EQT exits remaining stake in Kodiak Gas Services, a leading provider of natural gas contract compression services in the United States

Rhea-AI Summary

EQT has fully exited its investment in Kodiak Gas Services (NYSE: KGS) on Dec. 11, 2025, completing the final sell-down from EQT Infrastructure III and IV funds.

Since EQT's 2019 investment, Kodiak grew into a leading North American contract compression provider: revenue and EBITDA grew >8x, headcount rose >400% to just over 1,300, and the company completed an IPO in 2023. EQT completed staged sell-downs over a 30-month period prior to this final exit.

Positive

• Revenue and EBITDA grew more than 8x during EQT ownership
• Headcount increased by over 400% to just over 1,300 employees
• Completed a public listing on the New York Stock Exchange in 2023
• EQT completed staged sell-downs over a 30-month period, ending with full exit

Negative

• None.

Key Figures

Revenue & EBITDA growth more than 8x During EQT’s investment period

Headcount growth more than 400% During EQT’s investment period

Employees just over 1,300 Kodiak headcount at exit

Partnership length nearly seven years EQT–Kodiak partnership duration

Initial investment year 2019 EQT’s initial investment in Kodiak

Kodiak founded 2011 Company founding year

Sell-down period 30 months Time over which EQT reduced its stake post-IPO

Emission profile one of lowest emission fleets Positioning in U.S. compression market

Market Reality Check

$37.27 Last Close

Volume Volume 2,087,864 is roughly in line with the 20-day average of 2,098,046. normal

Technical Price at 37.44 is trading above the 200-day MA at 34.85.

Peers on Argus

Within Oil & Gas Equipment & Services, peers show mixed moves: USAC up 0.42%, WHD up 2.76%, AROC up 2.72%, while TDW and OII are down 1.84% and 0.94%, respectively. This suggests today’s context around EQT’s full exit from KGS is more company-specific than a uniform sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Secondary offering	Neutral	+2.0%	EQT affiliate completed sale of 9,762,573 KGS shares with no issuer proceeds.
Dec 01	Offering pricing	Neutral	-0.0%	Pricing of 9,762,573-share secondary offering by selling stockholder at $34.60.
Dec 01	Secondary offering	Neutral	-0.0%	Announcement of 9,762,573-share sale by EQT affiliate, issuer receives no proceeds.
Nov 24	Dual listing	Neutral	+0.8%	Announcement of dual listing on NYSE Texas while keeping NYSE primary listing.
Nov 13	Secondary offering	Neutral	-2.6%	EQT affiliate sold 10,000,000 shares in secondary; issuer share count unchanged.

Pattern Detected

Recent news has focused on EQT’s staged secondary offerings and listing developments, generally met with modest price moves, indicating the market has been digesting ownership changes without extreme volatility.

Recent Company History

Over the past month, Kodiak’s news flow has centered on EQT gradually exiting its stake and broadening the shareholder base. Multiple secondary offerings in November–December 2025 were executed by EQT affiliates, with Kodiak not issuing new shares or receiving proceeds. A dual listing on NYSE Texas and a buyback/dividend framework highlighted in filings underscored capital return and liquidity initiatives. Today’s EQT exit caps this transition from sponsor-controlled to a more widely held public company, continuing the ownership rebalancing seen in prior announcements.

Market Pulse Summary

This announcement details EQT’s complete exit from Kodiak after a nearly seven-year partnership, highlighting how the company scaled into one of North America’s largest contract compression providers. Under EQT, revenue and EBITDA expanded by more than 8x and headcount grew over 400% to just above 1,300 employees, while emissions performance improved. Filings and recent news show this exit followed staged secondary offerings rather than new share issuance. Investors may track future ownership disclosures, capital allocation, and operational metrics to gauge Kodiak’s trajectory as a fully independent public company.

Key Terms

ebitda financial

"Kodiak's revenue and EBITDA grew by more than 8x, its headcount increased"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

ipo financial

"The exit marks the culmination of EQT's first IPO out of its infrastructure"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

AI-generated analysis. Not financial advice.

• EQT completes final exit from Kodiak Gas Services, a leader in the gas compression industry with powerful and comprehensive service capabilities 
• Under EQT's ownership, Kodiak transformed into one of the largest contract compression businesses in North America, providing critical infrastructure to leading energy producers 
• Kodiak is well-positioned for continued growth, demonstrating EQT's commitment to building future-proofed businesses through operational excellence and sustainable, hands-on value creation

NEW YORK, Dec. 11, 2025 /PRNewswire/ -- EQT is pleased to announce that the EQT Infrastructure III and EQT Infrastructure IV funds ("EQT") have fully exited their investment in Kodiak Gas Services (NYSE: KGS, "Kodiak" or the "Company"). The exit marks the culmination of EQT's first IPO out of its infrastructure platform and a nearly seven-year partnership that supported Kodiak's expansion into one of the largest contract compression companies in North America.  

Founded in 2011 and headquartered in Houston, Kodiak provides critical compression equipment and services that enable the transportation of natural gas across the U.S. energy value chain. 

Its high-horsepower fleet serves major producers and midstream operators in some of North America's most prolific, low-cost basins. Kodiak's services play an essential role in meeting growing U.S. energy needs and supporting domestic energy security, ensuring natural gas reliably reaches end users in an increasingly complex supply environment. 

Since EQT's initial investment in 2019, Kodiak has undergone a significant transformation, marked by a series of targeted value creation initiatives. The Company completed multiple strategic acquisitions, invested in digital tools and analytics to optimize asset performance and reduce emissions, launched its first ever sustainability report, and now operates one of the lowest emission fleets in the U.S. compression market. 

During EQT's investment period, Kodiak's revenue and EBITDA grew by more than 8x, its headcount increased by more than 400% to just over 1,300 employees, and it expanded its operations into new markets and geographies throughout North America. In 2023,  Kodiak successfully listed on the New York Stock Exchange. EQT completed a series of sell downs over a 30-month period following the IPO, gradually reducing its stake while continuing to support the business's evolution as a public company. 

Alex Darden, Partner and Head of EQT Infrastructure Advisory Team Americas, said: "Kodiak's journey is a wonderful example of how long-term, responsible ownership can help mission-critical businesses scale with resilience and purpose. The team expanded Kodiak's reach, enhanced its service capabilities, and laid a strong foundation for continued growth and leadership in the compression market. We're proud to have partnered with Kodiak and are deeply grateful to the team for their trust and collaboration over nearly seven years." 

Mickey McKee, Kodiak President and Chief Executive Officer, said: "EQT has been a tremendous partner, helping Kodiak scale with purpose and discipline. Together, we built one of the largest contract compression platforms in North America and set new benchmarks for performance, safety, and sustainability. With this strong foundation, we are well-positioned for continued growth and excited for what comes next."

Contact

EQT Press Office, press@eqtpartners.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-exits-remaining-stake-in-kodiak-gas-services--a-leading-provider-of-natural-gas-contract-compres,c4280278

The following files are available for download:

https://mb.cision.com/Main/87/4280278/3837493.pdf	Pres Release, EQT Infra III and EQT Infra IV, Kodiak Gas Services, 11122025
https://news.cision.com/eqt/i/kodiak-gas-service-1,c3495237	Kodiak Gas Service 1

 

View original content:https://www.prnewswire.com/news-releases/eqt-exits-remaining-stake-in-kodiak-gas-services-a-leading-provider-of-natural-gas-contract-compression-services-in-the-united-states-302639202.html

SOURCE EQT

FAQ

What did EQT announce about Kodiak Gas Services (KGS) on Dec. 11, 2025?

EQT announced it has fully exited its remaining stake in Kodiak Gas Services (NYSE: KGS) on Dec. 11, 2025.

How much did Kodiak's revenue and EBITDA change under EQT's ownership?

Kodiak's revenue and EBITDA each grew by more than 8x during EQT's investment period beginning in 2019.

What workforce growth did Kodiak experience under EQT's ownership?

Kodiak's headcount increased by over 400%, reaching just over 1,300 employees.

When did Kodiak Gas Services complete its IPO?

Kodiak completed its New York Stock Exchange IPO in 2023.

How long did EQT take to reduce its stake after the IPO?

EQT executed a series of sell-downs over a 30-month period following the IPO before the final exit.

What services does Kodiak Gas Services provide and where?

Kodiak provides high-horsepower natural gas contract compression equipment and services across North America, serving major producers and midstream operators.