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Archrock Announces Quarterly Cash Dividend
Globe Newswire 25-Jul-2024 4:05 PM
HOUSTON, July 25, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) ("Archrock" or the "Company") today announced that its Board of Directors has declared a quarterly dividend of $0.165 per share of common stock, or $0.66 per share on an annualized basis. The second quarter 2024 dividend will be paid on August 13, 2024 to all stockholders of record on August 6, 2024.
The second quarter 2024 dividend per share amount is consistent with Archrock's first quarter 2024 dividend and represents a year-over-year increase of 6 percent.
"Archrock continues to prioritize returning capital to our shareholders through a well-covered dividend," said Brad Childers, Archrock's President and Chief Executive Officer. "We are excited about the pending acquisition of Total Operations and Production Services, which is expected to close by the end of 2024 and be immediately accretive to earnings per share and cash available for dividend per share. We believe the increase in pro-forma discretionary cash flow will further enhance our financial flexibility and capacity to increase dividends to our shareholders over time."
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 proposed acquisition of Total Operations and Production Services, LLC, including its expected accretion and the expected impact on Archrock's dividend growth and dividend coverage; and the anticipated completion of the proposed acquisition and the timing thereof. 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.
