Archrock (AROC) Declares $0.165 Quarterly Dividend; Extends Share Repurchase Authorization

Archrock (NYSE: AROC) declared a quarterly dividend of $0.165 per share, or $0.66 annualized.

The dividend will be payable on May 14, 2024, to stockholders of record on May 7, 2024, with an ex-dividend date of May 6, 2024.

The annual yield on the dividend is 3.3 percent.

The Board of Directors has also approved an extension of the Company’s share repurchase program (“Share Repurchase Program”) upon expiry of the current authorization on April 27, 2024, for an additional 24-month period. Through March 31, 2024, the Company had repurchased 833,346 common shares at an average price of $12.11 per share for an aggregate of $10.1 million. In connection with the extension, the Board of Directors replenished the amount of shares authorized for repurchase under the Share Repurchase Program, resulting in available capacity of $50 million.

“Our disciplined capital allocation framework continues to prioritize free cash flow generation and creating and returning value to shareholders,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We are committed to funding our high-return growth capital expenditures through operations and returning excess capital to shareholders. This share repurchase authorization complements our quarterly dividend and provides Archrock with the flexibility to allocate capital to the highest return opportunities.”

Under the Share Repurchase Program, shares of the Company’s common stock may be repurchased periodically, including in the open market, privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, until [April 27, 2026]. The actual timing, manner, number, and value of shares repurchased under the program will be determined by the Company at its discretion.

For a dividend history and other dividend-related data on Archrock (AROC) click here.

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