Archrock Inc (AROC)

[eastunder]

Archrock, Inc. Announces Completion of Merger Transaction

GlobeNewswire•April 26, 2018


HOUSTON, April 26, 2018 (GLOBE NEWSWIRE) -- Archrock, Inc. (“Archrock”) (AROC) today announced that it has completed the acquisition of all outstanding common units of Archrock Partners, L.P. (“Archrock Partners”) (APLP) that it did not previously own. As a result of the transaction, Archrock Partners common units will no longer be publicly traded on the Nasdaq Global Select Market after April 26, 2018.


“Archrock Partners’ unitholders and Archrock’s stockholders demonstrated strong support for the merger transaction in yesterday’s vote,” stated Brad Childers, Archrock's President and Chief Executive Officer. “The merger strengthens our platform to capture growth from increasing U.S. natural gas production, and provides stockholders with enhanced value through a higher expected dividend growth rate and improved dividend coverage.”

Merger Transaction Highlights

Under the terms of the merger agreement, Archrock has acquired all of the 41 million outstanding units of Archrock Partners that it did not already own at a fixed exchange ratio of 1.40 shares of Archrock common stock for each Archrock Partners common unit.

Archrock expects the following benefits from the merger:
•Simplified capital structure that accelerates deleveraging from increased retained cash flow and elimination of incentive distribution rights;
•Cash available for dividend coverage above 2.00x through 2020;
•10-15 percent targeted annual dividend growth through 2020;
•Immediately accretive to Archrock’s cash available for dividend per share;
•Lower cost of capital and improved trading liquidity; and
•No cash federal income taxes through at least 2023.

About Archrock

Archrock, Inc. is a pure-play U.S. natural gas contract compression services business and a leading supplier of aftermarket services to customers that own compression equipment in the United States. Archrock is headquartered in Houston, Texas, operating in the major oil and gas producing regions in the United States, with approximately 1,700 employees. For more information, visit www.archrock.com.

[eastunder]

Archrock Partners Announces First-Quarter 2016 Cash Distribution, Financial Results and Credit Facility Amendment

May 2, 2016 11:26 PM EDT

First-quarter distribution of $0.285 per limited partner unit, a 50 percent reduction from the prior quarter
EBITDA, as further adjusted, of $69.4 million for the quarter
Distributable Cash Flow coverage of 2.51x for the first quarter of 2016
Maximum Total Leverage Ratio raised to 5.95x through the fourth quarter of 2017

HOUSTON--(BUSINESS WIRE)-- Archrock Partners, L.P. (NASDAQ: APLP) today announced a cash distribution of $0.285 per limited partner unit, which corresponds to $1.14 per limited partner unit on an annualized basis, payable on May 13, 2016, to unitholders of record at the close of business on May 12, 2016. The first-quarter 2016 distribution covers the period from January 1, 2016, through March 31, 2016. The distribution to be paid in May 2016 is approximately 50 percent lower than the fourth-quarter 2015 distribution.

In conjunction with the distribution adjustment, Archrock Partners has entered into an amendment to its senior secured credit agreement, which among other things, increases the maximum Total Leverage Ratio, as defined in the credit agreement, to 5.95x through the fourth quarter of 2017.

“With the challenging industry conditions and limited visibility on the timing of a recovery, Archrock Partners is taking proactive steps to address leverage concerns while avoiding the issuance of dilutive equity,” said Brad Childers, Chairman, President and Chief Executive Officer of Archrock Partners’ managing general partner. “While the decision to reduce the distribution was difficult, we believe that it is the right step to take at this time to improve our credit profile and position Archrock Partners to take advantage of growth opportunities when market conditions improve.”

Additionally, Archrock Partners reported EBITDA, as further adjusted (as defined below), of $69.4 million for the first quarter of 2016, compared to $75.3 million for the fourth quarter of 2015 and $78.7 million for the first quarter of 2015. Distributable cash flow (as defined below) was $43.9 million for the first quarter of 2016, compared to $46.3 million for the fourth quarter of 2015 and $51.0 million for the first quarter of 2015.

Revenue was $151.4 million for the first quarter of 2016, compared to $161.4 million for the fourth quarter of 2015 and $164.3 million for the first quarter of 2015.

Net income, excluding certain items, for the first quarter of 2016 was $11.1 million, or $0.18 per diluted limited partner unit, compared to net income, excluding certain items, of $16.3 million, or $0.19 per diluted limited partner unit, for the fourth quarter of 2015, and $23.6 million, or $0.35 per diluted limited partner unit, for the first quarter of 2015. In the first quarter of 2016, excluded items primarily included non-cash long-lived asset impairments of $6.3 million and $4.1 million of restructuring charges.

Net income for the first quarter of 2016 was $0.5 million, or $0.01 per diluted limited partner unit, compared to net loss of $137.9 million, or $2.34 per diluted limited partner unit, for the fourth quarter of 2015 and net income of $20.1 million, or $0.28 per diluted limited partner unit, for the first quarter of 2015.

In addition to increasing the Total Leverage Ratio as described above, the credit agreement amendment includes, among other things, a reduction in aggregate revolving commitments by $75 million; a maximum Total Leverage Ratio of 5.75x in the first quarter of 2018 and 5.25x thereafter; and a maximum Senior Secured Leverage ratio, as defined in the agreement, of 3.5x through the fourth quarter of 2017, 3.75x in the first quarter of 2018, and 4.0x thereafter.

[eastunder]

Archrock Partners declares $0.285 dividend
Archrock Partners (NASDAQ:APLP) declares $0.285/share quarterly dividend, -50.2% decrease from prior dividend of $0.5725.
Forward yield 9.02%
Payable May 13; for shareholders of record May 12; ex-div May 10.

[eastunder]

Yes.

[LEFTY1182]

Anyone here?

[eastunder]

November 4, 2015 9:21 AM EST

http://www.streetinsider.com/Corporate+News/Archrock+(AROC)+Completes+Spin-Off+of+Exterran+(EXTN)/11034883.html

Archrock Partners, L.P. (NASDAQ: APLP), formerly known as Exterran Partners, L.P., today announced that its name has changed in connection with the spin-off and that its trading symbol on the Nasdaq Global Select Market has changed from EXLP to “APLP”.


Archrock (AROC) Completes Spin-Off of Exterran (EXTN)

Archrock, Inc. (NYSE: AROC) today announced the completion of the previously announced spin-off of the international services and global fabrication businesses of Exterran Holdings (NYSE: EXTN) Inc. into a new, publicly traded company, Exterran Corporation, through the distribution of all the shares of Exterran Corporation common stock to the holders of Exterran Holdings common stock. In connection with the completion of the spin-off, Exterran Holdings, Inc. was renamed Archrock, Inc. and will begin “regular way” trading on the New York Stock Exchange today under the symbol “AROC”. Following the completion of the spin-off, Archrock, Inc. is the leading provider of natural gas contract compression services to customers throughout the United States and a leading supplier of aftermarket services to customers that own compression equipment in the United States.

Archrock Partners, L.P. (NASDAQ: APLP), formerly known as Exterran Partners, L.P., today announced that its name has changed in connection with the spin-off and that its trading symbol on the Nasdaq Global Select Market has changed from EXLP to “APLP”.

Archrock, Inc. continues to own an equity interest, including all of the general partner interest, in Archrock Partners. Archrock Partners is the leading provider of natural gas contract compression services to customers throughout the United States.

To effect the spin-off, each Exterran Holdings shareholder received one share of Exterran Corporation common stock for every two shares of Exterran Holdings common stock held as of 5:00 p.m., Eastern Time, on October 27, 2015, the record date for the spin-off. Exterran Corporation is now an independent, publicly traded company that will begin “regular way” trading on the NYSE today under the symbol “EXTN”.

[eastunder]

Exterran Announces New Name for the U.S. Market Leader in Contract Compression Services


Thursday 9 July 2015

Exterran Partners, L.P. - Common Units Representing Limited Partner Interests (MM) Charts.After completion of Exterran’s separation transaction, the U.S. compression services company will be called “Archrock”

Non-U.S. contract operations, non-U.S. aftermarket services and global product lines company will keep the “Exterran” name
Exterran Partners will be renamed “Archrock Partners”
Exterran and Exterran Partners are pleased to announce the future name of the market leader in U.S. natural gas contract compression services: Archrock.

In the third quarter of 2015, Exterran expects to separate its international contract operations, international aftermarket services and global product line businesses into a standalone company, resulting in two independent companies. The remaining company, which will be called Archrock, will be the leading provider of natural gas contract compression services and a premier provider of aftermarket services and parts to customers in the oil and natural gas industry throughout the United States.

“Archrock will continue to offer our customers contract compression services utilizing the country’s largest fleet, well-established relationships with OEM manufacturers and distributors, and outstanding aftermarket parts and service capability,” said President and CEO Brad Childers. “The Archrock name, with its ties to the natural world and its message of connection, is a fitting reflection of the way we perform for our customers. With approximately 3.7 million operating horsepower in our compression services fleet across the United States, we are strong, we are here for the long term and we bridge divides — connecting with our customers, employees and communities. We are where our customers need us.”

After the completion of the separation transaction, Exterran Partners, L.P., a master limited partnership, will be named “Archrock Partners, L.P.”

The company comprising Exterran’s global product lines and non-U.S. services will continue to be called “Exterran.” It will continue to be a market leader supplying customers throughout the world engaged in all aspects of the oil and natural gas industry.

“Exterran’s customers can continue to rely on our legacy of proven world-wide performance,” said Executive Vice President Andrew Way, who will become President and CEO of Exterran when the transaction is complete.

Exterran’s global product lines will include production equipment, natural gas compression equipment, processing and treating equipment and water treatment solutions. In addition, outside the United States, it will continue to be a leading provider of full-service natural gas contract compression and a supplier of new, used, OEM and aftermarket parts and services.

[Penny Land Player]

great opportunity here

[iheartweimers]

Credit Suisse upgrades EXLP to Outperform on Jan 9, 2013
http://247wallst.com/2013/01/09/credit-suisse-sees-catch-up-rally-in-mlps-in-2013-cs-exlp-apu-bwp-sep-sph-kyn-amj-amlp/

[WildCatStocks]

Good dividends here?

[Penny Roger$]

~ Thurs-Fri $EXLP ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $EXLP ~ Earnings expected on Thursday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

[Penny Roger$]

Exterran Partners, L.P. is a global provider of products and services to the oil and gas industry. The Company provides natural gas contract operations services to customers throughout the United States. Its contract operations services include designing, sourcing, owning, installing, operating, servicing, repairing and maintaining equipment to provide natural gas compression to its customers. The Company also monitors its customers’ compression services requirements over time and, as necessary, modify the level of services and related equipment. Exterran General Partner, L.P., its general partner, is an indirect, wholly owned subsidiary of Exterran Holdings, Inc. (Exterran Holdings). In August 2010, the Company acquired from Exterran Holdings contract operations customer service agreements with 43 customers and a fleet of approximately 580 compressor units used to provide compression services under those agreements, consisting of approximately 255,000 horsepower.