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Natural Gas Services Group, Inc. reports developments in natural gas compression equipment, technology and services for the energy industry. The company rents, designs, installs, sells, services and maintains compressors, related equipment and parts used in oil and natural gas production and processing facilities, generally using OEM equipment and limited in-house assembly.
Recurring news for NGS includes quarterly and annual operating results, rental revenue trends, gross margin and adjusted EBITDA commentary, fleet growth, guidance updates, dividends, share repurchase authorization, capital allocation, leverage and governance matters.
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Natural Gas Services Group, Inc. (NYSE:NGS) reported its financial results for the year ended December 31, 2022. Total revenue rose 17.1% to $84.8 million, driven by a 17.0% increase in rental revenue, totaling $74.5 million. The company's GAAP net loss improved to $0.6 million, or $(0.05) per share, compared to a net loss of $9.2 million in 2021. Adjusted EBITDA increased significantly to $29.2 million from $18.7 million. Rental fleet utilization also improved, reaching 74.8% for horsepower and 65.3% for units. The Earnings Call is scheduled for April 3, 2023, to discuss these results further.
Natural Gas Services Group, Inc. (NYSE:NGS) has announced the rescheduling of its earnings conference call for the fourth quarter and full year of 2022. This decision is made to complete the 2022 audit for the 10-K. The call was initially set for March 23, 2023, at 11:00 a.m. Eastern. NGS plans to release a separate announcement detailing the new date and time for the call.
Based in Midland, Texas, NGS specializes in providing wellhead compression equipment to the natural gas industry, focusing on non-conventional gas and oil sectors. The company also manufactures, rents, and maintains natural gas compressors and flare systems.
Natural Gas Services Group, Inc. (NYSE: NGS) will conduct a conference call on March 23, 2023, at 10:00 a.m. CDT to discuss its fourth-quarter and full-year 2022 financial results. Participants can access the call via webcast on the company's website or by calling (800) 715-9871 with conference ID 5410343. A recording will be available post-call. NGS specializes in natural gas compression technology, providing equipment and services to the energy sector. The company has facilities in Midland, Texas and Tulsa, Oklahoma, serving major energy production areas in the U.S.
Natural Gas Services Group (NGS) received letters from Hoak & Co., owning 9.3% of its shares, requesting the Company halt its CEO search and consider strategic opportunities, including a sale or merger. In response, NGS emphasizes the importance of appointing a permanent CEO and expanding the Board for enhanced expertise. As the retirement of Interim CEO Steve Taylor approaches on June 30, 2023, NGS is working with search firms to identify suitable candidates. The Board remains focused on organic growth through expanding its compressor rental fleet, funded by operating cash flows and an expanded bank facility.