A specialized United Rentals (URI) for the natural gas industry, providing and servicing essential compression equipment.

The 'Hertz (HTZ)' or 'Ryder (R)' for industrial natural gas compressors, leasing this critical machinery to energy companies.

• Natural Gas Compressor Rental: Provision of natural gas compressors for rent, utilized in the movement and processing of natural gas.
• Compressor Parts and Services: Sale of replacement parts and provision of maintenance, repair, and overhaul services for natural gas compression equipment.

For Natural Gas Services Group, Inc. (symbol: NGS), the company primarily sells its natural gas compression equipment and services to other companies in the energy sector (Business-to-Business model).

Its major customers generally fall into the following categories:

• Natural Gas Producers: These are companies involved in the exploration and extraction of natural gas from reservoirs.
• Midstream Operators: These companies manage the processing, gathering, and transportation of natural gas from the wellhead to market.
• Other Industrial End-Users: Various industrial entities that require natural gas compression for their specific operational needs.

Natural Gas Services Group, Inc. does not publicly disclose the names of its individual major customer companies in its SEC filings, such as its Annual Reports on Form 10-K. While the company may report that a single customer accounts for a significant portion of its revenue (e.g., one customer accounted for approximately 11.2% of total revenues in 2023 according to its most recent 10-K filing), the specific names of these customer companies and their corresponding stock symbols are not provided publicly by NGS.

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Justin C. Jacobs, Chief Executive Officer

Mr. Jacobs was named Chief Executive Officer of Natural Gas Services Group, Inc. in February 2024. Prior to his employment with the Company, he was a Managing Director and a member of the management committee of Mill Road Capital Management LLC, an investment firm focused on investments in small, publicly traded companies. He joined Mill Road in 2005, prior to the initial closing of the first fund. Mr. Jacobs has more than 25 years of experience as a public investor, private equity investor, operator, and member of Boards of Directors, including significant experience in turnaround situations.

Ian Eckert, Chief Financial Officer

Mr. Eckert will join Natural Gas Services Group Inc. as Chief Financial Officer no later than January 6, 2025. Since June 2023, he has been employed at Alamo Group Inc., a public company, where he served as Chief Accounting Officer, Vice President, and Corporate Controller. From 2020 to 2023, Mr. Eckert served as Vice President, Finance for AMETEK Inc.'s Electron Microscopy Technologies business. Prior to 2020, he held controllership, financial planning and analysis, and strategy roles at Howmet Aerospace Inc. (formerly Alcoa Inc.) and began his professional career at Lafarge.

Brian L. Tucker, President and Chief Operating Officer

Prior to his employment with Natural Gas Services Group, Mr. Tucker most recently served as a Senior Vice President Operations for Patterson UTI Energy. Immediately before his time at Patterson, he held the role of Chief Operating Officer of Pioneer Energy Services, where he also served as Senior Vice President Operations and Drilling/Well Services President. Prior to joining Pioneer, Mr. Tucker was a Vice President for Helmerich and Payne (H&P), serving as the South Texas Vice President of Operations from 2010 to 2012. Mr. Tucker served eight years as an officer in the U.S. Army.

John Rowell, Vice President, Technical

Mr. Rowell is Vice President, Technical for Natural Gas Services Group Inc. He started his career with the Company in 2001, fabricating compressor units. Since then, he has worked in multiple areas at NGSG, including product development, manufacturing management, compressor unit purchasing, account management, and technology development. Mr. Rowell has been a key driver in developing NGSG's technology innovations.

Stephen C. Taylor, Chairman Emeritus

Mr. Taylor served as President and Chief Executive Officer of Natural Gas Services Group from January 2005 until his retirement, effective May 17, 2022. He also served as Interim CEO from November 11, 2022, to February 12, 2024, and Interim President from November 11, 2022, to October 9, 2023. Mr. Taylor was elected as a Director of Natural Gas Services Group in June 2005 and was appointed Chairman of the Board effective January 1, 2006. Immediately prior to joining Natural Gas Services Group, Mr. Taylor held the position of General Manager – US Operations for Trican Production Services, Inc. from 2002 through 2004. He joined Halliburton Resource Management in 1976, becoming its Vice President – Operations in 1989, and held multiple senior level management positions with Halliburton Energy Services until 2000. He was also Senior Vice President/Chief Operating Officer of Enventure Global Technology, LLC, a joint-venture deep water drilling technology company owned by Halliburton Company and Shell Oil Company.

Natural Gas Services Group (NGS) primarily provides natural gas compression equipment and related services, including manufacturing, fabrication, rental, sales, and maintenance of natural gas compressors and flare systems for oil and natural gas production and plant facilities. The company primarily serves unconventional oil and gas regions within the United States.

The addressable market sizes for their main products and services, focused on the North American region, are as follows:

• Natural Gas Compressor Market (North America): The global Natural Gas Compressor Market size was valued at USD 7.8 billion in 2025 and is projected to reach USD 11.2 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.1%. North America is a leading region in this market, holding approximately a 35% market share. Based on these figures, the estimated addressable market for natural gas compressors in North America is approximately USD 2.73 billion in 2025 (35% of USD 7.8 billion). Another source indicates the global natural gas compressor market was approximately USD 5.2 billion in 2024, with North America accounting for about 40%, suggesting a North American market of approximately USD 2.08 billion in 2024.
• Industrial Machine Gas Processing Equipment Market (North America): The North American market for Industrial Machine Gas Processing Equipment was valued at approximately USD 2.1 billion in 2024. The global market for this equipment reached USD 8.3 billion in 2024 and is expected to grow to approximately USD 14.1 billion by 2033.

Natural Gas Services Group (NGS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Rental Fleet, Particularly Larger Horsepower Units: NGS is strategically expanding its rental fleet, with a deliberate shift towards larger, higher-horsepower compression packages. The company plans to deploy new units, predominantly large horsepower, which are expected to increase its rented horsepower fleet by approximately 90,000 horsepower, representing an 18% increase compared to year-end 2024, with deployments anticipated by early 2026. This focus on large horsepower units, which constituted over 70% of their rented horsepower at the end of 2024, is contributing to higher revenue and adjusted gross margin.
2. Increased Utilization Rates of the Compression Fleet: NGS has demonstrated improved utilization rates for its compression fleet, reaching 82.1% in 2024 and further improving to 83.6% in Q2 2025. This enhanced utilization, particularly with nearly all large horsepower equipment being 100% utilized, directly contributes to increased rental revenue.
3. Pricing Improvements and Favorable Mix Shift: The company has successfully implemented pricing improvements, leading to an increase in rental revenue per average horsepower per month. Coupled with a continued strategic shift towards larger, higher-margin horsepower units, these pricing adjustments are boosting rental revenue and expanding gross margins.
4. Robust Demand for Natural Gas Compression Services: Strong demand for natural gas services in NGS's core markets is a significant driver of revenue growth. This sustained demand is reflected in the company's strong financial performance and its upward revision of Adjusted EBITDA guidance for 2025. The increasing global electricity consumption is also expected to further support natural gas demand in the coming years.
5. Technological Innovation and Operational Efficiencies: Natural Gas Services Group is committed to technological innovation, including the deployment of "smart-enabled" large horsepower fleets and electric motor units. These advancements, alongside continuous operational efficiencies, contribute to market leadership and enhance the performance of their rental equipment, thereby supporting revenue growth.

Share Repurchases

• Natural Gas Services Group authorized a stock repurchase program of up to $6.00 million on August 11, 2025, allowing the company to buy back up to 1.9% of its stock.
• Under a previous authorization from October 23, 2020, which expired on September 30, 2021, the company repurchased 478,769 shares for a total of $5.0 million.
• In the first nine months of 2022, the company repurchased shares for $6.7 million, and its board authorized another $10 million repurchase program on October 1, 2022.

Share Issuance

• The number of shares outstanding for Natural Gas Services Group has shown a net decrease over much of the last few years, with approximately 13.6 million shares outstanding in March 2021 and around 12.5 million shares outstanding in March 2025.
• More recently, the number of shares outstanding increased by 1.52% over the last year, reaching 12.54 million as of late 2025.

Capital Expenditures

• The company's capital expenditures for the last twelve months (as of November 2025) were approximately $88.70 million. For the last twelve months (as of September 2025), the capital expenditure was $47.8 million.
• Natural Gas Services Group saw a significant increase in capital expenditures in 2022, marking the highest annual jump of 153%.
• Management plans to spend approximately $150 million in growth capital expenditures through 2025, primarily focused on expanding its large horsepower rental fleet, with a goal to add 100,000 horsepower over five quarters from Q3 2024.