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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, a leading energy infrastructure company specializing in midstream natural gas compression, has announced a conference call to discuss its second quarter 2021 financial results on July 30, 2021, at 10:00 a.m. Eastern Time. The earnings report will precede the call, which can be accessed live via webcast on Archrock’s website or by dialing designated numbers for the US, Canada, and international callers. A replay will be available on the website for 90 days post-call.
Archrock reported its Q1 2021 financial results with revenue at $195.4 million, a decline from $249.7 million in Q1 2020. However, net income was $4.2 million, a recovery from a $61.2 million loss last year. Adjusted EBITDA reached $97.9 million, down from $112.9 million in the previous year. The company maintained a strong dividend coverage ratio of 2.8x.
Contract operations revenue decreased to $166.0 million, but gross margin remained resilient at 63%. Archrock aims for $335 million to $375 million in Adjusted EBITDA for 2021 amidst signs of economic recovery.
Archrock, Inc. (NYSE: AROC) has declared a quarterly dividend of $0.145 per share, translating to $0.58 annually. This dividend will be paid on May 17, 2021 to stockholders on record by May 10, 2021. As a leader in midstream natural gas compression services, Archrock supports customers in the oil and gas industry across the U.S. The company emphasizes its commitment to returning value to shareholders while navigating the energy infrastructure landscape.
Archrock will hold a conference call on April 30, 2021, at 11:00 a.m. ET to discuss its Q1 2021 financial and operating results. Prior to the call, the company will release its earnings report. Interested parties can listen live on Archrock’s website or by calling 1-833-989-2934 in the U.S. and Canada (or 1-587-505-2692 internationally) using access code 8589836. A replay will be available for 90 days post-call. Archrock specializes in midstream natural gas compression services and is a leading provider in the U.S.
Archrock reported its fourth quarter and full year 2020 financial results, revealing a revenue decline to $199.3 million from $246.0 million year-over-year. Full-year revenue also dropped to $875.0 million from $965.5 million. The company posted a net loss of $68.4 million in 2020, largely due to non-cash impairments, compared to a net income of $97.3 million in 2019. Despite challenges, Archrock declared a quarterly dividend of $0.145, with coverage of 2.5x. Looking ahead, guidance for 2021 projects net income between $34,000 and $74,000, and Adjusted EBITDA between $335 million and $375 million.
Archrock (NYSE:AROC) will host a conference call on February 23, 2021, to discuss its fourth quarter 2020 financial results and provide guidance for 2021. The call begins at 11:00 a.m. Eastern Time, with the earnings report released before the call. Investors can access the call via a live webcast on the Archrock website or by phone. Archrock specializes in midstream natural gas compression services and is a leading provider in the U.S. oil and natural gas industry.
Archrock has declared a quarterly dividend of $0.145 per share, totaling $0.58 annually. This dividend will be paid on February 16, 2021, to shareholders on record as of February 8, 2021. The company, a leader in natural gas compression services in the U.S., emphasizes its focus on energy infrastructure. Shareholders may view this consistent dividend as a sign of financial stability and confidence in future performance.
Archrock, Inc. (NYSE:AROC) announced the retirement of Wendell R. Brooks from its Board of Directors on January 20, 2021, after serving since 2015. Leonard W. Mallett was appointed to the Board immediately following Mr. Brooks's departure. Mallett brings extensive experience in the midstream sector, having previously held roles at Summit Midstream Partners and Enterprise Products Partners. Chairman Gordon Hall expressed gratitude for Brooks's contributions and optimism about Mallett's potential impact on the Company.
On December 17, 2020, Archrock announced the closing of a private offering of $300 million aggregate principal amount of 6.250% senior notes due 2028 by its subsidiary, Archrock Partners. These New Notes are additional to the previously issued $500 million in senior notes and will share identical terms. Proceeds will be used to repay outstanding borrowings and for general partnership purposes. The offering was made under Rule 144A and Regulation S as the notes are not registered under the Securities Act.
Archrock, a leader in natural gas compression services, announced an upsized private offering of $300 million in 6.250% senior notes due 2028, increasing from an initial $250 million. The notes will be sold at an issue price of 104.875% and are intended to partially repay borrowings under Archrock Partners' revolving credit facility. The offering is expected to close on December 17, 2020, pending customary conditions. The New Notes will combine with previously issued notes under the same indenture, highlighting Archrock's continued financial strategy in the midstream natural gas sector.
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