Archrock Completes Acquisition of Total Operations and Production Services
Archrock, Inc. (NYSE: AROC), a leading player in the energy infrastructure sector, recently announced the successful completion of its acquisition of Total Operations and Production Services, LLC (TOPS). This strategic move is set to bolster Archrock's position in the competitive landscape of natural gas compression.
Enhancing Archrock's Fleet and Operations
In a statement from Brad Childers, the President and Chief Executive Officer of Archrock, he expressed enthusiasm around the acquisition, describing it as an accretive transaction that will significantly enhance their existing operations in the Permian Basin. With the new additions, Archrock aims to strengthen its leadership in electric motor drive compression.
Adding Value through a Young Fleet
The acquisition involved securing a formidable 580,000 horsepower, which comprises approximately 500,000 operating horsepower. This includes a substantial backlog of contracted equipment that will enable Archrock to provide better service to both new and existing customers.
Strength in Financial Resources
To finance this $826 million acquisition, Archrock utilized funds from its recent capital market transactions. As part of the agreement, approximately 6.87 million new shares of Archrock common stock were issued to the previous owners.
Commitment to Environmental Responsibility
Archrock is dedicated to promoting safe and environmentally-friendly practices in the production and transportation of natural gas. The company takes pride in being a premier provider of natural gas compression services across the United States.
Looking Ahead: Strong Market Position
With a high-quality fleet and a remarkable financial standing, Archrock believes it is well-prepared to leverage the favorable conditions within today's natural gas and compression markets. The team at Archrock is committed to generating value for its shareholders while ensuring their customers can depend on reliable and capable service.
About Archrock
Headquartered in Houston, Archrock focuses heavily on midstream natural gas compression. It is recognized for its commitment to helping energy companies operate with efficiency and respect for the environment. Archrock continually emphasizes its mission, WE POWER A CLEANER AMERICA™, as it strives to deliver excellent solutions in the energy sector.
Frequently Asked Questions
What is the significance of the acquisition of TOPS?
The acquisition enhances Archrock's capacity in the natural gas sector, particularly in electric motor drive compression, and strengthens its market position.
How will the acquisition affect Archrock's operations?
It will add a substantial amount of operating horsepower and a backlog of contracted equipment, enabling improved service capabilities.
What are the financial implications of this deal?
Archrock financed the acquisition through capital market transactions and issued new shares to manage the purchase price effectively.
What is Archrock's commitment to the environment?
Archrock emphasizes safety and environmental responsibility in the natural gas sector, ensuring sustainable operations and practices.
Who can I contact for more information about Archrock?
For investor-related inquiries, Megan Repine, the VP of Investor Relations, can be reached at 281-836-8360 or via email at investor.relations@archrock.com.
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