Colorado | 75-2811855 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, Par Value $0.01 | NGS | New York Stock Exchange |
Yes x | No o |
Yes x | No o |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer ☒ | Smaller reporting company ☒ | Emerging growth company ☐ | ||||||||||
Yes ☐ | No x |
Part I - FINANCIAL INFORMATION | ||||||||
Item 1. Consolidated Financial Statements | ||||||||
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Part II - OTHER INFORMATION | ||||||||
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NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (unaudited) | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 16,426 | $ | 22,942 | |||||||
Trade accounts receivable, net of allowance for doubtful accounts of $1,126 and $1,129, respectively | 12,882 | 10,389 | |||||||||
Inventory | 17,331 | 19,329 | |||||||||
Federal income tax receivable (Note 4) | 11,538 | 11,538 | |||||||||
Prepaid income taxes | 54 | 51 | |||||||||
Prepaid expenses and other | 613 | 854 | |||||||||
Total current assets | 58,844 | 65,103 | |||||||||
Long-term inventory, net of allowance for obsolescence of $37 and $64, respectively | 1,495 | 1,582 | |||||||||
Rental equipment, net of accumulated depreciation of $178,038 and $172,563, respectively | 209,587 | 206,985 | |||||||||
Property and equipment, net of accumulated depreciation of $16,305 and $15,784, respectively | 20,407 | 20,828 | |||||||||
Right of use assets - operating leases, net of accumulated amortization of $602 and $555, respectively | 329 | 285 | |||||||||
Intangibles, net of accumulated amortization of $2,165 and $2,134, respectively | 994 | 1,025 | |||||||||
Other assets | 2,610 | 2,698 | |||||||||
Total assets | $ | 294,266 | $ | 298,506 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 5,604 | $ | 4,795 | |||||||
Accrued liabilities | 12,945 | 14,103 | |||||||||
Current operating leases | 120 | 68 | |||||||||
Deferred income | — | 1,312 | |||||||||
Total current liabilities | 18,669 | 20,278 | |||||||||
Line of credit | — | — | |||||||||
Deferred income tax liability | 39,278 | 39,288 | |||||||||
Long-term operating leases | 210 | 217 | |||||||||
Other long-term liabilities | 2,726 | 2,813 | |||||||||
Total liabilities | 60,883 | 62,596 | |||||||||
Commitments and contingencies (Note 9) | |||||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock, 5,000 shares authorized, no shares issued or outstanding | — | — | |||||||||
Common stock, 30,000 shares authorized, par value $0.01; 13,473 and 13,394 shares issued, respectively | 135 | 134 | |||||||||
Additional paid-in capital | 114,080 | 114,017 | |||||||||
Retained earnings | 130,440 | 130,103 | |||||||||
Treasury Shares, at cost, 1,022 and 775 shares, respectively | (11,272) | (8,344) | |||||||||
Total stockholders' equity | 233,383 | 235,910 | |||||||||
Total liabilities and stockholders' equity | $ | 294,266 | $ | 298,506 |
NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except earnings per share) (unaudited) | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue: | |||||||||||
Rental income | $ | 17,129 | $ | 15,341 | |||||||
Sales | 2,893 | 2,711 | |||||||||
Service and maintenance income | 314 | 345 | |||||||||
Total revenue | 20,336 | 18,397 | |||||||||
Operating costs and expenses: | |||||||||||
Cost of rentals, exclusive of depreciation stated separately below | 9,230 | 7,156 | |||||||||
Cost of sales, exclusive of depreciation stated separately below | 1,988 | 2,616 | |||||||||
Cost of service and maintenance, exclusive of depreciation stated separately below | 173 | 48 | |||||||||
Selling, general and administrative expenses | 2,502 | 2,649 | |||||||||
Depreciation and amortization | 6,061 | 6,297 | |||||||||
Total operating costs and expenses | 19,954 | 18,766 | |||||||||
Operating income (loss) | 382 | (369) | |||||||||
Other income (expense): | |||||||||||
Interest expense | (24) | (1) | |||||||||
Other income (expense), net | (32) | 101 | |||||||||
Total other income (expense), net | (56) | 100 | |||||||||
Income (loss) before provision for income taxes | 326 | (269) | |||||||||
Income tax benefit (expense) | 11 | (125) | |||||||||
Net income (loss) | $ | 337 | $ | (394) | |||||||
Earnings (loss) per share: | |||||||||||
Basic | $ | 0.03 | $ | (0.03) | |||||||
Diluted | $ | 0.03 | $ | (0.03) | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 12,537 | 13,263 | |||||||||
Diluted | 12,698 | 13,263 |
NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
BALANCES, January 1, 2021 | — | $ | — | 13,296 | $ | 133 | $ | 112,615 | $ | 139,286 | 38 | $ | (490) | $ | 251,544 | ||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | 62 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted common stock | — | — | — | 1 | 473 | — | — | — | 474 | ||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net shares settlement of equity awards | — | — | — | — | (224) | — | — | — | (224) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (394) | — | — | (394) | ||||||||||||||||||||||||||||||||||||||||||||
BALANCES, March 31, 2021 | — | $ | — | 13,358 | $ | 134 | $ | 112,864 | $ | 138,892 | 38 | $ | (490) | $ | 251,400 | ||||||||||||||||||||||||||||||||||||||
BALANCES, January 1, 2022 | — | $ | — | 13,394 | $ | 134 | $ | 114,017 | $ | 130,103 | 775 | $ | (8,344) | $ | 235,910 | ||||||||||||||||||||||||||||||||||||||
Compensation expense on common stock options | — | — | — | — | 21 | — | — | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | 79 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted common stock | — | — | — | 1 | 401 | — | — | — | 402 | ||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net shares settlement of equity awards | — | — | — | — | (359) | — | — | — | (359) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | — | 247 | (2,928) | (2,928) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | 337 | — | — | 337 | ||||||||||||||||||||||||||||||||||||||||||||
BALANCES, March 31, 2022 | — | $ | — | 13,473 | $ | 135 | $ | 114,080 | $ | 130,440 | 1,022 | $ | (11,272) | $ | 233,383 | ||||||||||||||||||||||||||||||||||||||
NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | 337 | $ | (394) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 6,061 | 6,297 | |||||||||
Amortization of debt issuance costs | 12 | — | |||||||||
Deferred income tax (benefit) expense | (11) | 123 | |||||||||
Stock-based compensation | 423 | 474 | |||||||||
Bad debt allowance | — | 15 | |||||||||
Gain on sale of assets | (36) | — | |||||||||
Loss (gain) on company owned life insurance | 130 | (98) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivables | (2,494) | (855) | |||||||||
Inventory | 2,085 | (100) | |||||||||
Prepaid expenses and prepaid income taxes | 238 | 301 | |||||||||
Accounts payable and accrued liabilities | (349) | 2,523 | |||||||||
Deferred income | (1,312) | (1,069) | |||||||||
Other | (89) | 164 | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,995 | 7,381 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of rental equipment, property and other equipment | (8,212) | (4,965) | |||||||||
Purchase of company owned life insurance | (47) | (17) | |||||||||
Proceeds from sale of property and equipment | 37 | — | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (8,222) | (4,982) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payments of other long-term liabilities, net | (2) | — | |||||||||
Repayments of line of credit, net | — | (417) | |||||||||
Purchase of treasury shares | (2,928) | — | |||||||||
Taxes paid related to net share settlement of equity awards | (359) | (224) | |||||||||
NET CASH USED IN FINANCING ACTIVITIES | (3,289) | (641) | |||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (6,516) | 1,758 | |||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 22,942 | 28,925 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 16,426 | $ | 30,683 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Interest paid | $ | 12 | $ | 1 | |||||||
NON-CASH TRANSACTIONS | |||||||||||
Right of use asset acquired through an operating lease | $ | 91 | $ | — |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Compressors - sales | $ | 1,968 | $ | 1,891 | |||||||
Flares - sales | — | 46 | |||||||||
Other (parts/rebuilds) - sales | 925 | 774 | |||||||||
Service and maintenance | 314 | 345 | |||||||||
Total revenue from contracts with customers | 3,207 | 3,056 | |||||||||
Add: ASC 842 rental revenue | 17,129 | 15,341 | |||||||||
Total revenue | $ | 20,336 | $ | 18,397 |
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Accounts Receivable | |||||||||||
Accounts receivable - contracts with customers | $ | 3,375 | $ | 3,354 | |||||||
Accounts receivable - ASC 842 | 10,633 | 8,164 | |||||||||
Total Accounts Receivable | 14,008 | 11,518 | |||||||||
Less: Allowance for doubtful accounts | (1,126) | (1,129) | |||||||||
Total Accounts Receivable, net | $ | 12,882 | $ | 10,389 | |||||||
Deferred income | $ | — | $ | 1,312 |
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Raw materials - current | $ | 16,213 | $ | 17,528 | |||||||
Work-in-process | 1,118 | 1,801 | |||||||||
Inventory - current | 17,331 | 19,329 | |||||||||
Raw materials - long term (net of allowances of $37 and $64, respectively) | 1,495 | 1,582 | |||||||||
Inventory - total | $ | 18,826 | $ | 20,911 |
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Beginning balance | $ | 64 | $ | 221 | |||||||
Accruals | — | 208 | |||||||||
Write-offs | (27) | (365) | |||||||||
Ending balance | $ | 37 | $ | 64 |
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Compressor units | $ | 380,797 | $ | 374,336 | |||||||
Work-in-process | 6,828 | 5,212 | |||||||||
Rental equipment | 387,625 | 379,548 | |||||||||
Accumulated depreciation | (178,038) | (172,563) | |||||||||
Rental equipment, net of accumulated depreciation | $ | 209,587 | $ | 206,985 |
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding, December 31, 2021 | 200,834 | $ | 21.17 | 4.83 | $ | — | |||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Cancelled / Forfeited | (2,500) | 10.58 | — | 5 | |||||||||||||||||||
Expired | (8,500) | 14.89 | — | — | |||||||||||||||||||
Outstanding, March 31, 2022 | 189,834 | $ | 21.59 | 4.73 | $ | 70 | |||||||||||||||||
Exercisable, March 31, 2022 | 136,834 | $ | 25.85 | 2.79 | $ | — |
Range of Exercise Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Shares | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||||
$0.01-18.00 | 53,000 | 9.75 | $ | 10.58 | — | $ | 10.58 | ||||||||||||||||||||||
$18.01-22.00 | 20,500 | 0.97 | 18.75 | 20,500 | 18.75 | ||||||||||||||||||||||||
$22.01-26.00 | 42,167 | 3.04 | 22.90 | 42,167 | 22.90 | ||||||||||||||||||||||||
$26.01-30.00 | 30,000 | 4.88 | 28.15 | 30,000 | 28.15 | ||||||||||||||||||||||||
$30.01-34.00 | 44,167 | 1.97 | 30.41 | 44,167 | 30.41 | ||||||||||||||||||||||||
189,834 | 4.73 | $ | 21.59 | 136,834 | $ | 25.85 |
Unvested Stock Options: | Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||
Unvested at December 31, 2021 | 55,500 | $ | 5.15 | ||||||||
Cancelled/Forfeited | (2,500) | 5.15 | |||||||||
Unvested at March 31, 2022 | 53,000 | $ | 5.15 |
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding, December 31, 2021 | 276,319 | $ | 9.67 | 1.77 | $ | 2,893 | |||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||
Vested | (110,465) | 12.75 | 1,267 | ||||||||||||||||||||
Canceled/Forfeited | — | — | — | ||||||||||||||||||||
Outstanding, March 31, 2022 | 165,854 | $ | 7.62 | 1.56 | $ | 1,975 |
Three months ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands, except per share data) | |||||||||||
Numerator: | |||||||||||
Net income (loss) | $ | 337 | $ | (394) | |||||||
Denominator for earnings (loss) per basic common share: | |||||||||||
Weighted average common shares outstanding | 12,537 | 13,263 | |||||||||
Denominator for earnings (loss) per diluted common share: | |||||||||||
Weighted average common shares outstanding | 12,537 | 13,263 | |||||||||
Dilutive effect of stock options and restricted stock/units | 161 | — | |||||||||
Diluted weighted average shares | 12,698 | 13,263 | |||||||||
Earnings (loss) per common share: | |||||||||||
Basic | $ | 0.03 | $ | (0.03) | |||||||
Diluted | $ | 0.03 | $ | (0.03) |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Rental | $ | 17,129 | 84.2 | % | $ | 15,341 | 83.4 | % | |||||||||
Sales | 2,893 | 14.2 | % | 2,711 | 14.7 | % | |||||||||||
Service and Maintenance | 314 | 1.5 | % | 345 | 1.9 | % | |||||||||||
Total | $ | 20,336 | $ | 18,397 |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Net income (loss) | $ | 337 | $ | (394) | |||||||
Interest expense | 24 | 1 | |||||||||
Income tax expense (benefit) | (11) | 125 | |||||||||
Depreciation and amortization | 6,061 | 6,297 | |||||||||
Non-cash stock compensation expense | 423 | 474 | |||||||||
Adjusted EBITDA | $ | 6,834 | $ | 6,503 | |||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 16,426 | $ | 22,942 | |||||||
Trade accounts receivable, net | 12,882 | 10,389 | |||||||||
Inventory | 17,331 | 19,329 | |||||||||
Federal income tax receivable | 11,538 | 11,538 | |||||||||
Prepaid income taxes | 54 | 51 | |||||||||
Prepaid expenses and other | 613 | 854 | |||||||||
Total current assets | 58,844 | 65,103 | |||||||||
Current Liabilities: | |||||||||||
Accounts payable | 5,604 | 4,795 | |||||||||
Accrued liabilities | 12,945 | 14,103 | |||||||||
Line of credit | — | — | |||||||||
Current operating leases | 120 | 68 | |||||||||
Deferred income | — | 1,312 | |||||||||
Total current liabilities | 18,669 | 20,278 | |||||||||
Total working capital | $ | 40,175 | $ | 44,825 |
ISSUER PURCHASES OF EQUITY SECURITIES1,2 | ||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | |||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that may yet be Purchased Under Plans or Programs3 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
January 1, 2022 to January 31, 2022 | 49,074 | $10.93 | 49,074 | $6,123 | ||||||||||||||||||||||
February 1, 2022 to February 28, 2022 | 48,598 | $11.51 | 48,598 | $5,564 | ||||||||||||||||||||||
March 1, 2022 to March 31, 2022 | 148,816 | $12.31 | 148,816 | $3,732 |
Exhibit No. | Description | ||||
Articles of Incorporation, as amended (Incorporated by reference to Exhibit 3.1 of the 10-QSB filed and dated November 10, 2004) | |||||
Bylaws as amended (Incorporated by reference to Exhibit 3.1 of the Registrant's current report on form 8-K filed with the Securities and Exchange Commission on February 10, 2021. | |||||
Description of Securities (Incorporated by reference to the Registrant's Registration Statement on From 8-A, filed with the SEC on October 27, 2008.) | |||||
Form of Senior Indenture (Incorporated by reference to Exhibit 4.1 of the Registrant's Registration Statement on From S-3 (No. 333-261091) and filed on November 16, 2021) | |||||
Form of Subordinated Indenture (Incorporated by reference to Exhibit 4.4 of the Registrant's Registration Statement on Form S-3 (No. 333-261091) and filed on November 16, 2021 | |||||
2019 Equity Incentive Plan (Incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated June 20, 2019 and filed with the Securities and Exchange Commission on June 21, 2019.) | |||||
Stock Option Plan, as amended and restated (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 21, 2016.) | |||||
Amended and restated Employment Agreement dated April 27, 2015 between Natural Gas Services Group, Inc. and Stephen C. Taylor (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 29, 2015.) | |||||
The Executive Nonqualified Excess Plan Adoption Agreement, referred to as the Nonqualified Deferred Compensation Plan (Incorporated by reference to Exhibit 10.11 of the Registrant's Quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2016.) |
Credit Agreement dated as of May 11, 2021, among the Natural Gas Services Group, Inc. and NGSG Properties, LLC, a Colorado limited liability company, the banks and other financial institutions identified therein as Lenders from time to time party thereto and Texas Capital Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer. | |||||
Pledge and Security Agreement dated as of May 11, 2021, among Natural Gas Services Group, Inc., the Loan Parties (as defined therein) and Texas Capital Bank, National Association, as Administrative Agent. | |||||
Note dated as of May 11, 2021, by Natural Gas Services Group, Inc. in favor of Texas Capital Bank, National Association, as Lender. | |||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
/s/ Stephen C. Taylor | /s/ Micah C. Foster | ||||||||||
Stephen C. Taylor | Micah C. Foster | ||||||||||
President and Chief Executive Officer | Vice President and Chief Financial Officer | ||||||||||
(Principal Executive Officer) | (Principal Accounting Officer) | ||||||||||
May 16, 2022 | May 16, 2022 |
Dated: | May 16, 2022 | Natural Gas Services Group, Inc. | ||||||||||||
By: | /s/ Stephen C. Taylor | |||||||||||||
Stephen C. Taylor, | ||||||||||||||
President, CEO and Chairman of the Board of Directors | ||||||||||||||
(Principal Executive Officer) |
Dated: | May 16, 2022 | Natural Gas Services Group, Inc. | ||||||||||||
By: | /s/ Micah C. Foster | |||||||||||||
Micah C. Foster | ||||||||||||||
Vice President and Chief Financial Officer | ||||||||||||||
(Principal Accounting Officer) |
Dated: | May 16, 2022 | Natural Gas Services Group, Inc. | ||||||||||||
By: | /s/ Stephen C. Taylor | |||||||||||||
Stephen C. Taylor, | ||||||||||||||
President, CEO and Chairman of the Board of Directors | ||||||||||||||
(Principal Executive Officer) |
Dated: | May 16, 2022 | Natural Gas Services Group, Inc. | ||||||||||||
By: | /s/ Micah C. Foster | |||||||||||||
Micah C. Foster | ||||||||||||||
Vice President and Chief Financial Officer | ||||||||||||||
(Principal Accounting Officer) |