Archrock, Inc. Receives NYSE Notice Regarding Late Form 10-Q Filing
Archrock, Inc. (NYSE:AROC) (“Archrock” or the “Company”) announced today
that on May 17, 2016, it received a notice from the New York Stock
Exchange (the “NYSE”) indicating that Archrock is not in compliance with
the NYSE’s continued listing requirements under the timely filing
criteria established in Section 802.01E of the NYSE Listed Company
Manual as a result of its failure to timely file its Quarterly Report on
Form 10-Q for the three months ended March 31, 2016 (the “Form 10-Q”).
Archrock completed the spin-off (the “Spin-off”) of its international
contract operations, international aftermarket services and global
fabrication businesses into a standalone public company operating as
Exterran Corporation on November 3, 2015. As previously disclosed in its
Form 8-K dated April 26, 2016 and its Notification of Late Filing on
Form 12b-25 filed with the SEC on May 10, 2016, Archrock’s management
and the Audit Committee of its Board of Directors are in the process of
determining the impact to Archrock’s pre-Spin-off historical financial
statements of Exterran Corporation’s identification of possible errors
relating to the application of percentage-of-completion accounting
principles to specific engineering, procurement and construction
projects in the Middle East by its Belleli subsidiary, as described in
Exterran Corporation’s Form 8-K filed on April 26, 2016. Because the
investigation into the matter and the process of determining the impact
to Archrock’s pre-Spin-off historical financial statements is ongoing,
Archrock was not able to file the Form 10-Q by the required filing date.
The Company is working toward filing the Form 10-Q as soon as
practicable.
The NYSE informed Archrock that, under the NYSE rules, the Company will
have six months from May 17, 2016 to file the Form 10-Q with the SEC.
Archrock can regain compliance with the NYSE listing standards at any
time before that date by filing the Form 10-Q with the SEC. If the
Company fails to file the Form 10-Q before the NYSE’s compliance
deadline, the NYSE may grant, at its discretion, an extension of up to
six additional months for the Company to regain compliance, depending on
the specific circumstances. The letter from the NYSE also notes that the
NYSE may nevertheless commence delisting proceedings at any time if it
deems that the circumstances warrant.
About Archrock
Archrock, Inc. (NYSE:AROC) is a pure-play U.S. natural gas contract
compression services business and a leading supplier of aftermarket
services to customers that own compression equipment in the United
States. Archrock, Inc. holds interests in Archrock Partners, L.P.
(NASDAQ:APLP), a master limited partnership and the leading provider of
natural gas compression services to customers in the oil and natural gas
industry throughout the United States. Archrock is headquartered in
Houston, Texas, operating in the major oil and gas producing regions in
the United States, with approximately 1,900 employees. For more
information, 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, many of which are
outside Archrock’s control, which could cause actual results to differ
materially from such statements. Forward-looking information includes,
but is not limited to: Archrock’s financial and operational strategies
and ability to successfully effect those strategies; Archrock’s
expectations regarding the potential impact on Archrock’s pre-Spin
historical financial statements of the matters described in Archrock’s
April 26, 2016 and May 3, 2016 Form 8-Ks; Archrock’s expectations
regarding future economic and market conditions; Archrock’s financial
and operational outlook and ability to fulfill that outlook; demand for
Archrock’s services; Archrock’s cost reduction plans; statements about
the timing of filing the Form 10-Q; and statements about Archrock’s
dividends and the anticipated impact of the dividend rate on its
business and prospects.
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. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: any direct or indirect impact of the
matters described in Archrock’s April 26, 2016 and May 3, 2016 Form 8-Ks
on its operating results or financial condition, including the impact of
a restatement of historical financial statements, if this is determined
to be required; Archrock’s ability to come into compliance with its SEC
filing obligations; local, regional and national economic conditions and
the impact they may have on Archrock 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; the financial condition of Archrock’s customers; any
non-performance by customers of their contractual obligations; changes
in safety, health, environmental and other regulations; and the
performance of Archrock Partners.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
the Archrock Annual Report on Form 10-K for the year ended December 31,
2015, 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.
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