Exterran Corp

exterran.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 9, 2022. Its latest SEC filing is a SC 13G/A from Feb 10, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides oil and natural gas processing, treating and compression services using company-operated equipment for producers, processors and pipeline operators.

How Did They Make Money?

Contract operations customers pay a monthly service fee for ongoing services. The company also sells parts and equipment and provides aftermarket work; some sales and services are earned over time, while others are counted at a single point in time.

FY2021 revenue

Who Were Their Customers?

Customers are mainly large integrated and national oil and gas companies, independent producers, processors, gatherers and pipeline operators. They use Exterran's processing, treatment and compression services and equipment.

Customers above 10% of revenue, FY2021

of revenue from two customers (20%, 19%)

FY2020: 18% from two customers

Did Revenues Turn Into Profits?

No. It lost $112.7M in FY2021.

Operating income, FY2021

23% of revenue

▲ +4% vs FY2020 ($138.5M, 23%)

Net income, FY2021

−18% of revenue

▲ +11% (Loss) vs FY2020 (−$101.3M, −17%)

How Were They Changing?

Since the FY2021 annual report

Latest quarter: Q2 FY2022, the three months to Jun 30, 2022

Revenue: ▲ +51%; vs $146.2M in Q2 FY2021
Net income: ▼ −78% (Loss); vs −$35.2M in Q2 FY2021

Oct 17, 2022 Enerflex completed its acquisition of Exterran Exterran became a wholly owned Enerflex subsidiary, and its shares were converted into Enerflex shares.

Shrank. Revenue fell 48% in 4 years, from $1.2B in FY2017 to $630.2M in FY2021, about 15% a year.

Product sales scope The latest report says U.S. compression fabrication was sold and removed from product sales, while compression equipment sales outside the U.S. remain in that business.

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