NATURAL GAS SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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5. Rental Equipment
- Rental Equipment
The following table summarizes our rental equipment and accumulated depreciation as of the dates presented:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Compressor units | $579,373 | $514,527 |
| Work-in-progress | 51,662 | 50,867 |
| 631,035 | 565,394 | |
| Accumulated depreciation | (216,014) | (191,745) |
| Rental equipment, net of accumulated depreciation | $415,021 | $373,649 |
We capitalized interest totaling approximately $4.7 million and $5.5 million in connection with the acquisition and assembly of compressor units for the years ended December 31, 2024 and 2023, respectively. No interest was capitalized during 2022. Depreciation expense for rental equipment was $28.2 million, $24.0 million and $21.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Retirement of Rental Equipment
We routinely review our rental fleet for retirement or obsolescence as well as an assessment to determine which units are not of the type, configuration, make or model that our customers are demanding or that are not cost efficient to refurbish, maintain and/or operate. As a result of these reviews, we recorded charges for the retirement of rental equipment of less than $0.1 million, $0.5 million and $0.2 million during the years ended December 31, 2024, 2023 and 2022, respectively.
F - 12
Rental Activity
Future minimum rent payments from our customers for contractual arrangements not on a month-to-month basis at December 31, 2024, are as follows:
| Year Ending December 31, | |
|---|---|
| 2025 | $105,603 |
| 2026 | 83,878 |
| 2027 | 66,751 |
| 2028 | 35,423 |
| 2029 | 10,584 |
| Total | $302,239 |
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