• United Rentals for natural gas compression equipment.
• Ryder for the natural gas industry's compression equipment.

• Natural Gas Compression Services: Archrock designs, owns, operates, and maintains its fleet of natural gas compression equipment to provide comprehensive compression services to customers in the oil and natural gas industry.
• Sale of Parts and Components: Archrock offers various parts and components for natural gas compression equipment.
• Compression Equipment Maintenance and Overhaul Services: Archrock provides operation, maintenance, overhaul, and reconfiguration services for compression equipment owned by its customers.

Archrock, Inc. (AROC) sells its services and equipment primarily to other companies within the oil and natural gas industry. Based on the company's public filings, no single customer accounted for 10% or more of its consolidated revenue in 2023, 2022, or 2021. Therefore, Archrock does not have individually identified "major customers" that are publicly disclosed by name.

However, Archrock serves a diversified base of customers, which can be broadly categorized as follows:

• Producers (companies involved in the exploration and extraction of natural gas)
• Midstream Companies (companies that transport, store, and process natural gas)
• Gatherers (companies that collect natural gas from wells and transport it to larger pipelines)

D. Bradley Childers, President and Chief Executive Officer

Mr. Childers has served as President and Chief Executive Officer of Archrock since December 2011, having previously served as Interim President and Chief Executive Officer since November 2011. He also held the roles of President, Chief Executive Officer, and Chairman of the Board of Archrock GP LLC, the managing general partner of Archrock Partners, L.P., from November 2011 until the partnership's merger into a wholly-owned subsidiary of Archrock, Inc. in April 2018. Mr. Childers joined Universal Compression Holdings, Inc., a predecessor company, in 2002, where he served in various management positions, including Senior Vice President and President of the International Division of Universal Compression, Inc. From 1994 to 2002, he held various positions with Occidental Petroleum Corporation and its subsidiaries. Archrock, Inc. was formed in November 2015 as a spin-off from Exterran Holdings, Inc., with Mr. Childers at the helm as the inaugural President and CEO of the newly independent entity.

Doug S. Aron, Senior Vice President and Chief Financial Officer

Mr. Aron was appointed Senior Vice President and Chief Financial Officer of Archrock in August 2018. Prior to joining Archrock, he served as Executive Vice President and Chief Financial Officer of Nine Energy Service, Inc. from April to September 2017. From July 2011 to March 2017, Mr. Aron was Executive Vice President and Chief Financial Officer of HollyFrontier Corporation. Before the merger of Frontier Oil Corporation with Holly Corporation in July 2011, Mr. Aron served Frontier Oil Corporation as Executive Vice President and Chief Financial Officer starting in January 2009, as Vice President of Corporate Finance from May 2005 to December 2008, and as Director of Investor Relations from March 2001 to May 2005.

Stephanie C. Hildebrandt, Senior Vice President, General Counsel and Secretary

Ms. Hildebrandt has served as Archrock's Senior Vice President, General Counsel and Secretary since August 2017. She was a partner at the global law firm Norton Rose Fulbright from February 2015 to July 2017. Previously, Ms. Hildebrandt was the Senior Vice President, General Counsel and Secretary of Enterprise Products Partners L.P. from May 2010 to December 2014, and held various other roles at Enterprise from 2004 to May 2010. She has also served as a director for companies such as WildHorse Resource Development Corporation (acquired in February 2019), Rice Midstream Management LLC (acquired in July 2018), and TRC Companies, Inc. (acquired in June 2017).

Eric W. Thode, Senior Vice President, Operations

Mr. Thode has served as Senior Vice President, Operations of Archrock since February 2020. His previous roles at Archrock include Vice President, Operations from October 2018, and Vice President of the South Texas Business Unit. He also served as Director of the South Texas Business Unit from December 2014 to July 2018 and Director of the Barnett Business Unit from June 2012 to December 2014 for Archrock Services, L.P., a wholly-owned operating subsidiary. Mr. Thode joined Universal Compression, Inc., a predecessor company, in 2004. Before that, he worked at Enron Corporation as Director, Public Relations from 1999 to 2004, and at TEPPCO Partners as Manager, Government and Public Affairs from 1991 to 1999.

Jason G. Ingersoll, Senior Vice President, Sales and Operations Support

Mr. Ingersoll has served as Senior Vice President, Sales and Operations Support of Archrock since June 2020. Prior to this role, he was Senior Vice President, Marketing and Sales of Archrock from February 2018 to June 2020, and Vice President, Marketing and Sales from November 2015 to February 2018. He served as Vice President, Sales of Exterran Energy Solutions, L.P., a predecessor subsidiary, from October 2013 to November 2015. Mr. Ingersoll also held increasing positions of responsibility with Exterran Energy Solutions, L.P., including Regional Vice President from January 2012 to October 2013, and Business Unit Director from March 2009 to January 2012.

The key risks to Archrock's business (AROC) are primarily linked to the evolving energy landscape, the inherent volatility of the natural gas industry, and its financial structure.

1. Regulatory and Environmental Risks, including the Energy Transition: Archrock operates in a highly regulated industry, and changes in environmental laws and regulations, particularly those targeting methane emissions (e.g., EPA Subpart OOOOb/OOOOc), can impose significant compliance costs and operational constraints. Furthermore, the broader global shift towards renewable energy sources and climate-related initiatives poses a long-term risk of reduced demand for natural gas compression services, potentially impacting Archrock's profitability and growth prospects.

2. Industry Cyclicality and Commodity Price Volatility: Archrock's business is inherently tied to the cyclical nature of the oil and natural gas industry. Fluctuations in natural gas and oil prices can significantly influence customer capital expenditures, production volumes, and the overall demand for Archrock's compression equipment and services. While the company's contract operations provide some insulation from daily price swings, a sustained downturn in commodity prices could lead to reduced demand for new compression units and affect contract renewals. Geopolitical conflicts also contribute to market disruptions and price instability, further impacting the company's operations and financial performance.

3. Substantial Debt Levels: The company carries a significant amount of long-term debt, which stood at approximately $2.6 billion as of mid-2025. A high debt load can limit Archrock's financial flexibility, constrain its ability to fund future capital expenditures, make acquisitions on favorable terms, or respond effectively to economic downturns or adverse industry conditions. This substantial debt also exposes the company to vulnerability from interest rate increases.

The addressable market for Archrock's main products and services in the United States, primarily focusing on natural gas compression, can be understood through the U.S. natural gas compressor market.

For its Contract Operations segment, which involves natural gas compression services, the U.S. market for natural gas compressors was valued at approximately USD 1.67 billion in 2025. Another source indicates the North American natural gas compressor market reached a value of USD 2.2 billion in 2024. As Archrock operates exclusively in the United States, the U.S. market for natural gas compressors represents its primary addressable market for compression-related services. This market is driven by extensive natural gas production, pipeline expansions, and LNG projects in the country.

For its Aftermarket Services segment, which includes the sale of parts and components, as well as operation, maintenance, overhaul, and reconfiguration services for compression equipment, maintenance constitutes a notable portion of the total lifecycle costs of natural gas compressors. Approximately 14% of the total lifecycle costs of natural gas compressors are attributed to maintenance. Furthermore, nearly 25% of aging compressors in the U.S. are anticipated to require replacement within the next decade. While a specific, standalone market size for "aftermarket services" in the U.S. is not explicitly provided, these services are an integral part of the broader natural gas compressor market.

Here are 3-5 expected drivers of future revenue growth for Archrock (AROC) over the next 2-3 years:

1. Increased demand for natural gas compression services: Archrock is poised to benefit from the growing demand for natural gas compression services, driven by anticipated increases in U.S. natural gas production, rising liquefied natural gas (LNG) exports, and the expanding power requirements of AI data centers.
2. Higher pricing and contract escalators: The company has been able to implement consistent rental rate increases due to a tight natural gas compression market and high utilization rates, which have exceeded 95% since 2023. Rental rates have increased by over 25% since the first quarter of 2023, and Archrock anticipates additional price increases in 2026.
3. Strategic acquisitions: Recent strategic acquisitions, such as Total Operations and Production Services (TOPS) in August 2024 and Natural Gas Compression Systems in May 2025, have significantly expanded Archrock's operating horsepower and baseline EBITDA generation, positioning the company for continued growth.
4. Growth capital expenditures and fleet expansion: Archrock plans substantial growth capital expenditures (e.g., $250-$275 million in 2026) to invest in new build horsepower and expand its electric motor drive (EMD) compression capabilities. This investment supports strong customer demand and aligns with industry trends favoring larger, more efficient units.
5. Operational efficiencies and focus on high-margin segments: The company's investments in technological advancements, including cloud-based solutions and remote monitoring, are expected to enhance operational efficiency and asset uptime, contributing to improved gross margins. Archrock's strategic focus on high-margin segments also plays a role in driving profitability.

Share Repurchases

• Archrock authorized a $50 million share repurchase program in April 2023, which was subsequently extended and replenished to $50 million in April 2024.
• During 2025, the company repurchased approximately $70 million in shares.
• As of December 31, 2025, $117.7 million remained available for future common share repurchases, following an additional $100 million authorization through December 31, 2026.

Outbound Investments

• In April 2022, Archrock acquired a 25% equity interest in ECOTEC, a company specializing in methane emissions detection, monitoring, and management.
• Archrock announced and completed the acquisition of Total Operations and Production Services, LLC ("TOPS") in 2024.
• The company completed a second accretive acquisition during 2025.

Capital Expenditures

• Capital expenditures for 2021 were approximately $261 million.
• In 2023, total capital expenditures amounted to approximately $299 million, with $190 million allocated to growth capital expenditures, primarily focused on new build horsepower and repackage equipment.
• For 2026, Archrock projects total capital expenditures of $400-$445 million, including $250-$275 million for growth in new build horsepower and repackage CapEx, and $125-$135 million for maintenance due to increased overhaul activity.