HOUSTON, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock” or the “Company”) today announced the publication of its 2023 Sustainability Report, providing an update on the Company’s sustainability initiatives and performance. The report is based on 2023 data and also includes certain achievements made year-to-date in 2024, underscoring the Company’s culture of continuous improvement.
2023 Sustainability Report Highlights
Exceeded safety targets for Total Recordable Incident Rate and Preventable Vehicle Incident Rate, and delivered a zero Lost Time Incident Rate for the third consecutive year.
Awarded the Gas Processors Suppliers Association (GPSA) Excellence in Safety Award for the 3rd time.
Achieved a 19% year-over-year reduction in Scope 1 and Scope 2 CO2 emissions intensity compared to 2022.
Invested 20% of 2023 organic growth capex in electric drive compression horsepower, secured a minority investment in a carbon capture company and began commercializing a patent-pending methane capture technology.
In late 2023, named one of America’s Most Responsible Companies for 2024 by Newsweek magazine.
Sustainability-focused metrics represented 20% of our short-term incentive program.
“We are excited to publish our 2023 Sustainability Report, which details efforts that we believe are essential to delivering long-term value for our stakeholders,” said Brad Childers, Archrock’s President and Chief Executive Officer. “The release coincides with the 70th Anniversary of the Company’s founding, a testament to Archrock’s legacy of adaptability. Our success would not be possible without the incredible team we have at Archrock. I want to thank our employees for enabling us to deliver the best performance in the Company’s history and for continuing to set the compression industry standard for safety, customer service and sustainability.
“As the report highlights, we are focused on innovative technology and process investments to digitize, automate and decarbonize our operating platform. From bringing methane monitoring and capture solutions to market, to our recent acquisition of TOPS, which establishes Archrock as the leader in electric motor drive compression, we are powering a cleaner America,” concluded Childers.
Archrock’s 2023 Sustainability Report continues to align with the Sustainability Accounting Standards Board (SASB) midstream and the Task Force on Climate-related Disclosures (TCFD) reporting frameworks.
About Archrock
Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. To learn more about Archrock’s sustainability efforts and for more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA?, visit www.archrock.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 that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock, Inc. Forward-looking information includes, but is not limited to statements regarding: Archrock’s or its management’s intentions, beliefs, expectations or predictions for the future related to Archrock’s ESG initiatives and potential benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies and the expected results therefrom; Archrock’s development and deployment of new technologies and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; Archrock’s ability to integrate new products and services into its business and offer them to its customers.
While Archrock 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. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: challenges, assumptions, and methodological considerations associated with Archrock’s various aspirations and efforts regarding sustainability and emissions management; 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; changes in economic conditions in key operating markets; impacts of world events; the financial condition of Archrock’s customers; the failure of any customer to perform its contractual obligations; changes in safety, health, environmental and other regulations; and the effectiveness of Archrock’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2023 and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE: Archrock, Inc.
For information, contact:
Archrock, Inc.
INVESTORS Megan Repine VP of Investor Relations 281-836-8360 [email protected]
MEDIA Andrew Siegel / Jed Repko Joele Frank 212-355-4449
