EQT AB on Tuesday completed an underwritten public offering of 10 million shares it had held at Kodiak Gas Services Inc, a provider of oil and gas compression and related services based in The Woodlands, Texas.
As a result of the stock sale, Swedish global investor EQT now comprises 22.8 percent of NYSE-listed Kodiak’s issued share capital, from 34.3 percent previously, according to a Kodiak regulatory filing.
The offering, priced $34.4 per share and underwritten by Goldman Sachs & Co LLC, generated $344 million in gross proceeds, EQT and Kodiak said in a joint statement.
The shares in the offering were held by Frontier TopCo Partnership LP, an affiliate of the funds called EQT Infrastructure III and EQT Infrastructure IV.
On September 2 Kodiak said Nirav Shah, one of two directors appointed by Frontier TopCo Partnership, had resigned from Kodiak’s board due to EQT’s reduced ownership.
Kodiak appointed William L. Bullock Jr, former executive vice president and chief financial officer of ConocoPhillips, to replace Shah.
Last Friday Kodiak completed a two-part debt instrument sale with a combined principal amount of $1.2 billion to refinance existing debt.
It issued $600 million senior unsecured notes due 2033 with a 6.5 percent interest and $600 million senior unsecured notes maturing 2035 with a 6.75 percent interest.
“The issuer intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under the ABL Facility”, Kodiak said in a statement on its website.
Concurrent with the closing of the bond sale, Kodiak entered into an agreement with existing lenders to reduce commitments under the ABL Facility to $2 billion and extend the facility’s maturity to September 2030.
As of the end of the second quarter Kodiak had $2.6 billion in debt outstanding, mainly from the ABL Facility and senior notes due 2029. The company had $366.4 million available from the ABL Facility, according to its quarterly report.
Current liabilities as of June totaled $313.32 million including $50.39 million in accounts payable. Current assets stood at $345.53 million including $5.43 million in cash and cash equivalents.
Revenue for 2Q 2025 was $322.84 million, down from $329.64 million for the prior three-month period but up from $309.65 million for 2Q 2024.
Net profit landed at $39.5 million, compared to $30.41 million for 1Q 2025 and $6.23 million for 2Q 2024. Earnings per diluted share of $0.43 set a record for the company.
EBITDA adjusted for nonrecurring items also rose both quarter-on-quarter and year-on-year to a record $178.22 million.
Free cash flow was also a record $70.29 million, compared to $47.22 million for 1Q 2025 and $638,000 for 2Q 2024.
Kodiak raised its share repurchase program by $100 million to $115 million and extended the program’s expiry to December 2026.
“Despite the challenges posed by global economic instabilities and energy market dynamics, our production-focused business model remains robust”, Kodiak president and chief executive Mickey McKee said in the quarterly report.
“As we look ahead, the highly visible Permian Basin natural gas production growth combined with the strong demand outlook driven by power demand for data centers and domestic LNG projects reinforces our confidence in the long-term growth prospects for contract compression”, McKee added.
“The meaningful increase in our share repurchase program reflects that confidence and underscores Kodiak’s commitment to returning capital to shareholders”.
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