Archrock Completes Acquisition of Total Operations and Production Services, LLC
31 August 2024 - 6:05AM
Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today
announced that it has completed its previously announced
acquisition of Total Operations and Production Services, LLC
(“TOPS”).
“With this accretive transaction, we are adding
a young fleet that deepens Archrock’s compression operations in the
Permian Basin and establishes our leadership position in electric
motor drive compression,” said Brad Childers, President and Chief
Executive Officer of Archrock. “We are excited to welcome the
TOPS employees to Archrock and work together to expand our
exceptional service to new and existing customers and create
significant shareholder value. Given our high-quality contracted
fleet, technical expertise and an industry-leading balance sheet,
we are confident Archrock is poised to capitalize on the attractive
opportunities presented by today’s robust market for natural gas
and compression, while increasing returns to our shareholders.”
Through the TOPS transaction, Archrock acquired
580,000 horsepower, including approximately 500,000 operating
horsepower and a substantial and contracted backlog of new
equipment.
At closing, Archrock issued approximately 6.87
million new Archrock common shares to the sellers. In
addition, Archrock funded the $826 million cash portion of the
purchase price with a portion of the proceeds from its recently
completed capital markets transactions.
About Archrock
Archrock is an energy infrastructure
company with a primary focus on midstream natural gas compression
and a commitment to helping its customers produce, compress
and transport natural gas in a safe and environmentally responsible
way. Headquartered in Houston, Texas, Archrock is a
premier provider of natural gas compression services to customers
in the energy industry throughout the U.S. and a leading
supplier of aftermarket services to customers that own compression
equipment. For more information on how the Company embodies its
purpose, WE POWER A CLEANER AMERICA™,
visit www.archrock.com.
Forward-Looking Statements
This press release contains forward-looking
statements, which include statements about the expected benefits of
the acquisition of Total Operations and Production Services, LLC.
These statements are not guarantees of future performance or
actions. Forward-looking statements rely on a number of assumptions
concerning future events and are subject to risks and
uncertainties. If one or more of these risks or uncertainties
materialize, actual results may differ materially from those
contemplated by a forward-looking statement. Forward-looking
statements speak only as of the date on which they are made.
Archrock expressly disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of
risks, uncertainties and other matters can be found in Archrock’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2023, and as set forth from time to time in Archrock’s filings with
the Securities and Exchange Commission. These filings are available
online at www.sec.gov and www.archrock.com.
For information, contact:
Archrock, Inc. |
INVESTORSMegan RepineVP of Investor
Relations281-836-8360investor.relations@archrock.com |
MEDIAAndrew Siegel / Jed RepkoJoele Frank212-355-4449 |
Archrock (NYSE:AROC)
Historical Stock Chart
From Oct 2024 to Nov 2024
Archrock (NYSE:AROC)
Historical Stock Chart
From Nov 2023 to Nov 2024