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Archrock, Inc. reports developments tied to its U.S. midstream natural gas compression business. The company provides contract operations for owned compression equipment and aftermarket services for customers that own compression equipment, so recurring updates center on fleet horsepower, contract operations margins, aftermarket service activity and demand from natural gas producers and transporters.
Company news also covers quarterly results, adjusted EBITDA, guidance, capital spending for new-build investments, dividends, share repurchases, asset sales and debt actions. Corporate updates may include Board dividend declarations, investor presentations and executive succession matters tied to Archrock's public-company governance.
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.
Archrock, Inc. (NYSE: AROC) announced that its subsidiary, Archrock Partners, L.P., plans to offer $250 million in senior notes due 2028. The offering will add to previously issued notes of $500 million at a 6.250% interest rate. Proceeds will be used to repay outstanding borrowings and for general partnership purposes. The new notes will not be registered under the Securities Act and are available only to qualified buyers under specific exemptions. Archrock focuses on midstream natural gas compression services in the U.S.
Archrock reported its third quarter 2020 results, showing revenue of $205.6 million, down from $244.9 million in Q3 2019. Net income declined to $18.3 million from $20.4 million year-over-year. Adjusted EBITDA slightly increased to $112.6 million. The company declared a quarterly dividend of $0.145 per share, maintaining a coverage ratio of 3.5x. Archrock reduced its leverage ratio to 4.0x and tightened its Adjusted EBITDA guidance to $405 million to $420 million for 2020.
Archrock (NYSE: AROC) has declared a quarterly dividend of $0.145 per share, maintaining the same rate as the previous quarter and the same period last year. The dividend will be distributed on November 18, 2020 to shareholders recorded by November 12, 2020.
Archrock focuses on midstream natural gas compression services, positioning itself as a leader in the sector within the U.S. The consistent dividend reflects the company's stable financial standing despite the challenging economic environment.
Archrock, Inc. (NYSE:AROC) will host a conference call on November 3, 2020, to review its third quarter 2020 financial and operational results. The call is scheduled for 12:00 p.m. ET, following the release of its earnings report. Investors can access the live webcast on Archrock's website or dial in at 1-877-407-0784 (U.S. & Canada) or 1-201-689-8560 (international). A replay will be available for seven days post-call. Archrock specializes in midstream natural gas compression services across the U.S.
Archrock (NYSE: AROC) announced that its President and CEO, Brad Childers, will meet with investors at the Barclays CEO Energy-Power Conference on September 9, 2020. Additionally, CFO Doug Aron will present at the 9th Annual Gateway Conference on September 10, 2020, at 4:30 p.m. CT.
One-on-one meetings will occur throughout both conferences, with webcast links and slides available on their website prior to the events. Archrock specializes in midstream natural gas compression services across the U.S.
Archrock Services L.P. (NYSE: AROC) has partnered with Williams & Williams to auction surplus real estate properties on September 29. The listings include land lots and two light industrial buildings in Victoria, TX, a 12.22+/- acre lot in Broussard, LA, and a flex office/warehouse property in Belle Chasse, LA. An online auction for a vacant residence in New Castle, PA will occur from September 28-30. Public inspections are scheduled for various dates in September. The auctions are open to the public with no deposit required.
Archrock reported a second-quarter 2020 revenue of $220.3 million, down from $238.4 million in Q2 2019. Net loss reached $30.4 million, contrasting with a profit of $11.4 million the previous year. Adjusted EBITDA was $100.5 million, slightly lower than last year's $100.7 million. Despite a challenging market due to COVID-19, the company maintained its quarterly dividend of $0.145 per share. Archrock's leverage ratio improved to 4.1x, and management remains optimistic about cash flow generation and debt reduction.