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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.
Archrock (NYSE: AROC) announced an increased quarterly dividend of $0.15 per share, reflecting a 3.3% increase from the previous quarter. The dividend will be paid on February 14, 2023 to shareholders on record as of February 7, 2023, which translates to $0.60 annually. The company reports strong demand in the natural gas sector and aims for a robust performance in 2023, with 93% horsepower utilization by the end of 2022. Archrock has reduced debt by over $300 million since 2019 and anticipates a leverage ratio below 4.0 times, supporting a healthy dividend coverage ratio of approximately 2.0 times in 2023.
Archrock reported its third quarter 2022 results, with revenues increasing to $213.7 million, up from $195.2 million in 2021. Net income rose to $15.4 million compared to $9.3 million a year earlier. The gross margin for the quarter was $106.1 million, slightly higher than $103.2 million in 2021. The company achieved a record utilization rate of 89%, an increase from 82% last year. Archrock's quarterly dividend was maintained at $0.145 per share, with a dividend coverage of 1.8x. Management expects to exceed 2022 Adjusted EBITDA guidance due to strong underlying performance.
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.
Archrock, Inc. (NYSE: AROC) has declared a quarterly dividend of $0.145 per share, amounting to $0.58 annually. The dividend will be paid on November 15, 2022, to shareholders of record on November 8, 2022. This reflects Archrock’s ongoing commitment to return value to its investors while focusing on midstream natural gas compression. The company emphasizes its dedication to safe and environmentally responsible operations in the energy sector.
Archrock, a leader in energy infrastructure, will host a conference call on November 3, 2022, at 12:00 p.m. ET, to discuss its third quarter 2022 financial results. The earnings report will be released prior to the call. Investors can access the live webcast on Archrock’s website or join via phone at 1 (888) 440-5667 in the U.S. and Canada, or 1 (646) 960-0476 internationally, using access code 4749623. A replay will be available for 90 days post-call.
Archrock reported a strong second quarter for 2022, with revenue of $215.8 million, up from $195.6 million year-over-year. Net income was $16.7 million, significantly higher than $8.8 million in Q2 2021. Adjusted EBITDA rose to $99.5 million from $87.0 million. The company announced plans to acquire a 25% equity stake in Ecotec International Holdings, enhancing its methane emissions monitoring capabilities. A quarterly dividend of $0.145 per share was declared, maintaining a coverage ratio of 2.3x. Management expects continued growth amidst economic uncertainties.
On July 28, 2022, Archrock (NYSE: AROC) announced a quarterly dividend of $0.145 per share, translating to an annualized $0.58. This dividend will be distributed on August 16, 2022 to all shareholders on record as of August 9, 2022. Archrock specializes in midstream natural gas compression and is committed to environmentally responsible practices, leading the market in compression services across the U.S.
Archrock, Inc. (NYSE: AROC) will host a conference call on August 3, 2022, at 9:00 a.m. ET to discuss its Q2 2022 financial results. Prior to the call, the earnings report will be released. Investors can listen to the call via a live webcast on Archrock’s website or by dialing 1 (888) 440-5667 in the U.S. or 1 (646) 960-0476 internationally, using access code 4749623. A replay will be available on the website for 90 days. Archrock specializes in midstream natural gas compression, committed to safe and environmentally responsible practices.
Archrock (NYSE: AROC) reported first-quarter 2022 revenue of $197.2 million, up from $195.4 million in Q1 2021. Net income decreased to $1.7 million from $4.2 million year-over-year. Adjusted EBITDA fell to $81.4 million compared to $97.9 million in Q1 2021. The company achieved a 40% rise in contract operations bookings from the previous quarter. Archrock has also acquired a 25% stake in Ecotec International Holdings, enhancing its methane emissions management capabilities. A quarterly dividend of $0.145 was declared, yielding 1.8x dividend coverage.
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