Kodiak Gas Services
19 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Largest customer
earns from · 14.1%named as a riskOne customer accounted for 14.1%, 13.4% and 11.7% of total revenues in 2025, 2024 and 2023, respectively.Market risk (Item 7A)
Also named by AEHR, AR, BF/B, BTU, CVLG, DLR, FDXF, FIX and 6 more
Four largest customers (S&P 500 upstream/midstream companies)
earns from · approximately 32%named as a riskFor the years ended December 31, 2025, 2024 and 2023, our four largest customers, which are all investment-grade counterparties, accounted for approximately 32%, 32%, and 33%, respectively, of our total revenues.Market risk (Item 7A)
Also named by DORM
Suppliers
Compression equipment suppliers and packagers
depends onnamed as a riskThe substantial majority of the components for Kodiak’s natural gas compression equipment are supplied by a limited number of key vendors.Risk factors (Item 1A)
Other companies
Distributed Power Solutions, LLC
approximately $675.0 millionnamed as a riskOn February 5, 2026, the Company entered into a purchase agreement to acquire DPS, a provider of distributed power solutions in an equity and cash transaction valued at approximately $675.0 million at the time of signing per the terms of the purchase agreement, subject to adjustment in accordance with the purchase agreement.Business (Item 1)
Month-to-month contracts
earns from · approximately 9.0% of our revenue-generating horsepowernamed as a riskAs of December 31, 2025, approximately 9.0% of Kodiak’s revenue-generating horsepower was on a month-to-month basis with customers who continue to utilize Kodiak’s services following expiration of the primary term of their contracts.Risk factors (Item 1A)
Places
Permian Basin
concentrated in · approximately 82.8% of our compression assetsnamed as a riskKodiak’s operations are geographically concentrated in the Permian Basin and Eagle Ford Shale.Risk factors (Item 1A)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Eagle Ford Shale
concentrated in · approximately 82.8% of our compression assetsnamed as a riskAs of December 31, 2025, approximately 82.8% of our compression assets were deployed in the Permian Basin and Eagle Ford Shale.Business (Item 1)
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskSustained low natural gas or oil prices over the long term could result in a decline in the production of natural gas or oil, which could result in reduced demand for our Contract Services.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Regulators
Texas Comptroller of Public Accounts
subject to · $28.0 millionnamed as a riskDuring 2025, Kodiak received a settlement offer from the Texas Comptroller’s office to resolve certain of the outstanding Texas sales and use tax matters, pursuant to which Kodiak would be subject to interest and penalties for all open periods totaling $28.0 million.Risk factors (Item 1A)
Laws and programs
ABL Facility
$464.6 millionnamed as a riskAs of December 31, 2025 and 2024, we had $464.6 million and $1.9 billion, respectively, outstanding under the ABL Facility and $325.0 million and $1.4 billion, respectively, outstanding and effective notional amounts of floating to fixed interest rate swaps which we attribute to our borrowings under our ABL Facility.Market risk (Item 7A)
U.S. tariffs
subject tonamed as a riskWhile the U.S. oil and gas compression industry is largely domestic, should tariffs remain in place on certain other commodities, there is potential for adverse impact to operating results.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Clean Air Act
subject tonamed as a riskThe CAA and comparable state laws regulate emissions of air pollutants from various industrial sources, including natural gas compressors, and impose certain monitoring and reporting requirements.Business (Item 1)
Also named by AEE, CTAS, CWST, EMN, FIX, HESM, NOC, NRP and 6 more
Endangered Species Act
subject tonamed as a riskThe presence of any protected species or the final designation of previously unprotected species as threatened or endangered in areas where we operate could result in increased costs from species protection measures or could result in limitations, delays, or prohibitions on our customers’ exploration and production activities.Business (Item 1)
Also named by CHRD, CNX, CRGY, CTVA, DC, FANG, LB, NEE and 4 more
Safe Drinking Water Act
subject tonamed as a riskIncreased regulation under the Safe Drinking Water Act could lead to greater opposition to, and litigation concerning, natural gas and oil activities utilizing hydraulic fracturing or injection wells for waste disposal, which could indirectly impact our business, financial condition and results of operations.Business (Item 1)
Inflation Reduction Act waste emissions charge
subject tonamed as a riskNonetheless, when implemented, such programs could increase Kodiak’s operating costs and accelerate the transition away from fossil fuels, which could in turn have an adverse impact on Kodiak’s customers and thus adversely impact Kodiak’s business.Risk factors (Item 1A)
U.S. LNG exports
earns fromnamed as a riskFor example, in January 2024, in response to concerns from environmental groups, the U.S. announced a temporary pause on new authorizations of certain LNG exports, although the pause was subsequently lifted in January 2025.Risk factors (Item 1A)
Also named by CF
EPA Subpart OOOO methane rules
subject tonamed as a riskIf finalized, Kodiak cannot predict how the EPA and states will implement the final rule; regardless, Subpart OOOO regulation of air emissions from the natural gas and oil sector could result in increased expenditures for pollution control equipment, which could impact Kodiak’s customers’ operations and negatively impact Kodiak’s business.Risk factors (Item 1A)