Archrock raises dividend to 17.5c per share

Archrock (AROC) announced that its Board of Directors has declared an increased quarterly dividend of 17.5c per share of common stock, or 70c per share on an annualized basis. The third quarter 2024 dividend will be paid on November 13 to all stockholders of record on November 6 . The third quarter 2024 dividend per share amount represents an increase of 6 percent over the Archrock second quarter 2024 dividend level and an increase of 13 percent over the Archrock third quarter 2023 dividend level. “We are implementing the second increase in Archrock’s quarterly cash dividend for 2024 and fourth increase in the last two years reflecting our confidence in enduring demand growth for natural gas and our transformed platform, which are delivering excellent and consistent results. In addition, the recent acquisition of TOPS was immediately accretive to our cash available for dividend,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We remain committed to investing in high-return investments required to support our customers and increasing cash returns to shareholders, while maintaining prudent dividend and leverage coverage ratios. We look forward to updating you on our results and integration progress on our third quarter 2024 earnings call in November,” concluded Childers.