Archrock : December 2023 Investor Handout

ARCHROCK, INC.

Investor Handout

December 2023

Forward-Looking Statements

All statements in this presentation (and oral statements made regarding the subjects of this presentation) 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: guidance or estimates related to Archrock's results of operations or of financial condition; fundamentals of Archrock's industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock's ability to realize the 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 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; and statements regarding Archrock's dividend policy.

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: changes in customer, employee or supplier relationships; local, regional and national economic and financial market conditions and the impact they may have on Archrock and its customers; changes in tax laws; 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; Archrock's ability to develop and deploy new technologies and services, including ECOTEC's products and services, and the expected results therefrom; 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, 2022, Archrock's Quarterly Report on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 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.

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ARCHROCK, INC. (NYSE:AROC)

Archrock - Company Overview

Returns oriented energy infrastructure company

• Natural gas compression company based in Houston, Texas
• Largest outsourced compression provider in U.S.(1)
• Compression is a must-run service for gas transportation
• Specialize in large HP servicing midstream gathering systems
• Fee-basedcontracts with high-quality,long-term customers
• Strong geographic diversity across all major U.S. gas & oil basins

• NYSE: AROC
• Market Cap: $2.1 billion(2)
• Enterprise Value: $3.7 billion(2)(3)
• Dividend: $0.155/quarter(4)
• Yield: 5%(2)(5)
• Shares Outstanding: 156 million(2)

Our vision is to provide superior compression services, unmatched technical expertise and an

unwavering commitment to safety

(1) Based on total horsepower as of September 30, 2023. (2) Stock price as of November 8, 2023 and shares outstanding as of October 26, 2023. (3) Includes debt balance as of September 30, 2023. (4) To be paid November 14, 2023. (5)

Yield calculated as most recent quarterly dividend annualized and divided by the stock price.

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ARCHROCK, INC. (NYSE:AROC)

An Attractive Energy Infrastructure Investment

Archrock Investment Highlights

Midstream / Large HP Focus

Resilience Through Cycles

Structural, Long-term

Demand Drivers

Solid Financial Position

Sustainable Future

(1) Based on total horsepower as of September 30, 2023. (2) Quarter ended September 30, 2023.

• Gathering focus; a leading provider of large HP, 85% of fleet(1)
• Compression is a must-runservice for gas transportation
• Attractive, long-term & diversified customer relationships
• Business driven by oil and gas production
• Multi-year, fee-based contracts
• Positive EBITDA generated through cycles
• Tied to long-term, structural demand for U.S. natural gas
• Natural gas is reliable, cleaner and affordable
• Diversified asset footprint in leading growth basins
• $364 mm in dividends since end of 2019 and recent $50 mm share repurchase authorization
• Strong dividend coverage of 2.6x(2)
• Anticipate leverage ratio of 3.0-3.5xin 2024
• Digital transformation drives future cost, service and environmental benefits
• Invested in helping our customers reduce emissions
• Committed to ESG performance and disclosure enhancements

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ARCHROCK, INC. (NYSE:AROC)

Significant Value Drivers

Unique investment proposition today and long-term

• Undersupplied Compression Market. Leverage to oil and liquids-rich shale plays driving record-high utilization
• Improving Profitability. Expect price increases and strong cost management
• Significant Deleveraging. Projected to reach key 3.0-3.5x leverage ratio milestone during 2024
• Increasing Shareholder Return. 2024 target dividend per share growth of 5%, with ~2.0x coverage; anticipate free cash flow after dividend in 2024, providing capacity for share repurchases

2023 Adjusted EBITDA Outlook Reflects Enhanced Earnings Power (1)

$MM

352

417

415

361

430-450

400-430

363

Expect to deliver close to the high-end of previously issued 2023 Adjusted EBITDA guidance of $430-$450 million

2018	2019	2020	2021	2022	2023 Initial	2023 Revised
					Guidance	Guidance
					Range	Range ²

(1) See Addendum I regarding non-GAAP measures for information on Adjusted EBITDA. (2) Represents guidance provided on July 31,2023 .	5

ARCHROCK, INC. (NYSE:AROC)

Archrock's Focus on Midstream

Our midstream focus results in greater stability

Characteristic

Production Focused

Longer Contracts

Earnings Stability

Financial Flexibility

The Midstream Benefit

Relatively stable compression demand

Longer-term,fee-based assignments

Relative EBITDA stability through cycles

Strong cash flow generation

The Result to Archrock

• Utilization range between 82% and 96%(1)
• Average time on-site ~4 years(2)
• Shareholder return and debt reduction
• 2.6x dividend coverage(3)

(1) Period utilization for 2018 through September 30, 2023. (2) Year ended December 31, 2022. (3) Quarter ended September 30, 2023.	6

ARCHROCK, INC. (NYSE:AROC)

Significant Horsepower Density in Oil-Driven Shale Plays

Associated gas volumes need to be transported, and therefore compressed

• Largest U.S. provider of compression services by fleet size
• Oil prices continue to support healthy economics for oil-directed drilling in shale plays like the Permian and Eagle Ford
• • Driving strong demand for our midstream horsepower, even in the lower gas price environment
• Regional diversification provides protection against basin-specific headwinds
• Mobile units capable of re- deployment to meet changing customer demand or market pressure

Niobrara

SCOOP / STACK

Permian

Eagle Ford

Indicates active horsepower unit as of December 31, 2022.

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ARCHROCK, INC. (NYSE:AROC)

Industry Fundamentals Support Multi-Year Upcycle

Record U.S. natural gas volumes and compression market tightness

U.S. Dry Natural Gas Production and AROC Utilization (1)

120												100%
										114.1
					96%		Forecast
110
			89%							90%
				102.1
Bcf/d)Production								Utilizationend-PeriodAROC
100
			82%							80%
90
										70%
80
										60%
70
60												50%
2018	2020	2022	2024	2026	2028	2030
			U.S. Natural Gas Production ( BCF/d)			AROC Period-end Utilization

Source: EIA and Enverus (1) 2022-2030 U.S. gas production represents Enverus forecast (November 2023). (2) As of September 30, 2023.

Durable Natural Gas Fundamentals

17% U.S. gas production growth 2022-2030(1)

Record Equipment Utilization

96%(2) exceeding prior cycle peak

Constrained Supply Chain

New compressor lead times of ~ 1 year

Capital Discipline

Significant industry underinvestment

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ARCHROCK, INC. (NYSE:AROC)

Secular Natural Gas Demand Drivers Remain

Robust medium and long term demand drivers led by natural gas export opportunities

U.S. Natural Gas Demand Growth(1)

LNG Exports	Bcf/d
	140		14	2	2	(4)	120
	120
	106
Pipeline Exports	100
	80
	60
	40
Industrial	20
0
	-20	2022	LNG Exports	Exports to	Industrial	Other	2030
			Mexico		Domestic
						Demand
Other

Source: Enverus Fundamental Edge Report (November 2023).

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ARCHROCK, INC. (NYSE:AROC)

Compression Sector Capital Discipline

Lower investment driven by free cash flow, shareholder return and deleveraging priorities

Publicly-TradedPure-Play Compression Company

Total Capex (1)

$MM
$700	$664	$661
			Avg. 2018-2019:	$617
$600			$662 MM
$500				$457
				$426

$400

$300$264

$200	$186

$100

$0

2018

2019

2020

2021

2022

2023

2024E

Source: Company Reports and Consensus Estimates (1) Public pure-play compression companies include AROC, USAC and CCLP; KGS excluded due to lack of historical data.

Avg. 2020-2024E:

$390 MM

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ARCHROCK, INC. (NYSE:AROC)