NATURAL GAS SERVICES GROUP INC
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
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Trade Accounts Receivable
- Trade Accounts Receivable
The following table summarizes our trade accounts receivable from customers as of the dates presented:
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Trade accounts receivable | ||
| Rentals | $11,813 | $14,218 |
| Sales and aftermarket services | 2,141 | 2,657 |
| 13,954 | 16,875 | |
| Less: Provision for credit losses | (344) | (1,249) |
| Total trade accounts receivable, net | $13,610 | $15,626 |
Our trade accounts receivable consist of customer obligations due under normal trade terms for (i) operating leases for the use of our compressor equipment, (ii) the sale of compressors and related equipment and (iii) the performance of aftermarket services.
Major Customers and Concentration of Credit Risk
Rental revenue from Occidental Permian, LTD. (“Oxy”) and Devon Energy Corporation (“Devon”) in the nine months ended September 30, 2025 and 2024 amounted to 59 percent and 58 percent of revenue on a combined basis, respectively. No other single customer accounted for more than 10 percent of our revenues during these periods. Likewise, Oxy’s and Devon’s accounts receivable balances amounted to 64 percent and 60 percent of our accounts receivable as of September 30, 2025, and December 31, 2024, respectively. No other customers amounted to more than 10 percent of our accounts receivable as of these dates.
Provision for Credit Losses
The following table summarizes the changes in our provision for credit losses for the periods presented:
| Nine months ended | Year ended | |
|---|---|---|
| September 30, | December 31, | |
| 2025 | 2024 | |
| Beginning balance | $1,249 | $823 |
| Provision for credit losses | 241 | 433 |
| Write-offs | (1,146) | (7) |
| Ending balance | $344 | $1,249 |
Management believes that the provision is adequate; however, actual write-offs may exceed the recorded provision. The substantial write-off of the provision for credit losses during the nine months ended September 30, 2025 reflects certain aged receivables that are no longer deemed collectible.
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