HOUSTON, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) ("Archrock") today announced that its Board of Directors has declared an increased quarterly dividend of $0.165 per share of common stock, or $0.66 per share on an annualized basis. The fourth quarter 2023 dividend will be paid on February 13, 2024 to all stockholders of record on February 6, 2024.
The fourth quarter 2023 dividend per share amount represents an increase of 6.5 percent over the Archrock third quarter 2023 dividend level and an increase of 10 percent over the Archrock fourth quarter 2022 dividend level.
"Our robust results continue to demonstrate the power of our transformed platform and strong operational execution. The decision to increase our dividend reflects our confidence in the outlook for compression as well as Archrock's industry-leading financial flexibility and capital allocation capabilities," said Brad Childers, Archrock's President and Chief Executive Officer.
"Our increased dividend is supported by a consistent and prudent expected dividend coverage ratio of more than 2.0 times and leverage ratio of between 3.0 and 3.5 times by year end 2024.
"We remain committed to improving financial returns and returning capital to our shareholders and look forward to updating you on our 2024 outlook during our fourth quarter 2023 earnings call in February," concluded Childers.
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 Archrock 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. 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, Archrock's Quarterly Report on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 and those set forth from time to time in Archrock's filings with the Securities and Exchange Commission which are available at www.archrock.com.
For information, contact:
Megan Repine
Vice President, Investor Relations
(281) 836-8360
[email protected]
