Kodiak Gas Services

Kodiak helps oil and gas companies move natural gas efficiently. Its equipment keeps gas flowing from wells to pipelines. This supports reliable energy delivery for homes and businesses.

Products and Services

• Contract Compression Services: Operates and maintains gas compression units for clients; 90.3% of 2025 revenue.
• Gas Treating and Cooling: Provides equipment to clean and cool natural gas for safe transport.
• Station Construction: Builds and upgrades gas compression stations for oil and gas producers.
• Other Services: Includes maintenance and overhaul for customer-owned compression units, station construction, and other ancillary offerings; 9.7% of 2025 revenue.
• Ancillary Services: Supplies parts, crane services, and freight for gas infrastructure projects.

Growth and Expansion

• Acquired CSI Compressco in 2024, expanding fleet and customer base.
• Announced purchase of Distributed Power Solutions for $675 million in February 2026.
• Sold Mexico operations in September 2025 to focus on U.S. market.
• BEARS Academy, a new technical training center in Midland, is scheduled to open in summer 2026.
• Expanded share repurchase program to $150 million in 2025.

What Makes Kodiak Stand Out

Kodiak focuses on large, high-powered compression units that support long-term contracts. Its fleet operates mainly in the Permian Basin and Eagle Ford Shale, key U.S. energy regions. The company invests in modern, lower-emission equipment and technical training for staff.

Five Things You Need to Know

• Total revenue was $1.31 billion in 2025, up 12.8% from 2024.
• Contract Services made up 90.3% of 2025 revenue; Other Services 9.7%.
• Adjusted EBITDA reached $715 million in 2025, up 17.3% year-over-year.
• Free cash flow was $229.6 million in 2025, up 87.7% from 2024.

Bottom Line

Kodiak has grown through acquisitions and a focus on reliable, large-scale gas compression. Its steady expansion and operational discipline support its role in U.S. energy infrastructure.