Archrock : May Investor Handout

Published: 2026-05-11 07:12:09 ET AROC

Published on 05/11/2026 at 07:12 am EDT

Investor Handout May 2026

Returns oriented energy infrastructure company

NYSE: AROC

Market Cap: $6.8 billion(2)

Enterprise Value: $9.2 billion(2)(3)

Dividend: $0.22/quarter(4)

Yield: 2.3%(2)(5)

Shares Outstanding: 175 million(2)

Natural gas compression company based in Houston, Texas

A premier outsourced compression provider in U.S.(1)

Compression is a must-run service for gas transportation

Specialize in large HP servicing midstream gathering systems and electric motor drive

Fee-based contracts with high-quality, long-term customers

Strong geographic diversity across all major U.S. gas & oil basins

Our vision is to provide superior compression services, unmatched technical expertise and an

unwavering commitment to safety

(1) Based on total horsepower as of March 31, 2026. (2) Stock price as of April 30, 2026, and shares outstanding as of April 29, 2026. (3) Includes debt balance as of March 31, 2026. (4) To be paid on May 19, 2026. (5) Yield calculated as

most recent quarterly dividend, annualized and divided by the stock price as of April 30, 2026. 3

An Attractive Energy Infrastructure Investment

Archrock Investment Highlights

Midstream gathering and gas lift applications; a premier provider of

Large HP / Electric Motor Drive

Focus

Resilience Through Cycles

Structural, Long-term

Demand Drivers

Solid Financial Position Sustainable Future

large HP, 75% of fleet(1) and electric motor drive, 19% of fleet(1)

Compression is a must-run service for gas production and transportation

Attractive, long-term & diversified customer relationships

Business driven by oil and gas production

Multi-year, fee-based contracts

Positive EBITDA generated through cycles

Tied to long-term, structural demand for U.S. natural gas

Natural gas is reliable, cleaner and affordable

Diversified asset footprint in leading associated gas basins

Approximate 16% YoY increase in dividend per share in Q1 26 and

$113.2MM remaining(2) under share repurchase authorization

Strong dividend coverage of 3.5x(3)

Leverage ratio of 2.6x(3)

Digital transformation drives future cost, service and environmental benefits

Invested in helping our customers reduce emissions

Leading provider of electric motor drive capabilities

(1) Based on total horsepower as of April 1, 2026. (2) As of March 31, 2026. (3) Quarter ended March 31, 2026. Cash available for dividend coverage is a non-GAAP measure. For a description of such non-GAAP measure, see

Addendum I. For a reconciliation to the most comparable GAAP measure, see Addendum I-F. 4

Significant value drivers

Robust Market For Compression. 12 consecutive quarters at 95% utilization or above(1)

Capturing Growth Ahead. Expect between $250 - $275MM in growth capex for 2026, underpinned by multi-year contracts.

Transformed Platform. Highly standardized large horsepower and electric motor drive units deployed in stable infrastructure segment.

Compelling financial position and free cash flow. Strong balance sheet with leverage ratio at 2.6x(1) drives focus on retaining flexibility for organic and inorganic growth, increasing shareholder returns and free cash flow.

Growing returns to investors. Returned $44.3 million through dividends and share repurchases during the first quarter of 2026, up more than 28% year over year.

2026 Adjusted EBITDA Outlook Reflects Pricing and Profitability Increases(2)

$MM

96% 96% 96%

2018 2019 2020 2021 2022 2023 2024 2025 2026

Guidance

100%

93%

$865-915

89%

89%

84%

82%

363

361

352

450

415

417

595

901

95%

90%

85%

80%

75%

(1) As of the quarter ended March 31, 2026. (2) See Addendum I regarding non-GAAP measures for information on adjusted EBITDA. 2026 guidance reaffirmed on May 5, 2026.

A resilient business model tied to production, not commodity prices

Adjusted EBITDA margin (%)(1)(2)

38% 41% 35% 39% 43% 47% 46% 43% 45% 51% 60% 67%

Oil

$/bbl

901

890

595

450

383

417 415

328

352

361 363

280

$140

$120

$100

$80

$60

$40

$20

$0

Crude oil prices Natural gas prices

Source for oil and gas prices: EIA through March 2026.

See Addendum I regarding non-GAAP measures for information on adjusted EBITDA and adjusted EBITDA margin.

2026E represents midpoint of guidance, which was reaffirmed on May 5, 2026.

Gas

Track record of generating

attractive EBITDA margins

Financial performance tied to production

Proactive operational enhancements through cycles drive steady margin improvement

Realize positive adjusted EBITDA through cycles

$/MMBtu

$10

$9

$8

$7

$6

$5

$4

$3

$2

$1

$0

Adjusted EBITDA

2026 Free Cash Flow Inflection Provides Capital Allocation Flexibility

Prioritizing growth opportunities

1

Capital

Investment

2026E

growth capex

2

Capital

Return

$0.22

Quarterly Dividend per Share

2026 estimated growth capital expenditures of $250-$275 million

New build horsepower investment with high-quality customers and attractive returns

Funded by operations, with the potential for additional support from non-strategic asset sale proceeds

Q1 26 dividend represents an approximate 16% increase in dividend

per share year-over-year

Dividend growth complemented by strong dividend coverage of 3.5x(1)

$113.2MM remaining under share repurchase authorization(2)

3

Balance Sheet

Strength

Current Leverage Ratio

Reflects the strength and durability of our cash flows

Provides significant flexibility to pursue future organic and inorganic growth opportunities while continuing to return capital to shareholders

Positions us to create long-term value across cycles while maintaining financial strength

(1) As of March 31, 2026. See Addendum I regarding non-GAAP measures for information on adjusted EBITDA, cash available for dividend and cash available for dividend coverage. (2) As of March 31, 2026.

7

OPERATIONS

Compression increases pressure within a pipeline to transport natural gas

A Must-Run Service

Limits risk of idle customer

assets after initial application

Utilizes Archrock's operational

footprint & execution capability

Reduces capital expenditures

Leverages Archrock's compression

expertise

Benefits to customer of outsourcing

Can be owned or outsourced to a compression specialist such as Archrock

Equipment that moves natural gas through infrastructure systems to consuming markets

Compression also used to provide enhanced oil production rates through gas lift

24 hours a day, 7 days a week, 365 days a year operation

Compression needed across the energy value chain, from the wellhead to distribution

What Does it Look Like?

Large horsepower unit (1,875 HP) Electric motor drive unit

9

Our midstream focus results in greater stability

60% of Operating HP on Gathering Applications(1)

Characteristic

The Midstream Benefit

The Result to Archrock

Production Focused

Relatively stable compression demand

Longer Contracts

Longer-term, fee-based assignments

Earnings Stability

Relative adjusted EBITDA stability through cycles

Financial Flexibility

Strong cash flow generation

Utilization range between 82% and 96%(2)

Average time on-site over 6 years(3)

Shareholder return and organic and inorganic growth

3.5x dividend coverage(4)(5)

(1) Based on operating horsepower as of April 1, 2026. (2) Period utilization for 2018 through March 31, 2026. (3) Year ended December 31, 2025. (4) Quarter ended March 31, 2026. (5) Cash available for dividend

coverage is a non-GAAP measure. For a description of such non-GAAP measure, see Addendum I. For a reconciliation to the most comparable GAAP measure, see Addendum I-F. 10

Meaningful presence in every major shale play

Regional diversification provides protection against basin-specific headwinds

Positioned in low-cost basins

Permian and Eagle Ford represent ~76% of operating HP(1)

Driving strong demand for our horsepower, even in a lower gas price environment

(1) AROC HP as of April 1, 2026. 11

Leading contract compression position supplemented by AMS capabilities

Outsourced

~30% of market

Total Compression

Market

Owned

~70% of market

Our Aftermarket Services business expands our

addressable market

Allows us to service the customer base that owns their compression

Provides attractive diversification to customer and service base

Aftermarket Services (AMS)

Contract Operations(1)

2,421

Other

563

625

S

4,355

4,440

C

4,528

1,000 2,000 3,000 4,000 5,000

0

(1) Chart represents operating HP for outsourced compression (in thousands). Archrock operating HP as of April 1, 2026. USAC operating HP as reported as of March 31, 2026. KGS and NGSG operating HP as of December 31, 2025. Service Compression estimate after acquisition of Axip. Other operating HP estimate as of June 30, 2025. Based on SEC filings and management estimates.

Contract Operations Customer Base

Strong relationships with top-tier energy companies

Top 10 Customers

Revenue

Diversification

~63%

% of revenue from top 10 customers(1)

Long-term

Relationships

Avg. relationship length with

top 10 customers(2)

High Quality Partners

9 of 10

Top 10 customers with investment grade credit(2)

Revenue Stability

81%

Operating HP under long-term contract or strategic agreement(3)

(1) For the quarter ended March 31, 2026. Contract Operations revenue. (2) As of March 31, 2026. (3) As of April 1, 2026.

Contract Operations Adjusted Gross Margin %(3)

70%

57%

2017

2025

(1) Based on total horsepower and unit count at year end. (2) Total horsepower at year end, weighted by horsepower. (3) For the year ended December 31, 2025, Adjusted Gross Margin excludes the discrete $33 million sales and use tax benefit recognized in Cost of Operations. See Addendum I regarding non-GAAP measures for information on adjusted gross margin; based on average operating HP. 14

13

12

-16%

11

10

9

8

2017

2025

Fleet Age (Years)(2)

Multi-year high-grading of our fleet, talent, customers and technology

Compressor Units

Horsepower per Unit(1)

1,000

900

+71%

800

700

600

500

400

2017

2025

8,000

-30%

6,000

4,000

2,000

0

2017

2025

Active fleet management increases average time on location

Average time on location has increased 61% since 2021 to 73 months

Fleet standardization, including divestiture of small HP units

Improved compression market conditions

Larger units on location even longer

1,000 - 1,500 HP at 6.4 years

>1,500 HP at 8.1 years

Average Time on Location (months)(1)

61%

73

77

45

97

6.1 YEARS

2021 2025 1,000 - 1,500 HP >1,500 HP

(1) Weighted average based on operating horsepower per unit as of December 31, 2025.

15

FUNDAMENTALS

Strong U.S. natural gas volumes and record compression market tightness

U.S. Dry Natural Gas Production and AROC Utilization (1)

130

120

110

Production (Bcf/d)

82% 82%

100

93%

95.5%

Forecast

100%

Durable Natural Gas Fundamentals

12% U.S. gas production growth 2025-2030(1)

90%

Historically High Equipment Utilization

12 consecutive quarters at 95% or above(2)

AROC Period-end Utilization

80%

90

Capital Discipline

Focus on returns and free cash flow

70%

80

60%

70

60

2016 2018 2020 2022 2024 2026 2028 2030

50%

Source: EIA and Enverus (1) U.S. gas production represents Enverus forecast (March 2026). (2) As of March 31, 2026.

Key Natural Gas Demand Drivers

Robust medium- and long-term demand drivers led by natural gas export opportunities

LNG Exports

Power Gen for

AI Data Centers

Pipeline Exports

U.S. Natural Gas Demand Growth (1)

14.7

137.2

1.1

5.2

116.2

140.0

135.0

130.0

125.0

Bcf/d

120.0

115.0

110.0

105.0

100.0

2025 US Demand Data Centers Pipeline Exports LNG Exports 2030 US Demand

(1) Enverus Fundamental Edge Report (March 2026). Data center power demand from East Daley Analytics: "Monthly Production Stream: April".

18

Bcf/d

Historical trends show gas production continues to grow even after oil production peaks

Gas Production (Bcf/d) Oil Production (MMb/d)

GOR(2)

3.50 7.30

2014 Mar-2026

4.00

9.00

Eagle Ford Production(1)

1.80

8.00

1.60

7.00

1.40

6.00

1.20

5.00

1.00

4.00

0.80

3.00

Oil Change After

0.60

2.00

Peak: -33%

Gas Change After

0.40

1.00

Peak: +37%

0.20

0.00

0.00

3.50

3.00

2.50

Bcf/d

2.00

1.50

1.00

0.50

0.00

Bakken Production(1)

Oil Change After

Peak: -23%

Gas Change After Peak: +10%

Gas Production (Bcf/d) Oil Production (MMb/d)

GOR (2)

1.08 2.93

2014 Mar-2026

2.00

1.80

1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

(1) Historical production data per Enverus Forecast as of March 2026. (2) Gas to Oil Ratio, calculated using historical production data, per Enverus forecast as of March 2026, from January 2014 to March 2026. 19

The Permian is Getting Gassier

45.00

Permian Production(1)

9.00

40.00

8.00

35.00

7.00

30.00

6.00

25.00

5.00

20.00

4.00

15.00

Oil Growth

3.00

10.00

Forecast: 16%

Gas Growth

2.00

5.00

Forecast: 38%

1.00

0.00

0.00

2014 2016 2018 2020 2022 2024 2026 2028 2030

Oil output is plateauing while gas growth accelerates, GOR trends show a shift toward gas heavy wells

Permian Production BOE/d(1)

Bcf/d

MMb/d

2014 2030

35%

65%

52%

48%

Gas Production (Bcf/d) Oil Production (MMb/d)

GOR(2)

3.18 4.62

2014 Mar-2026

(1) Historical production data per Enverus Forecast as of March 2026. Growth forecast from March 2026 to December 2030. (2) Gas to Oil Ratio, calculated using historical production data, per Enverus forecast as of March 2026, from January 2014 to

March 2026. 20

Disclaimer

Archrock Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 11:11 UTC.