Financial Data and Key Metrics Changes - Total revenue for Q2 2024 increased to $38.5 million, up $11.5 million or 43% from $27 million in Q2 2023 [13] - Adjusted EBITDA of $16.5 million increased 67% compared to last year's second quarter [17] - Net income in Q2 2024 was $4.3 million compared to $504,000 in Q2 2023 [16] Business Line Data and Key Metrics Changes - Rental revenue for Q2 2024 was $34.9 million, up from $24.1 million in Q2 2023, representing a 45% increase year-over-year [13] - Rental adjusted gross margin dollars increased year-over-year to $20.7 million for Q2 2024 from $12.8 million in Q2 2023, representing a 62% increase [14] - Horsepower utilization stood at 82.3%, which was up 370 basis points from last year [10] Market Data and Key Metrics Changes - Approximately 75% of the active fleet is in oil and liquids-oriented basins, where activity is primarily driven by oil [7] - Demand for high horsepower compression remains strong, with customers looking out as far as 2026 [8] Company Strategy and Development Direction - The company is focusing on four growth opportunities: optimizing the utilized fleet, improving asset utilization, driving new unit growth, and executing accretive M&A [8] - The company plans to increase growth CapEx for 2024 to support new long-term contracts with premier customers [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the margin-generating potential of rented compressor units and noted a robust demand environment for compression [21][25] - The outlook for 2024 adjusted EBITDA has been increased to a range of $64 million to $68 million [21] Other Important Information - The company generated cash flow from operations of $31.1 million in the first half of 2024 compared to $22.6 million for the first half of 2023 [19] - The net book value of the rental fleet at quarter end was approximately $388 million [19] Q&A Session Summary Question: Can you discuss the new contracts and the demand environment? - Management indicated a robust demand environment for compression and significant activity expected in the second half of 2024 and throughout 2025 [25] Question: How is the electric drive market developing? - Management noted a significant increase in demand for electric units, with flexibility to offer customers either natural gas or electric options [28] Question: Can you provide insight into the new contracts' pricing? - Management confirmed that new contracts are priced above the average for the fleet, indicating a good pricing environment for new equipment [30] Question: What is the outlook for acquisitions? - Management stated that acquisitions are an ongoing process but emphasized that they are not pressured to pursue them for shareholder returns [42]

Midland, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company") (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended June 30, 2024. The Company also updated its prior guidance for the full year, increasing its outlook for both Adjusted EBITDA and growth capital expenditures. Second Quarter 2024 Highlights Rental revenue of $34.9 million, an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number 1-31398 NATURAL GAS SERVICES GROUP, INC. (Exact name of registrant as specified in its charter) Colorado 75-2811855 (State or othe ...

Midland, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its second-quarter financial results on Thursday, August 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company's Q2 2024 financial and operating results for the three months ended June 30, 2024 will be disseminated via press release and made available on the Company's website ...

Midland, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its second-quarter financial results on Thursday, August 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company's Q2 2024 financial and operating results for the three months ended June 30, 2024 will be disseminated via press release and made available on the Company's website ...

Midland, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE: NGS), a leading provider of gas compression equipment, technology, and services to the energy industry, announced today that James Hazlett, who served as Chief Technology Officer of the Company and worked with Natural Gas Services Group since 2005, has officially retired. "I would like to personally thank Jim for his two decades of dedicated service to Natural Gas Services Group," said Steve Taylor, Chairman of the Com ...

Midland, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE: NGS), a leading provider of gas compression equipment, technology, and services to the energy industry, announced today that James Hazlett, who served as Chief Technology Officer of the Company and worked with Natural Gas Services Group since 2005, has officially retired. "I would like to personally thank Jim for his two decades of dedicated service to Natural Gas Services Group," said Steve Taylor, Chairman of the Com ...

Venlo, the Netherlands, and Redwood City, California, June 13, 2024 (GLOBE NEWSWIRE) -- QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced the release of a new version of its clinical decision support software, QIAGEN Clinical Insight Interpret (QCI Interpret), that brings significant performance and scalability enhancements tailored for high-throughput, next-generation sequencing (NGS) labs moving to larger test panels and higher test volumes. The latest version of QCI Interpret introduces ...

Midland, Texas, June 10, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company"), a premier provider of natural gas compression equipment to the energy industry, announced today the closing of an expansion of its existing credit facility (the "Facility") led by Texas Capital Bank. The Company added $75 million of additional borrowing capacity to increase the committed borrowing capacity to $300 million. The Facility provides the Company with additional capital to fund further grow ...

Midland, Texas, June 10, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company"), a premier provider of natural gas compression equipment to the energy industry, announced today the closing of an expansion of its existing credit facility (the "Facility") led by Texas Capital Bank. The Company added $75 million of additional borrowing capacity to increase the committed borrowing capacity to $300 million. The Facility provides the Company with additional capital to fund further grow ...