Edit ModuleShow Tags

NGS to Expand Fabrication at Midland

Fleet operator reports 22% jump in 2013 rentals


Published:

Natural Gas Services Group Inc., coming off a 22% increase in compression rentals during 2013, will begin construction within 30 days to expand its Midland, Texas, fabrication facilities.

The company said the addition, which will be completed in mid-summer, will enable it to increase its rental compression fleet.

That announcement came as the company disclosed its 2013 earnings.

“I’m happy to report that we had some double-digit gains and record-setting performance,” said Stephen Taylor, president and CEO. “Rental revenues increased 22% to a little over US$69 million and net income and EBITDA (earnings before interest, taxes, depreciation and amortization) were both up 13% for the year.

“This quarter’s elevated rental overhaul expenses are at the same level as last quarter, but remain within our typical operating range; however, as we have seen in the past we expect those to be recouped in added rental revenue over the next few months,” he said. “We think 2014 will be a growing year.”

Edit ModuleShow Tags

Archive »Archive »

Gas Compressor Institute Becomes Southwest Energy Institute

The Gas Compressor Institute, an annual oil and gas trade show held in Liberal, Kansas, has a new name – the Southwest Energy Institute.

Drones – Pipeline Monitoring Detectives

Tomskneft, a Russian oil and gas production company, has begun using drones to detect issues in pipelines to improve the quality of monitoring and reliability and reveal unauthorized access to the pipeline protection zone.

EIA: Natural Gas Prices Continue To Rise

Natural gas prices rose at most market locations from Feb. 18 to Feb. 25, thanks to continued cold temperatures, according to the Energy Information Administration (EIA).

Swift Filters Inc. Acquires JB Services International Inc.

Compressor-Driven NGV Station Opens

A natural gas vehicle (NGV) fueling station featuring a Galileo Gigabox natural gas compression system opened in mid-February in Lake Forest, California.