MIDLAND, Texas - Natural Gas Services Group, Inc. (NYSE: NYSE:NGS), a prominent provider of natural gas compression equipment and services, announced the retirement of David Bradshaw from its Board of Directors, effective as of last Monday. Bradshaw’s departure from the board is not due to any disagreements with the company or its management.
Stephen Taylor, Chairman of the Board of NGS, expressed his gratitude for Bradshaw's contributions, stating, "His knowledge of the oil and gas industry and significant operating experience provided unparalleled value to the Company and management over his tenure." Bradshaw reciprocated with appreciation for his time at NGS and expressed confidence in the company's future success.
Natural Gas Services Group, headquartered in Midland, Texas, specializes in renting, selling, and servicing natural gas compressors. They cater to the oil and natural gas production and processing facilities, mainly using third-party fabricated equipment along with some in-house assembly. The company maintains a presence across major U.S. oil and natural gas producing regions.
The press release also contains forward-looking statements regarding the company’s strategy and prospects. However, these statements are subject to risks and uncertainties, which are detailed in the company's SEC filings, including its annual report for the fiscal year ended December 31, 2023. These filings highlight factors that could cause actual results to differ materially from those projected in the forward-looking statements.
This news is based on a press release statement from Natural Gas Services Group, Inc.
In other recent news, Natural Gas Services Group Incorporated reported significant financial growth in its Q3 2024 earnings call. The company saw a 35% year-over-year increase in rental revenue, reaching $37.4 million, and a 54% surge in adjusted EBITDA to $18.2 million. Total (EPA:TTEF) revenue for the quarter reached $40.7 million, with a rental gross margin percentage of 61.3%.
In light of these results, Natural Gas Services revised its 2024 adjusted EBITDA guidance upward, now projecting a range of $67 million to $69 million. This indicates an anticipated 48% growth over the previous fiscal year. The company also announced plans to expand its large horsepower rental fleet by 100,000 horsepower over the next five quarters.
Despite challenges in the natural gas market, Natural Gas Services is focusing on contracts with blue-chip customers to expand its fleet and leveraging data to enhance business operations. These recent developments position the company for continued success. As part of their forward-looking strategy, the company emphasized maintaining strong relationships with customers, employees, and suppliers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.