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More than 140 publicly traded companies with functions related to, or in, the gas com-pression business are featured. Industries include oil and gas midstream, oil and gas equipment and services, and specialty indus-try machinery. With the new decade already well underway, we thought it would be the perfect time to highlight the success that many domestic and international industrial companies had in growing shareholder value as well as increasing dividend distributions. Although financial performance isn’t every-thing, it does affect the people who purchase, package, manufacture, maintain, and teach gas compression equipment. It is for that reason that our readers will utilize this financial re-view as a reference tool for the decade that was, and a driver for the decade to come.

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The 2010s were a pivotal decade in both US and global history. It was the decade that followed

the Great Recession of 2007 and 2008, the second most painful global economic failure in history and the worst meltdown since the Great Depression. Instigated by a collapse in the real estate market, the effects of the Great Recession rippled through-out the developed world as millions of families faced foreclosures after defaulting on their mortgages.

While developed countries were floundering, it was the economies of developing nations across the world that actually flourished during this time, mainly in Asia and parts of Africa. These countries would go on to become integral members of the global economy, and for the energy industry, the primary growth drivers for decades to come.

The growth of developing countries is particu-larly relevant for the energy industry.

Global business consulting firm McKinsey ex-pects 3% US natural gas growth per year from 2020 to 2025, 1% to 1.4% from 2025 to 2035, and 0% from 2035 to 2040, with almost all growth into 2040 occurring from liquefied natural gas (LNG) exports to China, India, and emerging markets.

The Chinese and Indian markets, in particular, are attractive since the two countries together make up around two thirds of global coal consump-tion, which provides a lot of room to switch to natural gas. Approximately 1 billion of the world’s population continues to live without electricity, and every natural gas power plant or LNG import that’s delivered instead of coal is a win for the en-vironment. In this way, natural gas can make a dif-ference (see “The Next 20 Years,” March 2020 Gas Compression Magazine, p. 6).

Although painful, the Great Recession set the tone for a more integrated and prosperous global economy that is industrializing faster than ever. From 2010 to the end of 2019, the S&P 500 index rose 188%. In 2008, crude oil production in the United States fell below 4 million barrels per day (bpd). Today, it’s closing in on 13 million bpd, the most in US history. According to the Energy Infor-mation Administration, natural gas production was 61.1 Bcfd (1.7 x 109 m3/d) in 2010. In 2019, it was 99.1 Bcfd (2.8 x 106 m3/d).

GAS COMPRESSION OUTLOOKIncreasing infrastructure out of the Permian Basin is a big op-

portunity from an economical and environmental perspective. According to the Environmental Defense Fund, flaring wastes US$275 million per year. Flaring increases methane emissions, which according to one study, have doubled in New Mexico, USA, over the past four years (see “The Permian Basin’s Flare Problem,” June 2019 Gas Compression Magazine, p. 20). According to Rystad Energy, as of June 2019, flaring in the Permian was as high as 661 MMcfd (18.7 x 106 m3/d), an all-time high for the region.

Pipeline projects are in the works that will increase the move-ment of Permian Basin gas to refineries along the US Gulf Coast. Current gas production out of the Permian is approaching 18 Bcfd (509 x 106 m3/d). Kinder Morgan’s additional 4.4 Bcfd (124 x 106 m3/d) of takeaway capacity is expected to be in service between 2020 and Q1 2021. The Whistler Pipeline, a joint venture between MPLX LP, WhiteWater Midstream, Stonepeak Infrastructure Partners, and West Texas Gas is anticipated to come into service in the second half of 2021. The pipeline is expected to add another 2 Bcfd (56.6 x 106 m3/d) of takeaway capacity out of the Permian.

Kinder Morgan is investing in the Permian because it expects a major takeoff in natural gas and LNG exports out of the Gulf Coast, and that means there are more opportunities in the com-pression space. 84% of Kinder Morgan’s forecasted natural gas demand growth from 2019 to 2030 is expected to come from the US Gulf Coast.

Of the 23.5 Bcfd (665 x 106 m3/d) of Gulf Coast demand growth, Kinder Morgan expects more than two-thirds to be from LNG exports, with 11% in exports to Mexico, and 10% in growth in the industrial sector.

Cheniere Energy and Tellurian, among other companies, have been busy planning and constructing LNG export plants that con-sist of one or more trains responsible for cooling and condensing natural gas. The completion of Cheniere’s Corpus Christi LNG and Sabine Pass projects would open a market capable of trans-porting gas that would be flared and instead export it to buyers across the world, a win for business and the environment. Both projects have extra acreage on-site for expansion opportunities.

Just south of Lake Charles, Louisiana, USA, Tellurian’s Drift-wood LNG project’s capacity is expected to be 3.63 Bcfd (102.7 x 106 m3/d). Several connector pipelines that will funnel gas to Driftwood are expected to be completed and in service by 2023, providing more opportunities for compression.

While 2020 is off to a rough start, the long-term outlook for gas compression remains positive.

FINANCIALREVIEW

THE2010s

Although painful, the Great Recession set the tone for a m

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integrated and prosperous global economy.”

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BY DANIEL FOELBER

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This financial lookback is a reflection of the finan-cial performance of companies invested in the gas

compression industry just as much as it is a tribute to the energy and industrial companies that were instru-mental in the decade’s success.

This past decade, Caterpillar achieved a stock gain of 159%. Caterpillar’s Oil & Gas division sells products in gas compression, well service, offshore drilling, land drilling, and production. For nearly 40 years, Caterpillar engines for gas compression have logged over two billion operating hours around the world. Additionally, Cater-pillar has a wide product offering for upstream and mid-stream applications with power ranging from less than 100 hp (74 kW) to greater than 8000 hp (5965 kW).

According to Caterpillar, doubling service growth has become a major initiative that begins with a step-change in services growth through long-term integration of customer values. “This means developing a customer-centric culture and leading with a sense of urgency in order to meet our customers’ evolving needs and ex-pectations,” said Mark Anderson, Caterpillar Oil & Gas marketing manager for gas compression.

The year 2020 marks a product anniversary for Caterpillar as the company celebrates 35 years of its 3600-engine series. With over 5000 active units, the G3600 engine family has logged more than 200 million hours of operation around the world.

“Durable lean burn technology and a wide fuel tol-erance make the latest Cat G3600 A4 series of gas compression engines clean, efficient, and versatile,” said Anderson. “Additionally, Caterpillar was the first to market a lean burn engine with 0.3 g brake-specific NOx (nitrogen oxide) emissions, 40% lower than previ-ous generations.”

Caterpillar ended the decade by releasing new technology and updates for gas compression. In the upcoming years, Caterpillar says that customers can expect solutions in upstream, midstream, and down-stream operations, including increased fuel flexibility, efficiency, and higher power density.

According to Anderson, new product introductions have been strategically designed to broaden the prod-uct portfolio where customers have requested addi-tional power and technology capabilities. Technology integrations such as the next-generation HMI (human machine interface) panel for select gas compression products are changing the way customers review equipment operational data (see “Cat Targets Dis-play Commonality,” November 2019 Gas Compression Magazine, p. 30).

“The panel is now or will soon be available on all current Cat gas compression engines from the 400-hp (292-kW) CG137-8 up through the 5350-hp (3989-kW) G3616 A4. We will also be serving existing cus-tomers through upgrade options on a number of older models,” said Anderson.

In addition to the panel, Caterpillar expects to ex-pand its gas compression product portfolio by releas-ing new product upgrades and uprates, including an up-dated G3512J gas engine. “With a power rating of 1035 hp (772 kw) at 1400 rpm, this engine refines the gas compression product portfolio and the ability to meet customers’ needs,” said Michael Coppinger, Caterpillar Oil & Gas gas compression product definition manager. Features of the G3512J include a water-cooled mani-fold, exhaust stack, and an upgraded turbocharger with Cat thermal shields.

“New product upgrades and uprates that align with both the customer and the ever-changing needs of the gas compression market will be achieved by expanding product power densities, creating more durable prod-ucts, and offering more rebuilt and remanufactured products through Cat Reman,” said Coppinger.

The latest variation of the G3600 engine series achieves a NOx emissions reduction of 40% by using the technology capabilities of ADEM A4. According to Cat-erpillar, the G3600 A4 achieves a greater fuel tolerance than previous models, has expanded altitude capabilities, and more power. The engine is equipped with a 2-stage aftercooler used to increase the charge density, providing cooler, less dense air to the power cylinder. Greater fuel tolerance is achieved using a Miller Cycle, which provides the ability to create an effective pressure ratio within the power cylinder, providing a greater knock margin. The engine’s piston bowl geometry has been optimized to create an improved swirl ratio within the power cylinder, which leads to a cleaner burn with lower emissions.

“For customers interested in a significant reduction in emissions and simplicity of installation, Cat electric mo-tors are a noteworthy option,” said Barber. “Products are available from 1000 (745 kW) to 10,000 hp (7457 kW) and can achieve over 8000 hours of operation per year.”

“At Caterpillar, energy and sustainability are impor-tant factors considered during the creation of every new product,” said Richard Barber, Caterpillar Oil & Gas com-pression segment manager. “As the industry continues to change its approach to sustainability initiatives, including becoming more stringent on local emission regulations, Caterpillar aims to comply with the regulations and cre-ate products that promote a green environment.”

COMPANY NAME TICKER DECADE GAIN

DIVIDEND GAIN

DIVIDEND YIELD

MARKET CAPITALIZATION (US$BILLIONS)

INDUSTRY

Cheniere Energy Inc. LNG 2420.00% 0.00% 0.00% $15.170 Oil & Gas MidstreamRoper Technologies Inc. ROP 576.40% 386.80% 0.54% $38.760 Specialty Industrial MachineryThe Middleby Corporation MIDD 570.30% 0.00% 0.00% $6.336 Specialty Industrial MachineryJohn Bean Technologies Corporation JBT 562.30% 42.86% 0.36% $3.540 Specialty Industrial MachineryA. O. Smith Corporation AOS 558.80% 638.50% 2.11% $7.146 Specialty Industrial MachineryLennox International Inc. LII 508.10% 413.30% 1.28% $9.177 Specialty Industrial MachineryTriMas Corporation TRS 482.40% 0.00% 0.00% $1.345 Specialty Industrial MachineryAMETEK Inc. AME 467.40% 425.00% 0.56% $22.352 Specialty Industrial MachineryIDEX Corporation IEX 452.20% 316.70% 1.16% $12.913 Specialty Industrial MachineryGraco Inc. GGG 446.00% 140.00% 1.35% $8.572 Specialty Industrial MachineryNordson Corporation NDSN 432.30% 300.00% 0.88% $10.108 Specialty Industrial MachineryIngersoll-Rand plc IR 365.90% 657.10% 1.62% $30.750 Specialty Industrial MachineryHoneywell International Inc. HON 359.20% 197.50% 2.03% $124.000 Specialty Industrial MachineryCurtiss-Wright Corporation CW 347.60% 112.50% 0.45% $6.268 Specialty Industrial MachineryRockwell Automation Inc. ROK 331.40% 251.70% 2.04% $22.430 Specialty Industrial MachineryGenerac Holdings Inc. GNRC 317.70% -16.67% 0.00% $6.566 Specialty Industrial MachineryChart Industries Inc. GTLS 308.50% 0.00% 0.00% $2.309 Specialty Industrial MachineryKadant Inc. KAI 296.20% 84.00% 0.85% $1.223 Specialty Industrial MachineryIllinois Tool Works Inc. ITW 295.40% 245.20% 2.43% $55.722 Specialty Industrial MachineryStandex International Corporation SXI 295.00% 340.00% 1.06% $0.959 Specialty Industrial MachineryFranklin Electric Co. Inc. FELE 294.60% 132.00% 0.98% $2.741 Specialty Industrial MachineryCummins Inc. CMI 290.20% 649.10% 3.10% $25.243 Specialty Industrial MachineryONEOK Inc. OKE 287.90% 315.90% 5.00% $30.568 Oil & Gas MidstreamParker-Hannifin Corporation PH 282.00% 252.00% 1.78% $24.925 Specialty Industrial MachinerySPX Corporation SPXC 259.10% 50.00% 0.00% $2.239 Specialty Industrial MachineryDover Corporation DOV 233.90% 88.46% 1.67% $16.768 Specialty Industrial MachineryXylem Inc. XYL 224.90% 137.20% 1.18% $14.446 Specialty Industrial MachineryColfax Corporation CFX 202.20% 0.00% 0.00% $4.246 Specialty Industrial MachineryInternational Seaways Inc. INSW 200.60% 0.00% 0.00% $0.706 Oil & Gas MidstreamEaton Corporation plc ETN 197.80% 184.00% 2.93% $39.124 Specialty Industrial MachineryTennant Company TNC 197.50% 57.14% 1.08% $1.479 Specialty Industrial MachineryITT Inc. ITT 197.20% -70.60% 0.84% $6.138 Specialty Industrial MachineryMagellan Midstream Partners LP MMP 190.20% 187.30% 6.43% $14.472 Oil & Gas MidstreamHelios Technologies Inc. HLIO 184.00% 50.00% 0.82% $1.405 Specialty Industrial MachineryCrane Co. CR 182.10% 95.00% 1.86% $5.013 Specialty Industrial MachineryDonaldson Company Inc. DCI 170.90% 250.00% 1.57% $6.670 Specialty Industrial MachineryTransportadora de Gas del Sur S.A. TGS 161.30% 5510.00% 68.05% $0.985 Oil & Gas MidstreamCaterpillar Inc. CAT 159.10% 145.20% 2.93% $75.012 Farm & Heavy Construction EquipmentAtkore International Group Inc. ATKR 152.90% 0.00% 0.00% $1.899 Specialty Industrial MachineryDMC Global Inc. BOOM 146.70% 212.50% 0.69% $0.613 Oil & Gas Equipment & ServicesKornit Digital Ltd. KRNT 144.50% 0.00% 0.00% $1.645 Specialty Industrial MachineryRaven Industries Inc. RAVN 136.00% 62.50% 1.54% $1.210 Specialty Industrial MachineryMueller Water Products Inc. MWA 130.40% 200.00% 1.71% $1.899 Specialty Industrial MachineryStar Group LP SGU 128.50% 72.41% 5.31% $0.438 Oil & Gas MidstreamNavigator Holdings Ltd. NVGS 123.90% 0.00% 0.00% $0.700 Oil & Gas MidstreamThermon Group Holdings Inc. THR 118.20% 0.00% 0.00% $0.818 Specialty Industrial MachineryMatrix Service Company MTRX 114.80% 0.00% 0.00% $0.541 Oil & Gas Equipment & Services3M Company MMM 113.40% 174.30% 3.23% $100.996 Specialty Industrial MachineryThe Gorman-Rupp Company GRC 112.00% 115.80% 1.46% $0.985 Specialty Industrial MachineryPentair plc PNR 111.50% -5.26% 1.65% $7.544 Specialty Industrial MachineryNorth American Construction Group Ltd. NOA 108.60% 67.16% 0.81% $0.279 Oil & Gas Equipment & ServicesAltra Industrial Motion Corp. AIMC 102.40% 240.00% 2.00% $2.200 Specialty Industrial MachineryPhillips 66 Partners LP PSXP 99.87% 458.80% 5.95% $13.381 Oil & Gas MidstreamCIRCOR International Inc. CIR 82.62% 0.00% 0.00% $0.864 Specialty Industrial MachineryEnterprise Products Partners LP EPD 79.31% 58.04% 6.51% $58.976 Oil & Gas MidstreamEmerson Electric Co. EMR 79.01% 49.25% 2.61% $45.049 Specialty Industrial MachineryPembina Pipeline Corporation PBA 78.00% 23.43% 5.00% $19.677 Oil & Gas MidstreamHillenbrand Inc. HI 77.94% 13.33% 2.82% $2.232 Specialty Industrial MachineryGardner Denver Holdings Inc. GDI 73.84% 0.00% 0.00% $7.081 Specialty Industrial MachineryEnbridge Inc. ENB 72.09% 178.40% 5.96% $82.762 Oil & Gas MidstreamEnergy Transfer LP ET 67.82% 125.90% 9.57% $33.853 Oil & Gas MidstreamRegal Beloit Corporation RBC 65.72% 87.50% 1.46% $3.315 Specialty Industrial MachineryTarga Resources Corporation TRGP 65.30% 1380.00% 9.41% $8.741 Oil & Gas MidstreamRexnord Corporation RXN 63.10% 0.00% 0.00% $3.339 Specialty Industrial MachineryTC Energy Corporation TRP 61.59% 46.51% 4.19% $51.324 Oil & Gas MidstreamNewpark Resources Inc. NR 48.23% 0.00% 0.00% $0.481 Oil & Gas Equipment & ServicesFlowserve Corporation FLS 42.21% 96.55% 1.61% $6.167 Specialty Industrial MachinerySiemens SIEGY 41.70% 166.50% 3.38% $103.637 Specialty Industrial MachineryCSW Industrials Inc. CSWI 33.24% 0.00% 0.00% $1.186 Specialty Industrial MachinerySPX FLOW Inc. FLOW 30.32% 0.00% 0.00% $1.945 Specialty Industrial MachineryABB Ltd. ABB 29.80% 67.36% 3.29% $50.037 Specialty Industrial MachineryActuant Corporation EPAC 23.07% 0.00% 0.17% $1.402 Specialty Industrial MachineryTC PipeLines LP TCP 14.82% -10.96% 6.19% $3.059 Oil & Gas MidstreamSeacor Holdings Inc. CKH 14.76% -66.67% 0.00% $0.777 Oil & Gas Equipment & ServicesEQM Midstream Partners LP EQM 11.19% 231.40% 4.03% $5.093 Oil & Gas MidstreamHolly Energy Partners LP HEP 11.19% 67.08% 11.19% $2.521 Oil & Gas MidstreamGolar LNG Ltd. GLNG 10.92% -40.00% 0.00% $1.072 Oil & Gas MidstreamDelek Logistics Partners LP DKL 9.77% 1950.00% 11.03% $0.783 Oil & Gas MidstreamThe Williams Companies Inc. WMB 8.41% 245.50% 6.85% $26.192 Oil & Gas MidstreamGenesis Energy LP GEL 8.36% 52.78% 11.07% $2.383 Oil & Gas MidstreamEnPro Industries Inc. NPO 7.70% 25.00% 1.61% $1.293 Specialty Industrial MachineryTwin Disc Inc. TWIN 5.56% 28.57% 0.00% $0.133 Specialty Industrial MachineryArconic Inc. ARNC -0.61% -77.78% 0.27% $13.278 Specialty Industrial MachineryUSA Compression Partners LP USAC -1.68% 50.86% 12.98% $1.543 Oil & Gas Equipment & ServicesRattler Midstream LP RTLR -4.05% 0.00% 8.05% $2.455 Oil & Gas MidstreamHess Midstream LP HESM -4.99% 52.13% 7.01% $6.538 Oil & Gas MidstreamViper Energy Partners LP VNOM -9.37% 84.00% 8.21% $3.360 Oil & Gas MidstreamOasis Midstream Partners LP OMP -9.79% 28.91% 12.63% $0.551 Oil & Gas MidstreamApergy Corporation APY -11.11% 0.00% 0.00% $2.125 Oil & Gas Equipment & ServicesGlobal Partners LP GLP -12.20% 6.67% 10.62% $0.662 Oil & Gas MidstreamPowell Industries Inc. POWL -16.74% 4.00% 2.39% $0.503 Specialty Industrial MachineryDril-Quip Inc. DRQ -16.94% 0.00% 0.00% $1.518 Oil & Gas Equipment & ServicesDorian LPG Ltd. LPG -16.95% 0.00% 0.00% $0.746 Oil & Gas MidstreamDCP Midstream LP DCP -17.18% 30.00% 13.70% $4.685 Oil & Gas MidstreamNoble Midstream Partners LP NBLX -17.18% 55.00% 11.51% $2.030 Oil & Gas MidstreamHelix Energy Solutions Group Inc. HLX -18.04% 0.00% 0.00% $1.238 Oil & Gas Equipment & ServicesHalliburton Company HAL -18.68% 10000.00% 3.12% $19.004 Oil & Gas Equipment & ServicesSolaris Oilfield Infrastructure Inc. SOI -19.49% 5.00% 3.36% $0.574 Oil & Gas Equipment & ServicesBP Midstream Partners LP BPMP -20.72% 25.42% 8.95% $1.582 Oil & Gas MidstreamProPetro Holding Corporation PUMP -22.41% 0.00% 0.00% $0.981 Oil & Gas Equipment & ServicesTidewater Inc. TDW -22.88% 0.00% 0.00% $0.628 Oil & Gas Equipment & ServicesGeneral Electric Company GE -23.27% -90.00% 0.34% $99.912 Specialty Industrial MachineryGates Industrial Corporation plc GTES -25.62% 0.00% 0.00% $3.661 Specialty Industrial MachineryOil States International Inc. OIS -27.35% 0.00% 0.00% $0.661 Oil & Gas Equipment & ServicesPBF Logistics LP PBFX -28.60% 225.00% 9.58% $1.325 Oil & Gas MidstreamHarsco Corporation HSC -28.61% -75.12% 0.00% $1.129 Specialty Industrial MachineryTallgrass Energy LP TGE -29.78% 653.40% 9.58% $6.279 Oil & Gas MidstreamKinder Morgan Inc. KMI -30.41% 78.57% 4.64% $48.221 Oil & Gas MidstreamPlains All American Pipeline LP PAA -30.41% -22.37% 8.10% $12.682 Oil & Gas MidstreamCNX Midstream Partners LP CNXM -32.89% 86.27% 10.80% $0.977 Oil & Gas MidstreamSelect Energy Services Inc. WTTR -33.81% 0.00% 0.00% $0.767 Oil & Gas Equipment & ServicesNatural Gas Services Group Inc. NGS -34.96% 0.00% 0.00% $0.147 Oil & Gas Equipment & ServicesEquitrans Midstream Corporation ETRN -37.89% 9.76% 15.82% $2.619 Oil & Gas MidstreamHoegh LNG Partners LP HMLP -38.10% 139.90% 10.68% $0.755 Oil & Gas MidstreamSchlumberger Ltd. SLB -38.24% 138.10% 5.59% $47.018 Oil & Gas Equipment & ServicesLiberty Oilfield Services Inc. LBRT -39.33% 0.00% 2.40% $0.940 Oil & Gas Equipment & ServicesTeekay LNG Partners LP PFD UNIT SER A TGP -41.22% -66.67% 5.43% $1.059 Oil & Gas MidstreamTenaris S.A. TS -45.23% -38.10% 3.63% $12.654 Oil & Gas Equipment & ServicesNational Oilwell Varco Inc. NOV -46.58% -50.00% 0.88% $8.064 Oil & Gas Equipment & ServicesShell Midstream Partners LP SHLX -47.38% 327.10% 8.63% $4.796 Oil & Gas MidstreamTellurian Inc. TELL -47.40% 0.00% 0.00% $1.642 Oil & Gas E&PArchrock Inc. AROC -51.58% -3.33% 6.43% $1.308 Oil & Gas Equipment & ServicesBaker Hughes Company BKR -53.90% 5.88% 3.14% $22.652 Oil & Gas Equipment & ServicesNuStar Energy LP NS -53.91% -43.66% 8.86% $2.898 Oil & Gas MidstreamRanger Energy Services Inc. RNGR -54.71% 0.00% 0.00% $0.107 Oil & Gas Equipment & ServicesTechnipFMC plc FTI -55.72% -87.67% 3.01% $7.879 Oil & Gas Equipment & ServicesExterran Corporation EXTN -56.52% 0.00% 0.00% $0.191 Oil & Gas Equipment & ServicesEnable Midstream Partners LP ENBL -59.88% 34.13% 13.56% $4.191 Oil & Gas MidstreamCypress Energy Partners LP CELP -62.30% 0.00% 9.56% $0.108 Oil & Gas Equipment & ServicesBriggs & Stratton Corporation BGG -64.40% -54.55% 7.38% $0.219 Specialty Industrial MachineryPermRock Royalty Trust PRT -65.27% 0.00% 12.97% $0.680 Oil & Gas Equipment & ServicesOceaneering International Inc. OII -65.95% 0.00% 0.00% $1.253 Oil & Gas Equipment & ServicesNine Energy Service Inc. NINE -66.00% 0.00% 0.00% $0.161 Oil & Gas Equipment & ServicesNexTier Oilfield Solutions Inc. NEX -69.05% 0.00% 0.00% $1.091 Oil & Gas Equipment & ServicesThe ExOne Company XONE -71.87% 0.00% 0.00% $0.116 Specialty Industrial MachineryTsakos Energy Navigation Ltd. TNP -72.44% -83.33% 2.83% $0.307 Oil & Gas MidstreamGulf Island Fabrication Inc. GIFI -76.79% 0.00% 0.00% $0.770 Oil & Gas Equipment & ServicesNorth European Oil Royalty Trust NRT -80.81% -68.00% 14.83% $0.490 Oil & Gas Equipment & ServicesCrestwood Equity Partners LP CEQP -80.92% -91.24% 8.27% $2.131 Oil & Gas MidstreamEnLink Midstream LLC ENLC -83.25% 88.67% 18.81% $2.614 Oil & Gas MidstreamDHT Holdings Inc. DHT -83.29% -95.83% 2.98% $0.950 Oil & Gas MidstreamCSI Compressco LP CCLP -85.71% -78.72% 183.00% $0.103 Oil & Gas Equipment & ServicesPlains GP Holdings LP PAGP -88.34% 8.11% 8.19% $3.201 Oil & Gas MidstreamDynagas LNG Partners LP DLNG -89.02% -64.20% 12.20% $0.073 Oil & Gas MidstreamFrontline Ltd. FRO -90.59% -92.00% 3.70% $2.074 Oil & Gas MidstreamParker Drilling Company PKD -97.98% 0.00% 0.00% $0.277 Oil & Gas Equipment & Services

PRESENTS:FINANCIALREVIEW

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Caterpillar Oil & Gas has the widest product offerings for upstream and midstream gas

compression applications with power ranging from less than 100 hp to 10,000 hp.

Together with Cat® dealers, we ensure the continued success of your equipment and operations.

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© 2020 Caterpillar. All Rights Reserved. CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, "Caterpillar Yellow", the "Power Edge" and Cat “Modern Hex” trade dress as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission.

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690-1,725 BHP

1,875-5,350 BHP

6,135-8,180 BHP

G3500J

1,000-10,000 HPELECTRIC MOTORS

GCM34

G3600 A4

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