Disclaimer Cautionary Note Regarding Forward-Looking Statements. This presentation contains, and our officers and representatives may from time to time make, forward-looking statements within the meaning of the safe harbor provisions of…
Kodiak Gas Services Overview POWERING Our Critical Energy Future 3.1 billion 5.7 billion 5.1% Market Enterprise Dividend Capitalization1 Value1 Yield1 4.4 million 7 years 97% Fleet Average Age of Fleet Horsepower2 Large…
Kodiak Contract Compression Fleet Leading contract compression provider in the lowest cost to produce U.S. basins 4.4 million fleet horsepower1 3.5 million Combined horsepower in the 8% 2% Permian and Eagle Ford Northeast…
Kodiak Investment Thesis Constructive Industry Highly visible, multi-year domestic natural gas demand growth Fundamentals Tight equipment market with industry-wide capital discipline Compression Market 4.4 million horsepower…
First Quarter 2025 Highlights Adjusted EBITDA1 (M) First Quarter and Recent Highlights 178 Reported record quarterly Adj. EBITDA of 177.7 million 97% 169 178 Fleet 118 Improved Contract Services Adj. Gross Margin utilization2…
Domestic Supply Chain Mitigates Tariff Risk Illustrative Cost Trends Selectively sourced equipment helps 2024 vs 2025 expectations mitigate potential tariff impacts Major component suppliers located in U.S. Capital Spending1…
Investing In Our Future Building Experience And Real Skills BEARS IGNITE Telemetry-enabled fleet Academy Development Program Predictive analytics & machine Offers 40 technical training courses Four-month internship program for…
U.S. Compression Market Top 3 U.S. Contract Compression Providers = 75% of the outsourced market1 U.S. Compression Market2 HP (in millions) % Outsourced (contract compression) 15 24% 4.8 Insourced (end user-owned) 48 76% 4.4 Total…
Compression Industry Tightness Compression CapEx is Below Historical Levels...1 ...While Costs Have Risen2 1,111 1,200 881 (per year) Millions 800 per HP 495 Average Average Average 2017 2025E 2017-2019 2020-2021…
LNG is Primary Driver of Gas Growth 35 U.S. LNG Capacity1 12 Bcf/d 30 U.S. capacity additions 3 Bcf/d through 2030 25 U.S. LNG capacity added in 2025 20 Bcf/d 15 10 U.S. LNG Capacity at YE 2024 14 Bcf/d…
Power is Secondary Driver of Gas Growth 200% 15% 40% YoY increase in new CAGR through 2030 in of U.S. electricity is natural gas fired electric demand from natural gas-sourced3 power plants in 20251 new datacenters2 Rapidly…
Compression Growth Driven by Gas Growth U.S. Gas Demand Growth U.S. Compression Intensity1 Mexico / Other 2 140 Bcf/d 63 million HP / 103 Bcf/d = 600K HP per Bcf/d million HP 70 63 Power 120 60 Demand 7 100 104 103 100 50 46…
Permian Gas Positioned for Long-Term Growth Permian Basin 50% of domestic Increased 10% CAGR drilling activity located in drilling activity gross gas production the Permian Basin1 in higher GOR areas since 20202 20% Takeaway…
Permian Compression Intensity Permian Compression Requirements Long 01 02 03 04 Haul Pipeline Centralized Gathering Gas Residue Gas lift Systems Processing Compression Dry Long Gas Basins Haul Pipeline 3x 01 Compression…
Premier Customer Base 50% 60% Long-Term Revenue from top 10 Revenue from Relationships with top customers1 investment grade rated customers customers1 High Quality Customer Base2 1 Based on total revenues for 2024 2 As of…
Contract Structure Supports Cash Flow 01 02 03 04 05 Fixed monthly Annual inflation Advance billing 98% mechanical Customer bears revenue index adjustments improves working availability mobilization and with multi-year capital…
Capital Allocation Framework Adjusted EBITDA Targeting upper single digit % growth annually Cash Interest Cash Taxes Maintenance Capex 80% of total debt either fixed rate or NOLs provide significant tax shield Based on predictive…
2025 Capital Plan Full Year Capital Spending Growth Capital Other Capital Expenditures Expenditures New compression Safety-related unit units 315 - 355 upgrades Methane mitigation Million Operational unit systems 2025E CapEx…
Contracted Cash Flow with Strong Margins Multi-Year Investment Flexibility to Q1 2025 Adjusted Revenue Contracts Grade Customers Move Assets Gross Margin2 Cost plus model Yes Mixed No 44% Utilities1 Take-or-pay contracts…
Steady Business in Any Price Environment Quarterly Contract Services Adjusted Gross Margin 200 196 20 188 187 177 97% 180 18 160 % of AGM provided by Contract 16 Services segment1 140 14 126 128 121 115 117 112 120…
Sustained Cash Flow During Price Volatility Business Model Supports Sustained Cash Flow in Periods of Commodity Price Volatility 2025 2026 and Beyond No commodity price exposure Strong U.S. natural gas demand Fixed-revenue, term…
Attractive Valuation Adjusted EBITDA Growth Annual CAGR 2023 20261,2 Creating Value for 20% Shareholders 16% Valuation provides the potential for 13% further upside 6% Shareholder return program provides attractive cash return…
Increasing Liquidity & Buying Back Stock Top 5 Shareholders EQT Position (% of common shares outstanding)1 (% of common & preferred shares outstanding) 24% 34% 43% 84% 60% 57% 61% 65% January May 2024 2025 76% 66% 57% 43% 39%…
Full-Year 2025 Guidance (All amounts below are in thousands except per share amounts and percentages) Low High Adjusted EBITDA (1) 695,000 725,000 Discretionary Cash Flow (1)(2) 430,000 455,000 Segment Information Contract…
Supplemental Slides 27
Non-GAAP Financial Measures Adjusted Gross Margin and Adjusted Gross Margin Percentage Adjusted Gross Margin and Adjusted Gross Margin Percentage are considered non-GAAP financial measures. We define Adjusted Gross Margin as revenue less…
Reconciliation of Non-GAAP Financial Measures Gross Margin to Adjusted Gross Margin Net Cash Provided by Operating Activities to DCF and FCF (in thousands) Q1 2024 Q4 2024 Q1 2025 (in thousands) Q1 2024 Q4 2024 Q1 2025 Total revenues…
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