Archrock Announces $50 Million Share Repurchase Authorization and Quarterly Cash Dividend
28 Avril 2023 - 3:07PM
Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today
announced that its Board of Directors has authorized a new $50
million share repurchase program (“2023 Share Repurchase Program”).
The Board of Directors has also declared a
quarterly dividend of $0.15 per share of common stock, or $0.60 per
share on an annualized basis. The first quarter 2023 dividend will
be paid on May 16, 2023 to all stockholders of record on May 9,
2023.
“With the rapid tightening in compression market
fundamentals and our continued confidence in Archrock’s financial
outlook, we are accelerating our plan to increase shareholder
returns and supplementing our compelling quarterly dividend with a
share repurchase program,” said Brad Childers, Archrock’s President
and Chief Executive Officer. “As the path to a leverage ratio of
below 4.0 times this year becomes clearer, this authorization
provides an additional capital allocation tool and the flexibility
to opportunistically act on any broader market dislocation. We
believe Archrock is in an enviable position, with significant
earnings power and cash flow growth forecasted ahead, and we remain
committed to creating and returning value to shareholders.”
Under the 2023 Share Repurchase Program, shares
of the Company’s common stock may be repurchased periodically,
including in the open market, privately negotiated transactions, or
otherwise in accordance with applicable federal securities laws, at
any time until April 27, 2024. The actual timing, manner, number,
and value of shares repurchased under the program will be
determined by the Company at its discretion.
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 the
leading 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 Archrock’s future
financial performance and dividends, and repurchase of shares of
the Company’s common stock pursuant to the 2023 Share Repurchase
Program. 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,
2022, 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:
Megan RepineVice President, Investor
Relations(281) 836-8360investor.relations@archrock.com
Archrock (NYSE:AROC)
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