Natural Gas Services Group, Inc. · NYSE:NGS
Natural Gas Services — Merger or Acquisition (June 2026)
10 slides from Natural Gas Services's merger presentation, Jun 15, 2026
Slide 1: Performance Under Pressure: Acquisition of Flatrock Compression
PERFORMANCE UNDER PRESSURE June 15, 2026 ACQUISITION OF FLATROCK COMPRESSION
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements Forward-Looking Statements This Presentation includes certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and information pertain
Slide 3: Acquisition of Flatrock
Acquisition of Flatrock Compelling Strategic & Financial Fit $120M ~6.2x ~80% ~60k ~20% Total purchase price LQA EBITDA (pre-synergies) Of HP in the Permian Large HP Units Added Electric fleet Transaction Overview ▪ $110M cash + $10M NGS common stock at the 30-day volume-weighted average price ▪ Acq
Slide 4: Strategic Rationale
Strategic Rationale High-quality fleet that scales NGS in its core basins at an accretive entry price 1 Proven Field Operations 2 Diversifies Customer Mix 3 Increases Basin Density ▪ Experienced management and field ▪ Oxy + Devon concentration reduced ▪ Increases horsepower in Midland Basin operator
Slide 5: Customer Diversification
Customer Diversification Lower customer concentration and two new major E&P relationships Pro Forma Combined Customer Base Key Takeaways Pro Forma Large Customer Concentration NGS's Oxy + Devon Occidental Occidental Petroleum: 1 concentration falls Petroleum ~36% Other: 23.2% 35.5% from ~64% to ~54%
Slide 6: Basin Density
Basin Density Complementary placement builds a stronger Permian Basin position and critical mass in the Eagle Ford Permian Basin Eagle Ford Shale (Gulf Coast) ▪ NGS: More than 450,000 horsepower ▪ Flatrock: More than 14,000 horsepower ▪ Flatrock: More than 70,000 horsepower ▪ NGS: More than 19,000 h
Slide 7: Complementary Fleet
Complementary Fleet Expands NGS’s Large-Horsepower Scale and Accelerates Electric Fleet Growth ▪ Flatrock’s highly complementary fleet strengthens NGS’s large horsepower and electric motor drive position ▪ Acquisition adds 52k HP of rented Large HP, to NGS’s 440k HP, creating a combined 492k rented
Slide 8: Attractive Valuation
Attractive Valuation Immediate multiple arbitrage while maintaining balance sheet flexibility ▪ Total Purchase Price: $120 million; $110 million in cash and $10 million in common stock EBITDA Multiple ▪ ~6.2x LQA Adjusted EBITDA multiple pre-synergies ▪ Flatrock Adjusted EBITDA multiple trading at ~
Slide 9: NGS Growth Opportunities and Value Levers
NGS Growth Opportunities and Value Levers ✓Fleet ✓ Asset ✓Fleet ✓Accretive Optimization Utilization Expansion M&A ▪ Opportunity for targeted price ▪ Increase utilization of the existing ▪ Pre-contract units with strategic ▪ Pursue value-adding acquisitions increases due to inflation and high fleet c
Slide 10: Thank You
Investor Relations Contact: Glenn Wiener (917) 887-8434 THANK YOU ir@ngsgi.com Corporate Address 601 State St, Suite 400 Southlake, Texas 76092 INVESTOR PRESENTATION | JUNE 2026
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