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 (NYSE: AROC) has priced its public offering of 11,000,000 common stock shares at $21.00 per share. The offering, expected to close on July 24, 2024, aims to raise approximately $223 million in net proceeds. Underwriters have a 30-day option to purchase up to 1,650,000 additional shares. The funds will primarily finance Archrock's acquisition of Total Operations and Production Services, (TOPS). If the acquisition doesn't materialize, proceeds will be used for general corporate purposes. J.P. Morgan, Evercore ISI, Wells Fargo Securities, and Citigroup are acting as joint book-running managers for the offering.
Archrock (NYSE: AROC) has announced a public offering of 11,000,000 shares of its common stock, with an option for underwriters to purchase an additional 1,650,000 shares. The company plans to use the net proceeds to fund the cash portion of its previously announced acquisition of Total Operations and Production Services, (TOPS). If the TOPS acquisition doesn't materialize, the funds will be used for general corporate purposes. J.P. Morgan, Evercore ISI, Wells Fargo Securities, and Citigroup are acting as underwriters for the offering. The shares will be offered and sold under an effective shelf registration statement on Form S-3 filed with the SEC.
Archrock (NYSE: AROC) has announced a $983 million cash and stock acquisition of Total Operations and Production Services, (TOPS), a leading Permian Basin contract gas compression provider. This strategic move will expand Archrock's compression capacity in the Permian Basin by 30%, adding approximately 580,000 horsepower of predominantly young electric motor drive compression assets.
The transaction is expected to be immediately accretive to Archrock's earnings per share and cash available for dividend. It will enhance Archrock's positioning in lower carbon solutions and is projected to be more than 10% accretive to EPS and over 20% accretive to cash available for dividend per share in 2025. The deal is anticipated to close by the end of 2024, subject to regulatory approvals and closing conditions.
Archrock, Inc. (NYSE: AROC) reported strong first quarter 2024 results with revenue at $268.5 million, net income of $40.5 million, and adjusted EBITDA of $131.0 million. The company raised its 2024 adjusted EBITDA guidance to $510-540 million. Archrock's long-term debt decreased to $1.6 billion, with a leverage ratio of 3.2x. The company declared a quarterly dividend of $0.165 per share and repurchased common shares during the quarter. Shareholders can expect a quarterly dividend payment on May 14, 2024.
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