Archrock sees FY24 adjusted EBITDA $500M-$530M

The company said, “Archrock expects 2024 Adjusted EBITDA between $500 million and $530 million, which at the midpoint, represents an increase of 14% compared to 2023. The increase is expected to be primarily driven by growth in contract operations revenue and gross margin. Archrock also expects 2024 total capex between $275 million and $290 million compared to $299 million in 2023. Included in this outlook is anticipated growth capex of between $175 million and $180 million, compared to growth capex of $190 million during 2023. This range compares to our previously provided and preliminary growth capital expenditure outlook of approximately $160 million; the change reflects growth capex underspend and carryforward from 2023 due to supplier equipment delays as well as incremental new build horsepower investment, supported by multi-year contracts, to satisfy key customer demand. Capital expenditures are expected to be fully funded by operations, with the potential for additional support from modest non-strategic asset sale proceeds as we continue to high-grade our fleet.”