HOUSTON, April 26, 2024 — Archrock, Inc. today announced that its Board of Directors has declared a quarterly dividend of $0.165 per share of common stock, or $0.66 per share on an annualized basis. The first quarter 2024 dividend will be paid on May 14, 2024 to all stockholders of record on May 7, 2024.
The first quarter 2024 dividend per share amount is consistent with Archrock’s fourth quarter 2023 dividend and represents a year-over-year increase of 10 percent. The Board of Directors has also approved an extension of the Company’s 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.
“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.
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 . The actual timing, manner, number, and value of shares repurchased under the program will be determined by the Company at its discretion.