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Natural Gas Services Group, Inc. (NGS) is a key player in the energy sector, specializing in the production and maintenance of natural gas compression equipment. Headquartered in Midland, Texas, the company has established itself as a reliable provider for the oil and gas industry. Natural Gas Services Group offers a comprehensive range of products and services, including the manufacture, fabrication, rental, and sale of natural gas compressors and flare systems.
The company's business operations are divided into three main segments: Rental, Sales, and Aftermarket services. A significant portion of its revenue is generated through the rental of low- to medium-horsepower compression equipment, primarily targeting natural gas production companies operating in unconventional oil and gas regions across the United States.
Recently, NGS has focused on expanding its rental fleet to meet the growing demand for natural gas compression in various energy markets. This strategic move has not only strengthened its market position but also ensured a steady revenue stream. The company's dedication to quality and customer satisfaction is evident in its robust after-sales support and maintenance services.
Financially, Natural Gas Services Group has shown resilience and adaptability, navigating through market fluctuations and maintaining a stable financial condition. The company continues to explore new partnerships and projects to enhance its offerings and expand its market reach.
For the latest updates, investor relations information, and more details about Natural Gas Services Group, Inc., visit their official website.
Natural Gas Services Group (NYSE: NGS) announced the retirement of James Hazlett, Vice President and Chief Technical Officer, effective August 1, 2024. Hazlett, who joined the company in 2005, has been a key figure in NGS's technical success. To ensure a smooth transition, NGS has entered into a 19-month consulting agreement with Hazlett, which includes cash compensation and modified vesting terms for his equity awards.
The company has proactively divided Hazlett's responsibilities among existing leadership, with Brian Tucker (President and COO) and John Rowell (VP, Technical) taking over his duties. NGS anticipates a seamless transition due to established operational continuity. Both the Chairman and CEO expressed gratitude for Hazlett's contributions and confidence in the company's future direction.
Natural Gas Services Group (NGS), a leading provider of natural gas compression equipment, has expanded its existing credit facility by $75 million, increasing the total borrowing capacity to $300 million. This expansion, led by Texas Capital Bank, aims to support NGS's growth strategy by funding the expansion of its rental equipment fleet. The credit facility amendment became effective on June 6, 2024. CEO Justin Jacobs expressed gratitude towards the lending partners for their support in achieving this agreement.
On May 15, 2024, Natural Gas Services Group (NYSE: NGS) reported its financial results for Q1 2024. The key highlights include:
Rental revenue increased by 48% YoY to $33.7 million, and net income surged to $5.1 million ($0.41 per share) from $0.4 million ($0.03 per share) in Q1 2023. Adjusted EBITDA more than doubled to $16.9 million from $7.8 million in the prior-year period.
Total revenue for Q1 2024 rose by 38.6% YoY to $36.9 million. The company also noted an increase in gross margin to $14.2 million and operating income to $9.3 million. Cash and cash equivalents were $5.2 million with a working capital of $54.4 million.
Debt stands at $172 million with a leverage ratio of 2.57. The company reaffirmed its full-year 2024 outlook for adjusted EBITDA between $61 million and $67 million.
Natural Gas Services Group, Inc. (NYSE:NGS) will host a conference call to review Q1 2024 financial results on May 16, 2024. The Company provides natural gas compression equipment, technology, and services to the energy industry. Financial and operating results for Q1 2024 will be released on May 15, 2024. NGS manufactures, rents, sells, and maintains natural gas compressors for oil and natural gas production and plant facilities.
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