HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) ("Archrock" or the "Company") today announced that its Board of Directors has declared an increased quarterly dividend of $0.175 per share of common stock, or $0.70 per share on an annualized basis. The third quarter 2024 dividend will be paid on November 13, 2024 to all stockholders of record on November 6, 2024.
The third quarter 2024 dividend per share amount represents an increase of 6 percent over the Archrock second quarter 2024 dividend level and an increase of 13 percent over the Archrock third quarter 2023 dividend level.
"We are implementing the second increase in Archrock's quarterly cash dividend for 2024 and fourth increase in the last two years reflecting our confidence in enduring demand growth for natural gas and our transformed platform, which are delivering excellent and consistent results. In addition, the recent acquisition of TOPS was immediately accretive to our cash available for dividend," said Brad Childers, Archrock's President and Chief Executive Officer.
"We remain committed to investing in high-return investments required to support our customers and increasing cash returns to shareholders, while maintaining prudent dividend and leverage coverage ratios. We look forward to updating you on our results and integration progress on our third quarter 2024 earnings call in November," 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 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 AMERICATM, 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, 2023, Archrock's Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 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 Repine
Vice President, Investor Relations
(281) 836-8360
[email protected]
