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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 a quarterly dividend of $0.145 per share, equating to $0.58 annually, to be paid on August 14, 2020, to stockholders on record by August 10, 2020. This dividend remains unchanged from both the first quarter of 2020 and the second quarter of 2019. As a leading provider of natural gas compression services in the U.S., Archrock focuses on midstream energy infrastructure, supporting the oil and natural gas industry.
Archrock (NYSE: AROC) announced a conference call on July 31, 2020, at 11:00 a.m. Eastern Time to discuss its second quarter 2020 financial and operating results. The conference call will be preceded by the release of the earnings report. Investors can listen to the call via Archrock's website or by dialing designated phone numbers for U.S. and international access. A replay will be available for seven days after the call. Archrock specializes in midstream natural gas compression services and is headquartered in Houston, Texas, with approximately 1,700 employees.
Archrock reported its Q1 2020 financial results, revealing revenue of $249.7 million, a 5.7% increase from $236.2 million in Q1 2019. However, the company suffered a net loss of $61.2 million, a stark contrast to a $19.5 million net income in the previous year, primarily due to a $99.8 million non-cash goodwill impairment. Adjusted EBITDA rose to $112.9 million, up 24% from the previous year. The quarterly dividend was declared at $0.145 per share, reflecting a 10% increase year-over-year. Archrock aims for $75-$85 million in annualized cash savings amid COVID-19 challenges.
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