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After completion of Exterran’s separation transaction, the U.S.
compression services company will be called “Archrock”
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Non-U.S. contract operations, non-U.S. aftermarket services and global
product lines company will keep the “Exterran” name
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Exterran Partners will be renamed “Archrock Partners”
HOUSTON--(BUSINESS WIRE)--Jul. 8, 2015--
Exterran and Exterran Partners are pleased to announce the future name
of the market leader in U.S. natural gas contract compression services:
Archrock.
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In the third quarter of 2015, Exterran expects to separate its
international contract operations, international aftermarket services
and global product line businesses into a standalone company, resulting
in two independent companies. The remaining company, which will be
called Archrock, will be the leading provider of natural gas contract
compression services and a premier provider of aftermarket services and
parts to customers in the oil and natural gas industry throughout the
United States.
“Archrock will continue to offer our customers contract compression
services utilizing the country’s largest fleet, well-established
relationships with OEM manufacturers and distributors, and outstanding
aftermarket parts and service capability,” said President and CEO Brad
Childers. “The Archrock name, with its ties to the natural world and its
message of connection, is a fitting reflection of the way we perform for
our customers. With approximately 3.7 million operating horsepower in
our compression services fleet across the United States, we are strong,
we are here for the long term and we bridge divides — connecting with
our customers, employees and communities. We are where our customers
need us.”
After the completion of the separation transaction, Exterran Partners,
L.P., a master limited partnership, will be named “Archrock Partners,
L.P.”
The company comprising Exterran’s global product lines and non-U.S.
services will continue to be called “Exterran.” It will continue to be a
market leader supplying customers throughout the world engaged in all
aspects of the oil and natural gas industry.
“Exterran’s customers can continue to rely on our legacy of proven
world-wide performance,” said Executive Vice President Andrew Way, who
will become President and CEO of Exterran when the transaction is
complete.
Exterran’s global product lines will include production equipment,
natural gas compression equipment, processing and treating equipment and
water treatment solutions. In addition, outside the United States, it
will continue to be a leading provider of full-service natural gas
contract compression and a supplier of new, used, OEM and aftermarket
parts and services.
NOTE TO EDITORS: Logos for the companies are available for publication.
About Exterran Holdings and Exterran Partners
Exterran Holdings, Inc. (NYSE:EXH) is a global market leader in full
service natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum – from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
has approximately 10,000 employees and operates in approximately 30
countries. Exterran has approximately 3.7 million operating horsepower
of contract compression in the United States as of March 31, 2015.
Exterran Partners, L.P., (NASDAQ:EXLP) a master limited partnership, is
the leading provider of natural gas contract compression services to
customers throughout the United States. Exterran Holdings owns an equity
interest in Exterran Partners, including all of the general partner
interest.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements rely on a number of assumptions concerning future events and
are subject to a number of uncertainties and factors, many of which are
outside the control of Exterran Holdings and Exterran Partners (the
“Companies”), which could cause actual results to differ materially from
such statements. Forward-looking information includes, but is not
limited to, the Companies’ financial and operational strategies and
ability to successfully effect those strategies; the expected benefits
and timing of the separation transaction mentioned in this press
release; the Companies’ continued leadership positions in the businesses
in which they compete; statements regarding the expected President and
CEO of Exterran; the Companies’ expectations regarding future economic
and market conditions; the Companies’ financial and operational outlook
and ability to fulfill that outlook; and demand for the Companies’
products and services and growth opportunities for those products and
services.
While the Companies believe that the assumptions concerning future
events are reasonable, they caution that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of their business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on the
Companies and their customers; changes in tax laws that impact master
limited partnerships; conditions in the oil and gas industry, including
a sustained decrease in the level of supply or demand for oil or natural
gas or a sustained decrease in the price of oil or natural gas; Exterran
Holdings’ ability to timely and cost-effectively execute larger
projects; delays, costs and difficulties that could impact the
completion and expected results of the separation transaction; changes
in political or economic conditions in key operating markets, including
international markets; any non-performance by third parties of their
contractual obligations; changes in safety, health environmental and
other regulations; and, as to each of the Companies, the performance of
the other entity.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings’ Annual Report on Form 10-K for the year ended
December 31, 2014, Exterran Partners’ Annual Report on Form 10-K for the
year ended December 31, 2014, and those set forth from time to time in
the Companies’ filings with the Securities and Exchange Commission,
which are currently available at www.exterran.com.
Except as required by law, the Companies expressly disclaim any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150708006512/en/
Source: Exterran Holdings, Inc. and Exterran Partners, L.P.
Exterran Holdings, Inc. and Exterran Partners, L.P.
Media
Susan
Moore, 281-836-7398
or
Investors
David Oatman,
281-836-7035