HOUSTON--(BUSINESS WIRE)--Jul. 24, 2015--
Exterran Holdings, Inc. (NYSE:EXH) announced today that the previously
announced private offering of senior notes by its subsidiaries has been
withdrawn due to adverse market conditions. Consequently, the planned
spin-off of its international services and global fabrication businesses
into a stand-alone, publicly traded company named Exterran Corporation
will be delayed. Exterran Holdings intends to complete the spin-off when
market conditions allow.
“We remain committed to enhancing shareholder value through the creation
of two separate entities,” said Brad Childers, Exterran Holdings’
President and Chief Executive Officer. “Our employees have done a
tremendous job preparing for the separation of our businesses, and, as a
result of that work, we are positioned to begin operating as two
separate companies when the spin-off occurs. Until that time, we will
continue to operate as one company, focused on delivering high-quality
products and services to our customers.”
About Exterran Holdings
Exterran Holdings, Inc. 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 Holdings owns an equity interest, including all of
the general partner interest, in Exterran Partners, L.P. (NASDAQ: EXLP),
a master limited partnership, the leading provider of natural gas
contract compression services to customers throughout the United States.
For more information, visit www.exterran.com.
Upon completion of the spin-off, Exterran Holdings will be renamed
Archrock, Inc. Archrock will be the leading provider of natural gas
contract compression services to customers throughout the United States.
In addition, Archrock will be a leading supplier of aftermarket services
to customers that own compression equipment in the United States.
Archrock will be headquartered in Houston, Texas, operating in the major
oil and gas producing regions in the United States, with approximately
2,500 employees. Archrock will continue to own an equity interest,
including all of the general partner interest, in Archrock Partners,
L.P. (which Exterran Partners will be renamed upon completion of the
spin-off).
About Exterran Corporation
Exterran Corporation will be a market leader in compression, production
and processing products and services, serving customers throughout the
world engaged in all aspects of the oil and natural gas industry. Its
global product lines will include natural gas compression, process &
treating and production equipment and water treatment solutions. Outside
the United States, Exterran Corporation will be a leading provider of
full-service natural gas contract compression and a supplier of new,
used, OEM and aftermarket parts and services. Exterran Corporation will
be headquartered in Houston, Texas, and will operate in approximately 30
countries with approximately 7,000 employees.
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 Exterran Holdings’ control, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to: Exterran Holdings’ plan and commitment
to separate and spin-off its international services and global
fabrication businesses into a stand-alone, publicly traded company named
Exterran Corporation, the timing of the spin-off, the possibility that
the proposed spin-off will be consummated, the expected benefits from
the proposed spin-off, Exterran Holdings’ financial and operational
strategies and ability to successfully effect those strategies, and
Exterran Holdings’ financial and operational outlook and ability to
fulfill that outlook.
While Exterran Holdings believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: conditions in the financial markets and
the ability of Exterran Holdings and its subsidiaries to obtain access
to capital on acceptable terms; local, regional, national and
international economic conditions and the impact they may have on
Exterran Holdings and its 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; delays, costs and difficulties that could impact the completion and
expected results of the proposed separation transaction; Exterran
Holdings’ ability to timely and cost-effectively execute larger
projects; 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 the performance of Exterran
Partners.
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 Corporation’s Registration Statement on Form
10 and Exterran Holdings’ filings with the Securities and Exchange
Commission, which are available at www.exterran.com.
Except as required by law, Exterran Holdings and Exterran Corporation
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.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the senior notes any other securities.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150724005089/en/
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Susan Moore, 281-836-7398 (Media)
David
Oatman, 281-836-7035 (Investors)