy.
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