Archrock, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Archrock, Inc. on July 24, 2018. The report addresses corporate governance changes, specifically the departure of a director and the appointment of a new director to the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Mark A. McCollum resigned from the Board of Directors and the Audit Committee effective July 24, 2018. The resignation was due to his obligations as CEO of Weatherford International plc and was not related to any disagreement with the Company.
- Director Appointment: Edmund P. Segner, III was appointed to the Board and the Audit Committee effective July 25, 2018, to fill the vacancy left by Mr. McCollum.
- Independence: The Board determined that Mr. Segner meets the independence requirements of the New York Stock Exchange and the Company's standards.
Outlook, Risks, and Management Commentary
Mr. Segner brings significant industry experience, having previously served as a director of Archrock GP LLC until April 2018. He is currently a Professor at Rice University and retired from EOG Resources, Inc. in 2008. He currently serves on the boards of HighPoint Resources Corporation and Laredo Petroleum, Inc. There are no reportable related party transactions involving Mr. Segner. Upon appointment, he became entitled to a pro-rated portion of the non-employee director compensation as described in the Company's 2018 proxy statement.
Key Facts for Investor Verification
- Verify the effective dates of the director resignation (July 24, 2018) and appointment (July 25, 2018).
- Confirm Mr. Segner's independence status and committee assignments (Audit Committee).
- Review the Company's 2018 proxy statement for details on non-employee director compensation terms applicable to Mr. Segner.
- Note that this filing contains no financial data or operational guidance.