Archrock Increases Quarterly Cash Dividend
Source: Nasdaq GlobeNewswire / 24 Jul 2019 18:30:01 America/New_York
HOUSTON, July 24, 2019 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (“Archrock”) today announced that its Board of Directors has declared a quarterly dividend of $0.145 per share of common stock, or $0.58 per share on an annualized basis. The second quarter 2019 dividend represents an increase of 10 percent over the first quarter 2019 dividend of $0.132 per share. The dividend will be paid on August 14, 2019 to all stockholders of record on August 7, 2019.
“The increase in our quarterly dividend is consistent with our stated financial strategy of delivering between 10% and 15% annual dividend growth through 2020,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We remain confident in our ability to maintain dividend coverage of at least 2.0 times, while also reducing our leverage to less than 4.0 times in 2020.”
Archrock is an energy infrastructure company with a pure-play focus on midstream natural gas compression. Archrock is the leading provider of natural gas compression services to customers in the oil and natural gas industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment in the U.S. Archrock is headquartered in Houston, Texas, with approximately 1,700 employees. For more information, please visit www.archrock.com.
This press release contains forward-looking statements, which includes statements about Archrock’s 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, 2018, 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.
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Treasurer & VP of Investor Relations