NGSG Shifts Equipment to Liquids Plays
Thursday, March 08, 2012
Natural Gas Services Group Inc. said sales jumped 24% and rentals 19% in 2011, pushing total revenues from $53.9 million in 2010 to $65.2 million last year. Net income for the Midland, Texas, U.S.A., compressor-oriented business grew 40.0% to $9.8 million in 2011, when compared to $7.0 million for the same period in 2010.
The company attributed the increase to rental fleet growth and increased utilization and improved sales of compressors and flares. Net income jumped 35.6% in the fourth quarter when compared to the third quarter of 2011.
Stephen Taylor, president and CEO, said, “While our rental fleet expanded by over 10% during the year, of equal importance is our continued deployment of equipment into the very busy oil and liquids-oriented plays. Not only is this where the activity is, but we are also able to diversify our commodity exposure. Twenty percent of our active fleet is now operating in those types of applications,” Taylor said.
For more information: www.ngsgi.com