Kodiak Gas Services (KGS) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41732
Entity Registrant Name	Kodiak Gas Services, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3013440
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	936
Local Phone Number	539-3300
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,509,612
Entity Central Index Key	0001767042
Document Fiscal End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,852	$ 5,562
Accounts receivable, net	203,426	113,192
Inventories, net	119,649	76,238
Fair value of derivative instruments	5,590	8,194
Contract assets	5,424	17,424
Prepaid expenses and other current assets	14,418	10,353
Total current assets	352,359	230,963
Property, plant and equipment, net	3,424,849	2,536,091
Operating lease right-of-use assets, net	53,939	33,716
Finance lease right-of-use assets, net	4,698	0
Goodwill acquired	403,390	305,553
Identifiable intangible assets, net	165,213	122,888
Fair value of derivative instruments	31,153	14,256
Deferred tax assets	17	0
Other assets	3,662	639
Total assets	4,439,280	3,244,106
Current liabilities:
Accounts payable	65,592	49,842
Accrued liabilities	197,424	97,078
Contract liabilities	71,418	63,709
Total current liabilities	334,434	210,629
Long-term debt, net of unamortized debt issuance cost	2,486,767	1,791,460
Operating lease liabilities	49,392	34,468
Financing lease liabilities	2,555	0
Deferred tax liabilities	97,861	62,748
Other liabilities	4,889	2,148
Total liabilities	2,975,898	2,101,453
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; $50,000,000 shares of preferred stock authorized, $5,562,273 and zero issued and outstanding as of June 30, 2024, and December 31, 2023, respectively	56	0
Common stock, par value $0.01 per share; $750,000,000 shares of common stock authorized, $84,312,360 and $77,400,000 shares of common stock issued and outstanding as of June 30, 2024, and December 31, 2023, respectively	842	774
Additional paid-in capital	1,157,735	963,760
Noncontrolling interest	152,529	0
Retained earnings	152,220	178,119
Total stockholders’ equity	1,463,382	1,142,653
Total liabilities and stockholders’ equity	$ 4,439,280	$ 3,244,106

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	5,562,273	0
Preferred stock, shares outstanding (in shares)	5,562,273	0
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	84,312,360	77,400,000
Common stock, shares outstanding (in shares)	84,312,360	77,400,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 309,653	$ 203,306	$ 525,145	$ 393,418
Cost of operations (exclusive of depreciation and amortization shown below):
Depreciation and amortization	69,463	45,430	116,407	90,327
Selling, general and administrative	59,927	13,438	84,751	26,523
Gain on sale of property, plant and equipment	(1,173)	(738)	(1,173)	(721)
Total operating expenses	255,486	141,246	410,820	271,003
Income from operations	54,167	62,060	114,325	122,415
Other income (expenses):
Interest expense, net	(52,133)	(73,658)	(91,873)	(142,320)
Gain on derivatives	6,797	34,934	26,554	26,939
Other income, net	218	32	150	1
Total other expenses, net	(45,118)	(38,692)	(65,169)	(115,380)
Income before income taxes	9,049	23,368	49,156	7,035
Income tax expense	2,336	5,851	12,211	1,861
Net income	6,713	17,517	36,945	5,174
Less: Net income attributable to noncontrolling interests	485	0	485	0
Net Income attributable to common shareholders	$ 6,228	$ 17,517	$ 36,460	$ 5,174
Earnings per share attributable to common shareholders:
Basic net earnings per share (in dollars per share)	$ 0.07	$ 0.30	$ 0.44	$ 0.09
Diluted net earnings per share (in dollars per share)	$ 0.06	$ 0.30	$ 0.41	$ 0.09
Basic weighted average shares of common stock outstanding (in shares)	84,202,352	59,000,000	80,836,019	59,000,000
Diluted weighted average common shares of common stock outstanding (in shares)	90,669,239	59,000,000	87,238,110	59,000,000
Contract Services
Revenues:
Total revenues	$ 276,250	$ 181,619	$ 469,649	$ 359,316
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	99,333	65,017	165,215	127,787
Other Services
Revenues:
Total revenues	33,403	21,687	55,496	34,102
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	$ 27,936	$ 18,099	$ 45,620	$ 27,087

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid- In Capital	Noncontrolling Interest	Retained Earnings
Common shares, beginning balance (in shares) at Dec. 31, 2022		59,000,000
Beginning balance at Dec. 31, 2022	$ 229,093	$ 590	$ 0	$ 33,189	$ 0	$ 195,314
Preferred share, beginning balance (in shares) at Dec. 31, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity compensation - profits interests, net of forfeitures	686			(193)		879
Net (loss) income	(12,343)					(12,343)
Common shares, ending balance (in shares) at Mar. 31, 2023		59,000,000
Ending balance at Mar. 31, 2023	217,436	$ 590	$ 0	32,996	0	183,850
Preferred share, ending balance (in shares) at Mar. 31, 2023			0
Common shares, beginning balance (in shares) at Dec. 31, 2022		59,000,000
Beginning balance at Dec. 31, 2022	229,093	$ 590	$ 0	33,189	0	195,314
Preferred share, beginning balance (in shares) at Dec. 31, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	5,174
Common shares, ending balance (in shares) at Jun. 30, 2023		59,000,000
Ending balance at Jun. 30, 2023	192,875	$ 590	$ 0	0	0	192,285
Preferred share, ending balance (in shares) at Jun. 30, 2023			0
Common shares, beginning balance (in shares) at Mar. 31, 2023		59,000,000
Beginning balance at Mar. 31, 2023	217,436	$ 590	$ 0	32,996	0	183,850
Preferred share, beginning balance (in shares) at Mar. 31, 2023			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution to parent	(42,300)			(33,189)		(9,111)
Equity compensation - profits interests, net of forfeitures	222			193		29
Net (loss) income	17,517					17,517
Common shares, ending balance (in shares) at Jun. 30, 2023		59,000,000
Ending balance at Jun. 30, 2023	$ 192,875	$ 590	$ 0	0	0	192,285
Preferred share, ending balance (in shares) at Jun. 30, 2023			0
Common shares, beginning balance (in shares) at Dec. 31, 2023	77,400,000	77,400,000
Beginning balance at Dec. 31, 2023	$ 1,142,653	$ 774	$ 0	963,760	0	178,119
Preferred share, beginning balance (in shares) at Dec. 31, 2023	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity compensation - profits interests, net of forfeitures	$ 161					161
Equity compensation - Omnibus Plan, net of forfeitures	2,687			2,687
Offering costs	(421)			(421)
Dividends and dividends equivalents paid to stockholders ($0.38 per common share)	(30,052)					(30,052)
Restricted Stock Units vested under the Omnibus Plan, net of 14,698 shares withheld for taxes (in shares)		34,577
Restricted Stock Units vested under the Omnibus Plan, net of 14,698 shares withheld for taxes	(294)			(294)
Net (loss) income	30,232					30,232
Other	7					7
Common shares, ending balance (in shares) at Mar. 31, 2024		77,434,577
Ending balance at Mar. 31, 2024	$ 1,144,973	$ 774	$ 0	965,732	0	178,467
Preferred share, ending balance (in shares) at Mar. 31, 2024			0
Common shares, beginning balance (in shares) at Dec. 31, 2023	77,400,000	77,400,000
Beginning balance at Dec. 31, 2023	$ 1,142,653	$ 774	$ 0	963,760	0	178,119
Preferred share, beginning balance (in shares) at Dec. 31, 2023	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 36,945
Common shares, ending balance (in shares) at Jun. 30, 2024	84,312,360	84,312,360
Ending balance at Jun. 30, 2024	$ 1,463,382	$ 842	$ 56	1,157,735	152,529	152,220
Preferred share, ending balance (in shares) at Jun. 30, 2024	5,562,273		5,562,273
Common shares, beginning balance (in shares) at Mar. 31, 2024		77,434,577
Beginning balance at Mar. 31, 2024	$ 1,144,973	$ 774	$ 0	965,732	0	178,467
Preferred share, beginning balance (in shares) at Mar. 31, 2024			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares for business acquisition (in shares)		6,785,712
Issuance of common shares for business acquisition	188,167	$ 68		188,099
Issuance of preferred shares and noncontrolling interest for business acquisition (in shares)			5,562,273
Issuance of preferred shares and noncontrolling interest for business acquisition	154,118		$ 56	(124)	154,186
Equity compensation - profits interests, net of forfeitures	21					21
Equity compensation - Omnibus Plan, net of forfeitures	5,290			4,963	327
Offering costs	(741)			(741)
Dividends and dividends equivalents paid to stockholders ($0.38 per common share)	(32,796)					(32,796)
Restricted Stock Units vested under the Omnibus Plan, net of 14,698 shares withheld for taxes (in shares)		92,071
Restricted Stock Units vested under the Omnibus Plan, net of 14,698 shares withheld for taxes	(104)			(104)
Distributions to noncontrolling interest	(2,460)				(2,460)
Net (loss) income	6,713				485	6,228
Other	$ 201			(90)	(9)	300
Common shares, ending balance (in shares) at Jun. 30, 2024	84,312,360	84,312,360
Ending balance at Jun. 30, 2024	$ 1,463,382	$ 842	$ 56	$ 1,157,735	$ 152,529	$ 152,220
Preferred share, ending balance (in shares) at Jun. 30, 2024	5,562,273		5,562,273

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (in dollars per share)	$ 0.38	$ 0.38
Restricted stock units (in shares)	13,592	14,698

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 6,713	$ 30,232		$ 17,517	$ (12,343)	$ 36,945	$ 5,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,500			45,400		116,407	90,327
Equity compensation expense						8,159	908
Amortization of debt issuance costs	2,300			5,600		4,946	11,071
Non-cash lease expense						1,648	1,786
Provision for credit losses						4,589	2	$ 7,101
Inventory reserve						476	250
Gain on sale of property, plant and equipment	(1,173)			(738)		(1,173)	(721)
Change in fair value of derivatives						(14,293)	21,529
Deferred tax provision						7,104	761
Changes in operating assets and liabilities, exclusive of effects of business acquisition:
Accounts receivable						(45,933)	(21,705)
Inventories						(3,147)	(4,907)
Contract assets						12,000	(958)
Prepaid expenses and other current assets						4,671	(10,681)
Accounts payable						21,983	10,954
Accrued and other liabilities						11,871	(14,971)
Contract liabilities						6,308	29,149
Other assets						63	0
Net cash provided by operating activities						172,624	117,968
Cash flows from investing activities:
Net cash acquired in acquisition of CSI Compressco LP						9,458	0
Purchase of property, plant and equipment						(177,186)	(94,034)
Proceeds from sale of property, plant and equipment						411	1,055
Other						(35)	(14)
Net cash used in investing activities						(167,352)	(92,993)
Cash flows from financing activities:
Borrowings on debt instruments						1,945,775	499,279
Payments on debt instruments						(1,867,851)	(428,812)
Principal payments on other borrowings						(1,843)	0
Payment of debt issuance cost						(16,346)	(32,202)
Dividends paid to stockholders	(32,578)	(29,815)	$ (29,793)			(62,393)	0
Principal payments on finance leases						(408)	0
Offering costs						(1,162)	0
Cash paid for shares withheld to cover taxes						(294)	0
Distribution to stockholders						0	(42,300)
Distribution to noncontrolling interest						(2,460)	0
Net cash used in financing activities						(6,982)	(4,035)
Net (decrease) increase in cash and cash equivalents						(1,710)	20,940
Cash and cash equivalents - beginning of period		$ 5,562			$ 20,431	5,562	20,431	20,431
Cash and cash equivalents - end of period	$ 3,852		$ 5,562	$ 41,371		3,852	41,371	$ 5,562
Supplemental cash disclosures:
Cash paid for interest						40,861	116,370
Cash paid for taxes						9,225	5,726
Supplemental disclosure of non-cash investing activities:
Decrease in accrued capital expenditures						2,702	9,946
Supplemental disclosure of non-cash financing activities:
Dividends equivalent						(455)	0
Issuance of common shares						188,099	0
Issuance of preferred shares and noncontrolling interest						$ 154,186	$ 0

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Kodiak Gas Services, Inc. (the “Company” or “Kodiak”) is an operator of contract compression infrastructure and related services in the U.S. The Company operates compression units under fixed-revenue contracts with upstream and midstream customers. The Company formerly managed its business through two operating segments: Compression Operations and Other Services. After the acquisition of CSI Compressco LP (“CSI Compressco” and such acquisition, the “CSI Acquisition”), the Company manages its business through the following two operating segments: Contract Services and Other Services and operates predominantly in the U.S., with international subsidiaries that have limited operations in Mexico, Canada, Argentina and Chile. Contract Services consists of operating Company-owned compression, customer-owned compression, and gas treating and cooling infrastructure, pursuant to fixed-revenue contracts, to enable the production, gathering and transportation of natural gas and oil. Other Services consists of station construction, maintenance and overhaul, freight and crane charges, part sales and other time and material-based offerings. Kodiak operates its business and the majority of the Company’s assets and liabilities are under its subsidiary Kodiak Gas Services, LLC (“Kodiak Services”). Kodiak is the primary beneficiary of Kodiak Services, which is a variable interest entity, since the Company has the power to direct the activities that most significantly impact Kodiak Services’ economic performance and the Company has the right (and obligation) to receive benefits (and absorb losses) of Kodiak Services that could be potentially significant to the Company. See Note 20 (“Segments”) to the Company’s condensed consolidated financial statements.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition Merger with CSI Compressco On April 1, 2024, the Company completed the acquisition of 100% of the issued and outstanding partnership interests of CSI Compressco pursuant to the terms of the Merger Agreement, dated December 19, 2023 (the “Merger Agreement”), for a total consideration of $342.3 million, consisting of the issuance of the equity shares in the CSI Acquisition. CSI Compressco provided contract services related to the exploration and production of oil and natural gas, including natural gas compression services, and treating services, and provided aftermarket servi ces and compressor package parts and components manufactured by third-party suppliers. Strategically, the CSI Acquisition is expected to afford us the opportunity to capture significant synergies associated with our product and service offerings, further penetrate new and existing markets, and achieve administrative efficiencies and other strategic benefits. Under the Merger Agreement, CSI Compressco unitholders received 0.086 shares of common stock, par value $0.01 per share, of Kodiak (“common stock”) for each CSI Compressco common unit owned, and certain CSI Compressco unitholders meeting specified requirements (the “Electing Unitholders”) elected to receive limited liability company units (“OpCo Units”) representing economic interests in Kodiak’s subsidiary, Kodiak Services (along with an equal number of shares of Kodiak’s non-economic voting preferred stock), for each CSI Compressco common unit they held. Each OpCo Unit will be redeemable at the option of the holder for (i) one share of common stock (along with cancellation of a corresponding share of preferred stock) or (ii) cash at Kodiak Services’ election, following a six-month post-closing lock-up and subject to certain conditions. On or after April 1, 2029, Kodiak shall have the right to effect redemption of such OpCo Units. The OpCo Units represent and will be accounted for as noncontrolling interests in Kodiak Services. Each share of preferred stock entitles the holder to one vote per share, voting proportionally with holders of common stock. The preferred stock lacks economic benefits beyond its par value of $0.01 per share (with a maximum value of $50,000), as it does not participate in earnings or cash dividends of Kodiak. Rather, it solely represents a voting share. Pursuant to the Merger Agreement, the Company issued 6,785,712 shares of common stock and 5,562,273 shares of preferred stock (with an equal number of OpCo Units) with an estimated fair value of $342.3 million based on the Company’s stock price on April 1, 2024 of $27.72. Additionally, subsequent to the close of the CSI Acquisition, the Company used additional draws on the ABL Facility (see Note 10 for further description) of $651.8 million to repay, terminate and/or redeem all of CSI Compressco’s existing outstanding indebtedness, except for certain equipment financing obligations, and pay fees and expenses related to the notes offering and the CSI Acquisition. Our preliminary allocation of the purchase price to the estimated fair value of the CSI Compressco net assets is as follows ( in thousands ): Fair value of consideration transferred $ 342,285 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 9,458 Receivables 48,890 Inventory 40,738 Prepaid expenses & other current assets 8,738 Intangibles 47,803 Property, plant, and equipment 824,072 Right of use assets 26,044 Deferred tax assets 17 Other non-current assets 3,110 Total assets acquired 1,008,870 Deferred tax liabilities 28,386 Long term debt 627,953 Other current liabilities 86,212 Other non-current liabilities 21,871 Total liabilities assumed 764,422 Total identifiable assets acquired less liabilities assumed $ 244,448 Goodwill acquired $ 97,837 The allocation of purchase price to CSI Compressco’s net assets and liabilities as of April 1, 2024, is preliminary and subject to the potential identification of additional assets and contingencies or revisions to the deferred income taxes or fair value calculations. As a result, the fair value may be subject to adjustments pending completion of final valuations and post-closing adjustments, and the final purchase price allocation could differ materially from the preliminary allocation above. Actual purchase price allocation amounts will be disclosed in subsequent filings. The purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values. The methodologies used, and key assumptions made, were based on a combination of the income approach, market approach, and cost approach. The fair value of the assets acquired and liabilities assumed are categorized in the following levels: Level 1 - Cash and cash equivalents, based on observable inputs such as quoted prices in active markets at the measurement date for identical assets or liabilities. Level 2 - Receivables, inventory, right of use assets, prepaid expenses and other current assets, other non-current assets, long term debt and other current and non-current liabilities; based on inputs that are observable such as quoted prices in markets that are not active (e.g. quoted pricing on CSI Compressco’s debt), or inputs which are observable, for substantially the full term of the asset or liability. Level 3 - Intangibles, property, plant, and equipment; based on unobservable inputs for which there is little or no market data and which assumption are made about how market participants would price the assets or liabilities; The company used a combination of the income, cost and market approaches based on various assumptions and inputs. The preliminary allocation of purchase price includes approximately $97.8 million allocated to nondeductible goodwill and is supported by the strategic benefits (discussed above) to be generated from the CSI Acquisition. The assessment of assigning goodwill to our respective segments is not complete as of the issuance date of our condensed consolidated financial statements. The acquired property, plant and equipment is stated at fair value, and depreciation on the acquired property, plant and equipment is computed using the straight-line method over the estimated remaining useful lives of each asset in line with the Company’s polices. The acquired intangible assets as of the CSI Acquisition date represent approximately $41.4 million for customer relationships, and $6.4 million for the trademarks/trade names that are stated at estimated fair value and are amortized on a straight-line basis over their estimated useful lives, ranging from 5 to 15 years. For the three and six month periods ended June 30, 2024, our revenues include $94.9 million associated with the CSI Acquisition after the closing on April 1, 2024. It is impracticable to determine the earnings recorded in the condensed consolidated statements of operations for the three and six month periods ended June 30, 2024 as we initiated the integration of a substantial portion of CSI Compressco into our ongoing operations during the current period. In addition, acquisition-related costs of approximately $17.4 million and $25.3 million were incurred during the three and six month periods ended June 30, 2024, respectively, related to external legal fees, transaction consulting fees, and due diligence costs. These costs have been recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations. Unaudited Supplemental Pro Forma Financial Information The unaudited supplemental pro forma information presented below has been prepared to give effect to the CSI Acquisition as if the transaction had occurred on January 1, 2023. The unaudited supplemental pro forma information is presented for illustrative purposes only and is based on estimates and assumptions we deemed appropriate. The following unaudited supplemental pro forma information is not necessarily indicative of the historical results that would have been achieved if the acquisition had occurred in the past, and our operating results may have been different from those reflected in the unaudited supplemental pro forma information below. Therefore, the unaudited supplemental pro forma information should not be relied upon as an indication of the operating results that we would have achieved if the transaction had occurred on January 1, 2023 or the future results that we will achieve after the transactions. The unaudited supplemental pro forma results include certain adjustments, primarily due to increases in interest expense due to additional borrowings incurred to finance the acquisition and amortization of debt issuance costs, and acquisition related costs including transaction costs, such as legal, accounting, valuation and other professional services as well as integration costs such as severance. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 309,653 $ 300,085 $ 622,255 $ 581,568 Earnings $ 6,228 $ 14,929 $ 38,734 $ 1,324

Basis of Presentation and Conso

Basis of Presentation and Consolidation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. These unaudited condensed consolidated financial statements include the accounts of Kodiak and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation. It is the Company’s opinion that all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The Company’s results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update are effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied on a retrospective basis. The Company is currently evaluating the impact of this standard on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 require the annual financial statements to include consistent categories, greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. The Company is currently evaluating the impact of this standard on its disclosures.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table disaggregates the Company’s revenue by type and timing of provision of services or transfer of goods (in thousands) : Three Months Ended June 30, 2024 2023 Services provided over time: Contract Services $ 276,250 $ 179,740 Other Services 26,714 18,357 Total services provided over time 302,964 198,097 Services provided or goods transferred at a point in time: Contract Services — 1,879 Other Services 6,689 3,330 Total services provided or goods transferred at a point in time 6,689 5,209 Total revenue $ 309,653 $ 203,306 Six Months Ended June 30, 2024 2023 Services provided over time: Contract Services $ 467,969 $ 354,616 Other Services 45,267 23,756 Total services provided over time 513,236 378,372 Services provided or goods transferred at a point in time: Contract Services 1,680 4,700 Other Services 10,229 10,346 Total services provided or goods transferred at a point in time 11,909 15,046 Total revenue $ 525,145 $ 393,418 The Company derives its revenue from contracts with customers, which comprise the following revenue streams: Contract Services Contract Services consists of operating Company-owned compression, customer-owned compression and gas treating and cooling infrastructure for the Company’s customers, pursuant to fixed-revenue contracts, enabling the production, gathering and transportation of natural gas and oil. Contract Services for Kodiak-owned compressors, customer-owned compressors, as well as gas treating equipment, are generally satisfied over time, as services are rendered for selected customer locations on a monthly basis and based upon specific performance criteria set forth in the applicable contract. Terms are typically one performance of the service are measured consistently using a straight-line, time-based method; the performance obligations are satisfied evenly over the contract term as the customer simultaneously receives and consumes the benefits provided by the service. Consistent with Kodiak’s satisfaction of its performance obligations, the customer renders payment for services over time in accordance with the terms of the contract. If variable consideration exists, it is allocated to the distinct monthly service within the series to which such variable consideration relates. The Company has elected to apply the right to invoice practical expedient to recognize revenue for such variable consideration, as the invoice corresponds to the value transferred to the customer based on the Company’s performance completed to date. There are typically no material obligations for returns, refunds or warranties. The Company’s standard contracts do not usually include non-cash consideration. Other Services Other Services consists of a full range of services to support any ancillary needs of customers, including station construction, maintenance and overhaul, freight and crane charges, and other time and material-based offerings. For most of the Company’s construction contracts, the customer contracts with the Company to provide a service of integrating a significant set of tasks and components into a single contract. Hence, the entire contract is accounted for as one performance obligation. The Company recognizes revenue over time as the Company’s performance creates or enhances an asset that the customer, in turn, controls. For construction contracts, revenue is recognized using an input method. Measure of the progress towards satisfaction of the performance obligation is based on the actual amount of labor and material costs incurred. The amount of the transaction price recognized as revenue each reporting period is determined by multiplying the transaction price by the ratio of actual costs incurred to date to total estimated costs expected for the construction services. Payment terms and conditions vary by contract, but contract terms generally include a requirement of payment upon completion of a milestone. Judgment is involved in the estimation of the progress to completion. Any adjustments to the measure of the progress to completion is accounted for on a prospective basis. Changes to the scope of service are recognized as an adjustment to the transaction price in the period in which the change order is agreed upon and executed. Losses on construction contracts, if any, are recognized in the period when the estimated loss is determined. There have been no losses recognized in the three and six months ended June 30, 2024 and 2023, respectively. Services provided based on time spent, parts and/or materials are generally short-term in nature and labor rates and parts pricing are agreed upon prior to commencing the service. The Company applies a gross margin percentage, which is fixed based on historical time and materials-based service, to actual costs incurred. Since revenue is recognized when time is incurred, this revenue is recognized at a point in time when the service is rendered. Service revenue earned primarily on freight and crane charges that are directly reimbursable by the Company’s customers is recognized at the point in time the service is provided, and control is transferred to the customer. At such time, the customer has the ability to direct the use of the benefits of such service after the performance obligation is satisfied. The amount of consideration the Company receives and the amount of revenue the Company recognizes is based upon the invoice amount. Contract Assets and Liabilities The Company recognizes a contract asset when the Company has the right to consideration in exchange for goods or services transferred to a customer. Contract assets are transferred to trade receivables when the Company has the right to bill. The Company had contract assets of $5.4 million and $17.4 million as of June 30, 2024, and December 31, 2023, respectively. There was a $3.6 million contract asset balance as of January 1, 2023. The Company records contract liabilities when cash payments are received or due in advance of performance. The Company’s contract liabilities were $71.4 million and $63.7 million as of June 30, 2024, and December 31, 2023. As of January 1, 2024, and January 1, 2023, the beginning balances for contract liabilities were $63.7 million and $57.1 million, all of which was recognized as revenue in the six months ended June 30, 2024, and June 30, 2023, respectively. Performance Obligations As of June 30, 2024, the aggregate amount of transaction price allocated to unsatisfied performance obligations related to the Company’s revenue for the Contract Services segment is $1.3 billion. The Company expects to recognize these remaining performance obligations as follows (in thousands) : Remainder of 2025 2026 2027 2028 and Total Remaining performance obligations $ 440,104 $ 513,151 $ 257,150 $ 72,925 $ 57,479 $ 1,340,809 As of June 30, 2024, the aggregate amount of transaction price allocated to unsatisfied performance obligations related to the Company’s revenue for the Other Services segment is $20.4 million, of which $19.8 million is expected to be recognized by December 31, 2024.

Accounts Receivable, net

Accounts Receivable, net	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net consist of the following ( in thousands ): As of June 30, As of December 31, Accounts receivable $ 215,980 $ 121,242 Allowance for credit losses 12,554 8,050 Accounts receivable, net $ 203,426 $ 113,192 The allowances for credit losses were $12.6 million and $8.0 million as of June 30, 2024, and December 31, 2023, respectively, which represents the Company’s best estimate of the amount of probable credit losses included within the Company’s existing accounts receivable balance. For the six months ended June 30, 2024, the Company recorded a net increase in the allowance for credit losses of $4.5 million. The changes in the Company’s allowance for credit losses are as follows (in thousands) : Allowances for Credit Losses Balance at January 1, 2023 $ 949 Current-period provision for expected credit losses 7,101 Write-offs charged against allowance — Balance at December 31, 2023 $ 8,050 Current-period provision for expected credit losses 4,589 Write-offs charged against allowance (85) Balance at June 30, 2024 $ 12,554

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Inventories consist of the following ( in thousands ): As of June 30, As of December 31, Non-serialized parts $ 99,408 $ 62,784 Serialized parts 20,241 13,454 Total inventories, net $ 119,649 $ 76,238

Property, Plant and Equipment,

Property, Plant and Equipment, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment, net consist of the following ( in thousands ): As of June 30, As of December 31, Compression equipment $ 4,036,420 $ 3,166,214 Field equipment 122,038 19,286 Buildings and shipping containers 16,554 11,942 Technology hardware and software 19,886 11,161 Trailers and vehicles 14,871 9,885 Leasehold improvements 12,078 8,093 Furniture and fixtures 2,718 2,053 Land 1,928 743 Other 217 374 Total property, plant and equipment, gross 4,226,710 3,229,751 Less: accumulated depreciation (801,861) (693,660) Property, plant and equipment, net $ 3,424,849 $ 2,536,091 Depreciation expense was $66.0 million and $110.6 million for the three and six months ended June 30, 2024, respectively, and is recorded within depreciation and amortization on the accompanying condensed consolidated statements of operations. Depreciation expense was $43.0 million and $85.6 million for the three and six months ended June 30, 2023, respectively.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets, Net	Goodwill and Identifiable Intangible Assets, net The increase in goodwill from December 31, 2023 to June 30, 2024, is attributable to the CSI Acquisition. See Note 2 (“Acquisitions”) for more details. The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2024, is preliminary and subject to change. Actual allocation by segment will be disclosed in subsequent filings. Total Goodwill Balance as of December 31, 2023 $ 305,553 Acquisition of CSI Compressco 97,837 Balance as of June 30, 2024 $ 403,390 The Company’s identifiable intangible assets consist of the following as of June 30, 2024, and December 31, 2023 ( in thousands ): As of June 30, 2024 Original Cost Accumulated Amortization Net Amount Remaining Weighted Remaining Weighted Trade name $ 19,400 $ (3,826) $ 15,574 10.9 4.8 Customer relationships 191,400 (41,761) 149,639 13.1 14.9 Total identifiable intangible assets $ 210,800 $ (45,587) $ 165,213 As of December 31, 2023 Original Cost Accumulated Net Amount Remaining Weighted Trade name $ 13,000 $ (3,181) $ 9,819 15.1 Customer relationships 150,000 (36,931) 113,069 12.8 Total identifiable intangible assets $ 163,000 $ (40,112) $ 122,888 Amortization expense was $3.1 million and $5.5 million for the three and six months ended June 30, 2024, and is recorded within depreciation and amortization on the condensed consolidated statements of operations. Amortization expense was $2.4 million and $4.7 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the following is a summary of future minimum amortization expense for identified intangible assets ( in thousands ): Amount Years ending December 31, Remainder of 2024 $ 7,026 2025 13,514 2026 13,514 2027 13,514 2028 13,514 Thereafter 104,131 Total $ 165,213

Long-Lived and Other Asset Impa

Long-Lived and Other Asset Impairment	6 Months Ended
	Jun. 30, 2024
Asset Impairment Charges [Abstract]
Long-Lived and Other Asset Impairment	Long-Lived and Other Asset Impairment Long-lived assets, including property, plant and equipment and other finite-lived identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances, including the removal of compressors from the active fleet, indicate that the carrying amount of an asset may not be recoverable. Such events may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy, among others. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to estimated future undiscounted net cash flows expected to be generated by the asset. Impairment losses are recognized in the period in which the impairment occurs and represent the excess of the asset carrying value over its estimated future discounted net cash flows. No impairment was recorded, and no triggering events were identified for the three and six-month periods ended June 30, 2024, and June 30, 2023.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities Debt consists of the following (in thousands) : As of June 30, 2024 As of December 31, 2023 ABL Facility $ 1,786,222 $ 1,830,346 2029 Senior Notes 750,000 — Total debt outstanding 2,536,222 1,830,346 Less: unamortized debt issuance cost (49,455) (38,886) Long-term debt, net of unamortized debt issuance cost $ 2,486,767 $ 1,791,460 Other borrowings 9,530 — Total long-term debt and other borrowings $ 2,496,297 $ 1,791,460 ABL Facility On March 22, 2023, wholly owned subsidiaries of Kodiak entered into the Fourth Amended and Restated Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended or restated from time to time, the “ABL Credit Agreement” or “ABL Facility”), which mainly served to extend the maturity date from June 2024 to March 2028. The total commitments under the facility are $2.2 billion. As of June 30, 2024, there were $2.4 million in letters of credit outstanding under the ABL Facility. Pursuant to the ABL Credit Agreement, the Company must comply with certain restrictive covenants, including a minimum interest coverage ratio of 2.5x and a maximum Leverage Ratio (calculated based on the ratio of Consolidated Total Debt to Consolidated EBITDA, each as defined in the ABL Credit Agreement). The maximum Leverage Ratio is (i) 5.75 to 1.00 for the fiscal quarters ending June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025 and (ii) 5.25 to 1.00 for each fiscal quarter thereafter. The ABL Credit Agreement also restricts the Company’s ability to: incur additional indebtedness and guarantee indebtedness; pay certain dividends or make other distributions or repurchase or redeem equity interests; prepay, redeem or repurchase certain debt; issue certain preferred units or similar equity securities; make loans and investments; sell, transfer or otherwise dispose of assets; incur liens; enter into transactions with affiliates; enter into agreements restricting the Company’s restricted subsidiaries’ ability to pay dividends; enter into certain swap agreements; amend certain organizational documents; enter into sale and leaseback transactions; and consolidate, merge or sell all or substantially all of the Company’s assets. The ABL Facility is a “revolving credit facility” that includes a lockbox arrangement whereby, under certain events, remittances from customers are forwarded to a bank account controlled by the administrative agent and are applied to reduce borrowings under the facility. One such event occurs if availability under the ABL Credit Agreement falls below a specified threshold (i.e., the greater of $200 million or 10% of the aggregate commitments at the time of measurement). As of June 30, 2024, and December 31, 2023, availability under the ABL Facility was in excess of the specified threshold, and, as such, the entire balance was classified as long term in accordance with its maturity. Third Amendment to Fourth Amended and Restated Credit Agreement On January 22, 2024, Kodiak entered into the Third Amendment to the ABL Credit Agreement (the “Third Amendment”). The Third Amendment, among other things, amended certain provisions of the ABL Facility (i) to accommodate the consummation of the transactions contemplated by the Merger Agreement (see Note 2 - Acquisition) and (ii) to account for the Company’s organizational structure after giving effect to the transactions contemplated by the Merger Agreement. Lender fees and costs totaling $2.9 million were incurred related to the Third Amendment and will be amortized over the life of the loan to interest expense. In addition, the Third Amendment amended the ABL Facility to (i) update the maximum secured leverage ratio to (x) 3.75 to 1.00 for the first four fiscal quarters after the Company issues any unsecured indebtedness and (y) 3.25 to 1.00 for each fiscal quarter thereafter, (ii) modify the triggers for commencing a “cash dominion” period (i.e., a period when the Administrative Agent applies proceeds in the deposit accounts to reduce borrowings under the ABL Credit Agreement), such that a “cash dominion” period will commence if availability under the ABL Credit Agreement is less than $125 million for more than five The weighted average interest rate as of June 30, 2024, and December 31, 2023, was 7.64% and 8.08%, respectively, excluding the effect of interest rate swaps. The Company pays an annualized commitment fee of 0.25% on the unused portion of its ABL Facility if borrowings are greater than 50% of total commitments and 0.50% on the unused portion of the ABL Facility if borrowings are less than 50% of total commitments . All obligations under the ABL Facility are collateralized by essentially all the assets of the Company. We were in compliance with all covenants as of June 30, 2024, and December 31, 2023. 2029 Senior Notes On February 2, 2024, Kodiak Services issued $750,000,000 aggregate principal amount of 7.25% senior notes due 2029 (the “2029 Senior Notes”), pursuant to an indenture, by and among the Company and certain other subsidiary guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. The Company’s 2029 Senior Notes are not subject to any mandatory redemption or sinking fund requirements. The 2029 Senior Notes are subject to redemption at a make-whole redemption price, inclusive of accrued and unpaid interest. This make-whole redemption price is determined as the higher of 100% of the principal amount of the notes or the present value of remaining principal and interest payments discounted semi-annually to the redemption date using the applicable treasury rate plus 0.50%. Before February 15, 2026, the Company has the option to redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes issued under this indenture, limited to the net cash proceeds of one or more equity offerings. Following February 15, 2026, the Company retains the right to redeem all or a portion of the 2029 Senior Notes, with redemption prices expressed as percentages of the principal amount, along with accrued and unpaid interest. The optional redemption percentages for the 2029 Senior Notes are as follows: Percentage 2026 103.625% 2027 101.813% 2028 and thereafter 100.000% The indenture governing the Company’s 2029 Senior Notes contain covenants that, among other things, limit the Company’s ability to create liens securing certain indebtedness, enter into certain sale-leaseback transactions, or consolidate, merge or transfer certain assets. The covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at June 30, 2024. Fees and costs totaling $13.4 million were incurred related to the 2029 Senior Notes and will be amortized over the life of the loan to interest expense. The proceeds from the 2029 Senior Notes were used to repay a portion of the outstanding indebtedness under the ABL Facility and to pay related fees and expenses in connection with the 2029 Senior Notes offering. In connection with the close of the CSI Acquisition on April 1, 2024, the Company used proceeds from additional draws on the ABL Facility to repay, terminate and/or redeem all of CSI Compressco’s existing outstanding indebtedness, except for certain equipment financing obligations, and pay fees and expenses related to the notes offering and the CSI Acquisition. Term Loan A wholly owned subsidiary of Kodiak had a term loan (the “Term Loan”), pursuant to a credit agreement with unaffiliated unsecured lenders and Wells Fargo Bank, N.A., as administrative agent. On June 29, 2023, the Company terminated all interest rate swaps and collars attributable to the Term Loan, recognized a gain on derivatives and received cash of $25.8 million for the three months ended June 30, 2023 (the “Term Loan Derivative Settlement”). On July 3, 2023, in connection with the IPO, the Company used the net proceeds from the IPO, together with the proceeds resulting from the Term Loan Derivative Settlement and borrowings under the ABL Facility, to repay $300 million of borrowings outstanding under the Term Loan. Additionally, a subsidiary of Kodiak entered into a Novation, Assignment and Assumption Agreement (“Novation Agreement”) with Frontier TopCo Partnership, L.P., an affiliate of EQT AB and holder of record of Kodiak Gas Services, Inc. common stock (“Kodiak Holdings”), pursuant to which all of the Company’s remaining obligations under the Term Loan were assumed by Kodiak Holdings, and the Company’s obligations thereunder were terminated. The Company is no longer a borrower or guarantor and is not otherwise obligated with respect to the debt outstanding under the Term Loan. As part of the $300 million repayment of the Term Loan, unamortized debt issuance costs of $4.4 million and fees of $2.4 million were recorded to loss on extinguishment for the year ended December 31, 2023. The carrying value of the Term Loan novated under the Novation Agreement of $689.8 million (comprised of $700.0 million of principal balance less $10.2 million of unamortized debt issuance costs) was considered an equity transaction with the parent and recorded to additional paid-in capital in the statement of stockholder’s equity for the year ended December 31, 2023. As of June 30, 2024, the scheduled maturities, without consideration of potential mandatory prepayments, of the Company’s long-term debt were as follows ( in thousands ): Amount Years ended December 31, Remainder of 2024 $ — 2025 — 2026 — 2027 — 2028 1,786,222 Thereafter 750,000 Total $ 2,536,222 Debt Issuance Costs Debt issuance costs of $49.5 million, as of June 30, 2024, are being amortized over the respective terms of the ABL Facility and 2029 Senior Notes. As of December 31, 2023, debt issuance costs of $38.9 million were being amortized over the term of the ABL Facility. Amortization expense related to these costs of $2.3 million and $4.9 million for the three and six months ended June 30, 2024, respectively, are included in interest expense in the accompanying condensed consolidated statements of operations. Amortization expense was $5.6 million and $11.1 million for the three and six months ended June 30, 2023, respectively, are included in interest expense in the accompanying condensed consolidated statement of operations. Other Borrowings Upon the completion of the CSI Acquisition, the Company assumed finance agreements with a third party in the amount of $11.4 million to finance certain compression equipment. The notes are payable in monthly installments totaling $0.7 million for 36 months. As of June 30, 2024, amounts due under the finance agreements totaled $9.5 million. The current portion of this amount, $7.2 million, is classified in accrued liabilities and the long-term portion, $2.3 million, is classified in other long-term liabilities on the accompanying condensed consolidated balance sheet.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company has entered into interest rate swaps, exchanging variable interest rates for fixed interest rates. In prior periods, the Company entered into interest rate collars that fixed interest rates within a range through the simultaneous purchase of an interest rate cap and sale of an interest rate floor. The Company has not designated any derivative instruments as hedges for accounting purposes and does not enter into such instruments for speculative or trading purposes. The Company’s derivative instruments are recognized on the unaudited condensed consolidated balance sheets at fair value and classified as current or long-term depending on the maturity date of the derivative instrument and whether the net carrying value is in a net asset or net liability position. Realized and unrealized gains and losses associated with the derivative instruments are recognized in gain (loss) on derivatives within the unaudited condensed consolidated statements of operations. The table below summarizes information related to the notional amount and maturity dates for interest rate swaps at June 30, 2024: Notional Amount Effective date Maturities $125,000,000 5/2/2024 9/2/2025 $175,000,000 12/14/2022 12/5/2024 $50,000,000 12/14/2022 12/5/2024 $200,000,000 6/16/2022 6/14/2025 $125,000,000 12/6/2024 12/6/2025 $75,000,000 6/15/2022 6/14/2026 $125,000,000 6/22/2022 6/22/2026 $125,000,000 12/6/2024 12/6/2026 $100,000,000 5/2/2024 3/2/2027 $75,000,000 6/14/2022 5/18/2027 $100,000,000 6/16/2022 5/19/2027 $200,000,000 7/8/2022 5/19/2027 $125,000,000 12/6/2024 12/6/2027 The following tables summarize the effects of the Company’s derivative instruments in the condensed consolidated statements of operations ( in thousands ): Location Three Months Ended June 30, 2024 2023 Interest rate collars Gain on derivatives $ — $ 1,134 Interest rate swaps Gain on derivatives 6,797 33,800 Total gain on derivatives $ 6,797 $ 34,934 Location Six Months Ended June 30, 2024 2023 Interest rate collars Loss on derivatives $ — $ (5,158) Interest rate swaps Gain on derivatives 26,554 32,097 Total gain on derivatives $ 26,554 $ 26,939

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, derivative instruments and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective Level 1 fair values due to the short-term maturity of these instruments. The Company’s ABL Facility applies floating interest rates to outstanding amounts; therefore, the carrying amount of the ABL Facility approximates its Level 3 fair value. The fair value of the 2029 Senior Notes is determined using Level 2 inputs, relying on quoted prices in less active markets. The Company records derivative instruments at fair value using Level 2 inputs of the fair value hierarchy. The interest rate swaps are valued using a discounted cash flow analysis based on available market data on the expected cash flows of each derivative using observable inputs, including interest rate curves and credit spreads. See Note 11 (“Derivative Instruments”) for more details. The contingent consideration liability from a prior year acquisition is measured at fair value each reporting period, using Level 3 unobservable inputs (such as probability assessments of future cash flows), and changes in estimates of fair value are recognized in earnings. The following table summarizes the fair value of the Company’s interest rate swaps, contingent consideration and 2029 Senior Notes ( in thousands ): Carrying Value As of June 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap- current $ 5,590 $ — $ 5,590 $ — $ 5,590 Interest rate swap- non-current 31,153 — 31,153 — 31,153 Contingent consideration 3,673 — — 3,673 3,673 2029 Senior Notes (1) 750,000 — 769,133 — 769,133 Carrying Value As of December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap- current $ 8,194 $ — $ 8,194 $ — $ 8,194 Interest rate swap- non-current 14,256 — 14,256 — 14,256 Contingent consideration 3,673 — — 3,673 3,673 (1) Carrying value and fair value exclude the deduction for the unamortized debt issuance costs, see Note 10 (“Debt and Credit Facilities”) for details.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Holders of the Company’s common stock are entitled to one vote for each share. As of June 30, 2024, and December 31, 2023, there were 84,312,360 and 77,400,000 shares of common stock issued and outstanding, respectively. In the event of a liquidation, dissolution or winding up, holders of common stock are entitled to receive, ratably, the assets available for distribution to the stockholders after payment of all liabilities. On July 3, 2023, 16,000,000 shares of common stock were issued and sold as part of the closing of the Company’s Initial Public Offering (“IPO”), resulting in net proceeds of $230.8 million, after deducting expenses and underwriting discounts and commissions payable by the Company. On July 13, 2023, the underwriters exercised in full their option to purchase additional shares of common stock, pursuant to the underwriting agreement relating to the IPO, resulting in the issuance and sale of 2,400,000 shares of common stock. The Company received net proceeds of approximately $36.2 million, after deducting underwriting discounts and commissions payable. The net proceeds of each issuance and sale were used for repayment of existing indebtedness and general corporate purposes. After giving effect to these transactions, Kodiak had 77,400,000 shares of common stock issued and outstanding. On April 1, 2024, 6,785,712 shares of common stock and 5,562,273 of preferred shares were issued in connection with the CSI Acquisition. Class B and C Profits Interests Prior to the IPO, Kodiak Holdings issued incentive awards to certain employees of Kodiak Services in the form of Class B incentive units (“Class B Units”). The Company records stock-based compensation expense associated with the Class B Units because of the employment relationship of the grantees with Kodiak Services. On March 16, 2019, 61,098.4 Class B Units were authorized under the Kodiak Holdings 2019 Class B Unit Incentive Plan for grants to certain employees and non-employee board members. These Class B Units are intended to constitute “profits interests” for federal income tax purposes, but they constitute a substantive class of equity under GAAP. As of June 30, 2024, and December 31, 2023, there were 60,406.9 authorized Class B Units, and 57,058.5 were outstanding. There were no Class B Units granted in the six months ended June 30, 2024, or in 2023. Twenty-five percent (25%) of the Class B Units are subject to time vesting (the “Time-Vesting Units”), and the remaining seventy-five percent (75%) of the Class B Units are subject to performance vesting (the “Performance-Vesting Units”). Time-Vesting Units vest in equal annual installments on each of the five anniversaries of the applicable vesting commencement dates, subject to the Class B Unit holder’s continuous service through each of the applicable vesting dates. Performance-Vesting Units vest based on the achievement of certain investor return metrics, subject to the Class B Unit holder’s continuous service through the applicable vesting dates. Holders of Class B Units are entitled to distributions on vested awards in accordance with the Kodiak Holdings distribution waterfall. Class B Units are not subject to any conversion rights other than an automatic conversion to Class C incentive units (“Class C Units”) in connection with certain terminations of employment. Each Class C Unit holder is eligible to receive distributions up to an amount equal to the fair market value of the corresponding converted Class B Unit on the date of conversion. As of June 30, 2024, no material conversions had occurred. There are no performance hurdles associated with the Time-Vesting Units. The fair value of each incentive award was estimated on its applicable grant date using an option pricing model. Equity compensation expense is recognized ratably over the vesting period of the awards. During the six months ended June 30, 2024, and 2023, approximately $0.2 million and $0.9 million, respectively, in equity compensation expense was recognized in selling, general and administrative expenses. During the three months ended June 30, 2024, and 2023, equity compensation expense was approximately $21 thousand and $29 thousand, respectively. As of June 30, 2024, there were 276 unvested Time-Vesting Units, representing $0.1 million in unrecognized equity compensation expense. Preferred stock Holders of the Company’s preferred stock are entitled to one vote for each share, voting proportionally with holders of common stock. Preferred stock consists of 50,000,000 authorized shares as of June 30, 2024, of which 5,562,273 were issued and outstanding. The preferred stock lacks economic benefits beyond its par value of $0.01 per share (with a maximum value of $50,000), as it does not participate in earnings or cash dividends of Kodiak. Rather, it solely represents a voting share. Each preferred stock holds an equal number of OpCo Units, representing economic interests in Kodiak’s subsidiary, Kodiak Services. Each OpCo Unit will be redeemable at the option of the holder for (i) one share of common stock (along with cancellation of a corresponding share of preferred stock) or (ii) cash at Kodiak Services’ election, following a six-month post-closing lock-up and subject to certain conditions. On or after April 1, 2029, Kodiak shall have the right to effect redemption of such OpCo Units (along with corresponding share of preferred stock). The OpCo Units represent and will be accounted for as noncontrolling interests in Kodiak Services. 2023 Omnibus Incentive Plan On June 20, 2023, Kodiak’s Board of Directors (the “Board”) authorized and adopted the Kodiak Gas Services, Inc. Omnibus Incentive Plan (the “Omnibus Plan”) for employees, consultants and directors. The Omnibus Plan enables Kodiak’s Board (or a committee authorized by Kodiak’s Board) to award incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards and substitute awards to align the interests of service providers, including the Company’s named executive officers, with those of the Company’s stockholders. A total of 6,375,000 shares of common stock have been reserved for issuance pursuant to awards under the Omnibus Plan. On June 29, 2023, Kodiak granted 1,297,188 shares of common stock equity awards to certain employees, including Kodiak’s named executive officers, pursuant to awards under the Omnibus Plan. Additionally, on March 8, 2024 and May 1, 2024, Kodiak granted 718,820 and 34,253 shares of common stock equity awards respectively, to certain employees, including Kodiak's named executive officers, pursuant to awards under the Omnibus Plan. Restricted Stock Units Of the total shares of common stock equity awards granted 1,442,366 shares were granted pursuant to awards of time-based restricted stock units (“RSUs”) that vest ratably over a three-year period, subject to continuous service through each vesting date. On May 1, 2024, an additional 33,114 RSUs were granted that vest ratably over a one-year period, subject to continuous service through vesting date. On December 8, 2023, the Company provided employees who were eligible to receive cash payments of long-term incentive awards granted in January 2023 under the Company’s 2020 Long-Term Incentive Plan the opportunity to make an election to receive a grant of RSUs that vest ratably over a three-year period in lieu of cash payments, resulting in the grant of 138,430 RSUs. Performance Stock Units Of the total shares of common stock equity awards granted. 573,642 shares were granted pursuant to awards of performance stock units (“PSUs”) that cliff vest at the end of a three-year performance period, with the ultimate number of shares earned and issued ranging from 0 - 190% of the number of shares subject to the PSU award, subject to continuous service through the end of the performance period and other conditions precedent. The performance criteria for the PSUs are a combination of: (1) Discretionary Cash Flow (as defined below, and, which we sometimes refer to as “DCF”) (30% weight); (2) Consolidated Net Leverage Ratio (“CNLR”) (30% weight); (3) Absolute Total Shareholders' Return (“ATSR”) (30% weight); and (4) an ESG Scorecard (10% weight) (each as defined below), in each case, during the applicable performance period. DCF is calculated based on the three-year cumulative Adjusted EBITDA less net cash taxes, less net cash interest, less maintenance capital expenditures, all as reported in the financial statement reconciliations provided in the Company’s public filings, measured over the performance period; CNLR is calculated as of the last day of the fiscal quarter at the end of the performance period, as the ratio of (a) Total Indebtedness (as defined in the ABL Credit Agreement) minus Cash, in each case, as of such date to (b) LQA Adjusted EBITDA (as defined in the ABL Credit Agreement) for the fiscal quarter ending at the end of the performance period, multiplied by four). ATSR is determined on an annualized basis over the relevant performance period for the beginning and ending 20-day volume-weighted average price, as adjusted for dividends paid. • The vesting of the PSUs based on DCF, CNLR, and ATSR will each be (i) 200% if the Company achieves performance at maximum; (ii) 100% if the Company achieves performance at target; (iii) 50% if the Company achieves performance at threshold level; and (iv) 0% if the Company achieves performance below threshold; and • The vesting of the PSUs based on ESG Scorecard will be (i) 100% if the Company achieves ESG targets and (ii) 0% if the Company does not achieve ESG Scorecard. With respect to each PSU, each PSU holder is granted associated dividend equivalents rights. In the event that the Company declares and pays a regular cash dividend, on the record date for such dividend, the Company will accrue a dividend equivalent based on the number of PSUs expected to vest. CSI Compressco Long Term Incentive Plan In connection with the CSI Acquisition, we assumed the CSI Compressco LP Third Amended and Restated 2011 Long Term Incentive Plan (“2011 Plan”) and outstanding unvested RSU awards originally granted by CSI Compressco under 2011 Plan that were held by former CSI Compressco employees continuing their employment with Kodiak post acquisition. These assumed awards were converted into approximately 127,355 RSU awards under Kodiak’s Omnibus Plan and will vest in accordance with their original terms, generally over 3 years. Awards cancelled or forfeited, and shares withheld to satisfy tax withholding obligations, become available for future issuance. The following table summarizes award activity under the Omnibus Plan for the six months ended June 30, 2024 and June 30, 2023: RSUs PSUs Number of Weighted- Number of Weighted- Outstanding at December 31, 2023 1,079,082 $ 16.30 311,875 $ 16.99 Granted 618,661 24.23 261,767 28.88 Vested or exercised (120,578) 22.57 (6,070) 18.75 Forfeited or cancelled (61,814) 17.52 (2,501) 18.83 Outstanding at June 30, 2024 1,515,351 $ 18.99 565,071 $ 22.47 Restricted stock awards expected to vest 1,515,351 $ 18.99 565,071 $ 22.47 RSUs PSUs Number of Weighted- Number of Weighted- Outstanding at December 31, 2022 — $ — — $ — Granted 985,313 16.00 311,845 16.00 Vested or exercised — — — — Forfeited or cancelled — — — — Outstanding at June 30, 2023 985,313 $ 16.00 311,845 $ 16.00 Restricted stock awards expected to vest 985,313 $ 16.00 311,845 $ 16.00 As of June 30, 2024, the total future compensation cost related to non-vested equity awards was approximately $33.2 million, assuming the PSUs vest at 100%, pursuant to the terms of the applicable award. During the three and six months ended June 30, 2024, approximately $5.3 million and $8.0 million in equity compensation expense, respectively, was recognized in selling, general and administrative expenses. There was no such expense recorded for the three and six months ended June 30, 2023. Dividends The following table summarizes the Company’s dividends declared and paid in each of the quarterly periods of 2024 and 2023: Dividends per Common Share Dividends Paid (in thousands) 2024 Q1 $ 0.38 $ 29,815 Q2 $ 0.38 32,578 2023 Q4 $ 0.38 $ 29,793 On August 1, 2024, the Company’s Board declared a cash dividend of $0.41 per share for the quarterly period ended June 30, 2024, which is payable on August 16, 2024, to shareholders of record as of the close of business on August 12, 2024 (the “Common Stock Dividend”) and, in conjunction with the Common Stock Dividend, Kodiak Services declared a distribution on its units of $0.41 per unit payable on August 16, 2024 to all unitholders of record of Kodiak Services as of the close of business on August 12, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Accrued Capital Expenditures As of June 30, 2024, and December 31, 2023, the Company has accrued capital expenditures of $42.8 million and $30.5 million, respectively. These amounts were included in accounts payable or accrued liabilities on the consolidated condensed balance sheets. Purchase Commitments Purchase commitments primarily consist of future commitments to purchase new compression units that have been ordered but not yet received. As of June 30, 2024, these commitments amounted to $220.7 million, of which $169.3 million is expected to be settled within the next twelve months. Contingent Consideration The Company agreed to pay, as contingent consideration, up to $3.7 million of certain past due accounts receivable acquired in connection with a prior acquisition in 2019, if collected, to the seller in that transaction. The Company records contingent consideration at the acquisition and end of reporting periods at fair value in accrued liabilities. As of June 30, 2024, and December 31, 2023, none of the outstanding receivables had been collected. Sales Tax Contingency Between October 2019 and April 2024, the Company received notices from the Texas Comptroller’s office in regards to audits for periods ranging from December 2015 through December 2023. The audits pertain to whether the Company may owe sales tax on certain of its compression equipment and related parts that it had purchased during that time period. As of December 31, 2023, the Company had accrued a total amount of $28.8 million for this contingent liability. During the six months ended June 30, 2024, based on current information, the Company accrued an additional $38.9 million, of which $15.0 million is related to fair value adjustments associated with purchase price allocation of the CSI Acquisition and $3.3 million is related to parts usage recorded to expense. As of June 30, 2024, the Company had a total of $67.7 million included as accrued liabilities on the condensed consolidated balance sheets. Legal Matters

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following ( in thousands ): As of June 30, 2024 As of December 31, 2023 Prepaid insurance $ 929 $ 2,353 Interest rate swap receivable 1,537 2,025 Prepaid vehicle allowance 1,122 1,130 Deferred project costs — 737 Prepaid rent 1,148 532 Prepaid taxes 4,714 — Other 4,968 3,577 Total prepaid expenses and other current assets $ 14,418 $ 10,353

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following ( in thousands ): As of June 30, 2024 As of December 31, 2023 Sales tax liability $ 67,748 $ 28,847 Accrued bonus 16,148 13,259 Accrued accounts payable 12,333 15,506 Accrued interest 53,616 8,313 Station project accrual 5,402 7,797 Accrued taxes 9,880 6,415 Accrued professional fees 906 6,015 Contingent consideration 3,673 3,673 Accrued payroll 4,613 3,321 Accrued insurance — 856 Lease liabilities - current portion 11,209 — Equipment financing - current portion 7,246 — Other 4,650 3,076 Total accrued liabilities $ 197,424 $ 97,078

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2024, the Company recorded income tax expense of $2.3 million and income tax expense of $12.2 million, respectively. For the three and six months ended June 30, 2023, the Company recorded income tax expense of $5.9 million and $1.9 million, respectively. The effective tax rate was approximately 25.8% and 24.8% for the three and six months ended June 30, 2024, compared to 25.0% and 26.5% for the three and six months ended June 30, 2023. The difference between the Company’s effective tax rates for the three and six months ended June 30, 2024, and 2023 and the U.S. statutory tax rate of 21% was primarily due to state income taxes. In August 2022, the U.S. Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022 were signed into law. These acts include, among other provisions, a corporate alternative minimum tax of 15%, an excise tax on the repurchase of corporate stock, various climate and energy provisions and incentives for investment in semiconductor manufacturing. These provisions are not expected to have a material impact on the Company’s results of operations or financial position.

Defined Contribution Plan

Defined Contribution Plan	6 Months Ended
	Jun. 30, 2024
Defined Contribution Plan [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company maintains a defined contribution savings plan for its employees. The Company contributed $1.1 million and $2.0 million to the plan for the three and six months ended June 30, 2024, respectively. The Company contributed $0.8 million and $1.6 million to the plan for the three and six months ended June 30, 2023, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases We have operating leases for some of our office space, warehouse space, operating locations, and equipment. Our leases have remaining lease terms up to ten years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. Our leases generally require us to pay all maintenance and insurance costs. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs are included in either cost of revenues or selling, general, and administrative expense depending on the use of the underlying asset. The components of lease expense were as follows within the Company’s condensed consolidated statements of operations ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1)(2) $ 5,645 $ 1,459 $ 7,858 $ 3,003 Finance lease expense: Amortization of leased assets $ 200 $ — $ 200 $ — Interest on lease liabilities 50 — 50 — Total finance lease expense 250 — 250 — Total lease expense $ 5,895 $ 1,459 $ 8,108 $ 3,003 (1) Includes lease expense for leases not included on our condensed consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less. Variable rent expense was not material. (2) Total lease expense includes $1.6 million and $2.3 million, respectively, of short term lease cost for the three and six months ended June 30, 2024 and $0.3 million and $1.0 million, respectively, of short term lease cost for the three and six months ended June 30, 2023. Operating lease supplemental cash flow information ( in thousands ): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,551 $ 1,592 Operating cash flows - finance leases $ 50 $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 122 $ 96 Finance leases $ — $ — Supplemental balance sheet information ( in thousands ): June 30, 2024 December 31, 2023 Operating leases: Operating right-of-use asset $ 53,939 $ 33,716 Accrued liabilities 9,479 — Operating lease liabilities 49,392 34,468 Total operating lease liabilities $ 58,871 $ 34,468 Finance leases: Finance lease right-of-use asset $ 4,698 $ — Finance lease liabilities, current portion 1,730 — Finance lease liabilities, net of current portion 2,555 — Total finance lease liabilities $ 4,285 $ — Additional operating lease information: June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 4.75 years 7.50 years Finance leases 2.88 years — Weighted average discount rate: Operating leases 9.66 % 9.54 % Finance leases 6.16 % — % Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year, consist of the following at June 30, 2024 ( in thousands): Operating Leases Finance Leases Remainder of 2024 $ 9,216 $ 1,020 2025 13,828 1,480 2026 12,539 1,211 2027 9,455 958 2028 7,912 33 Thereafter 28,262 — Total lease payments 81,211 4,702 Less imputed interest (22,341) (418) Total lease liabilities $ 58,871 $ 4,285
Leases	Leases We have operating leases for some of our office space, warehouse space, operating locations, and equipment. Our leases have remaining lease terms up to ten years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. Our leases generally require us to pay all maintenance and insurance costs. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs are included in either cost of revenues or selling, general, and administrative expense depending on the use of the underlying asset. The components of lease expense were as follows within the Company’s condensed consolidated statements of operations ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1)(2) $ 5,645 $ 1,459 $ 7,858 $ 3,003 Finance lease expense: Amortization of leased assets $ 200 $ — $ 200 $ — Interest on lease liabilities 50 — 50 — Total finance lease expense 250 — 250 — Total lease expense $ 5,895 $ 1,459 $ 8,108 $ 3,003 (1) Includes lease expense for leases not included on our condensed consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less. Variable rent expense was not material. (2) Total lease expense includes $1.6 million and $2.3 million, respectively, of short term lease cost for the three and six months ended June 30, 2024 and $0.3 million and $1.0 million, respectively, of short term lease cost for the three and six months ended June 30, 2023. Operating lease supplemental cash flow information ( in thousands ): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,551 $ 1,592 Operating cash flows - finance leases $ 50 $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 122 $ 96 Finance leases $ — $ — Supplemental balance sheet information ( in thousands ): June 30, 2024 December 31, 2023 Operating leases: Operating right-of-use asset $ 53,939 $ 33,716 Accrued liabilities 9,479 — Operating lease liabilities 49,392 34,468 Total operating lease liabilities $ 58,871 $ 34,468 Finance leases: Finance lease right-of-use asset $ 4,698 $ — Finance lease liabilities, current portion 1,730 — Finance lease liabilities, net of current portion 2,555 — Total finance lease liabilities $ 4,285 $ — Additional operating lease information: June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 4.75 years 7.50 years Finance leases 2.88 years — Weighted average discount rate: Operating leases 9.66 % 9.54 % Finance leases 6.16 % — % Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year, consist of the following at June 30, 2024 ( in thousands): Operating Leases Finance Leases Remainder of 2024 $ 9,216 $ 1,020 2025 13,828 1,480 2026 12,539 1,211 2027 9,455 958 2028 7,912 33 Thereafter 28,262 — Total lease payments 81,211 4,702 Less imputed interest (22,341) (418) Total lease liabilities $ 58,871 $ 4,285

Segments

Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	Segments The Company formerly managed its business through two operating segments: Compression Operations and Other Services. After the CSI Acquisition, the Company manages its business through two operating segments: Contract Services and Other Services. Contract Services consists of operating Company-owned compression, customer-owned compression, and gas treating and cooling infrastructure, pursuant to fixed-revenue contracts, to enable the production, gathering and transportation of natural gas and oil. Other Services consists of a full range of services to support ancillary needs of customers, including station construction, maintenance and overhaul, freight and crane charges, and other time and material-based offerings. The Company evaluates performance and allocates resources based on the gross margin of each segment, which consists of revenues directly attributable to the specific segment (less all costs of service directly attributable to the specific segment, which includes cost of operations and depreciation and amortization). Depreciation and amortization for the Contract Services segment was $69.5 million and $45.4 million for the three months ended June 30, 2024, and 2023, respectively. Depreciation and amortization for the Contract Services segment was $116.4 million and $90.3 million for the six months ended June 30, 2024, and 2023, respectively. Revenue includes only sales to external customers. The following table represents financial metrics by segment ( in thousands ): Contract Other Total Three Months Ended June 30, 2024 Revenue $ 276,250 $ 33,403 $ 309,653 Gross margin 107,454 5,467 112,921 Total assets 4,405,861 33,419 4,439,280 Capital expenditures 117,033 — 117,033 Three Months Ended June 30, 2023 Revenue $ 181,619 $ 21,687 $ 203,306 Gross margin 71,172 3,588 74,760 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 45,453 — 45,453 Contract Other Total Six Months Ended June 30, 2024 Revenue $ 469,649 $ 55,496 $ 525,145 Gross margin 188,027 9,876 197,903 Total assets 4,405,861 33,419 4,439,280 Capital expenditures 177,186 — 177,186 Six Months Ended June 30, 2023 Revenue $ 359,316 $ 34,102 $ 393,418 Gross margin 141,202 7,015 148,217 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 94,034 — 94,034 The following table reconciles total gross margin to income before income taxes ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total gross margin $ 112,921 $ 74,760 $ 197,903 $ 148,217 Selling, general and administrative expenses (59,927) (13,438) (84,751) (26,523) Gain on sale of property, plant and equipment 1,173 738 1,173 721 Interest expense, net (52,133) (73,658) (91,873) (142,320) Gain on derivatives 6,797 34,934 26,554 26,939 Other income 218 32 150 1 Income before income taxes $ 9,049 $ 23,368 $ 49,156 $ 7,035

Earnings Per Share of Common St

Earnings Per Share of Common Stock	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share of Common Stock	Earnings Per Share of Common Stock Basic earnings per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock is computed by using the weighted average shares of common stock outstanding, including the dilutive effect of restricted shares based on an average share price during the period. For the purpose of calculating basic and diluted earnings per share, net income(loss) attributed to non-controlling interest and the corresponding preferred shares outstanding are excluded from the calculations. For the three and six months ended June 30, 2024, 13,143 and 23,427 unvested performance stock units were not included in the calculation of the potential dilutive common shares, respectively, because to do so would be anti-dilutive. For the three and six months ended June 30, 2023, there were no anti-dilutive shares. The computations of basic and diluted earnings per share for the three and six months ended June 30, 2024, and 2023 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Net Income attributable to common shareholders $ 6,228 $ 17,517 $ 36,460 $ 5,174 Less: (Loss) income attributable to non-forfeitable RSUs (531) — (899) — Net income used in basic and diluted earnings per share $ 5,697 $ 17,517 $ 35,561 $ 5,174 Basic weighted average shares of common stock 84,202,352 59,000,000 80,836,019 59,000,000 Effect of dilutive securities(1) 6,466,887 — 6,402,091 — Diluted weighted average shares of common stock 90,669,239 59,000,000 87,238,110 59,000,000 Basic earnings per share of common stock $ 0.07 $ 0.30 $ 0.44 $ 0.09 Diluted earnings per share of common stock $ 0.06 $ 0.30 $ 0.41 $ 0.09 (1) Effect of dilutive securities includes 904,614 and 839,818 of restricted units for the three and six months ended June 30, 2024, respectively and 5,562,273 of Opco units held by the noncontrolling interest for the three and six months ended June 30, 2024.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 28, 2024, the Company entered into a purchase and sale agreement with a third-party buyer to sell certain property, plant and equipment and other assets, subject to the completion of certain conditions, for an undisclosed amount. Should the closing conditions be met, the Company expects the closing to occur in the third quarter of 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 6,228	$ 17,517	$ 36,460	$ 5,174

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information
Consolidation	These unaudited condensed consolidated financial statements include the accounts of Kodiak and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update are effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied on a retrospective basis. The Company is currently evaluating the impact of this standard on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 require the annual financial statements to include consistent categories, greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. The Company is currently evaluating the impact of this standard on its disclosures.
Revenue Recognition	There are typically no material obligations for returns, refunds or warranties. The Company’s standard contracts do not usually include non-cash consideration. For most of the Company’s construction contracts, the customer contracts with the Company to provide a service of integrating a significant set of tasks and components into a single contract. Hence, the entire contract is accounted for as one performance obligation. The Company recognizes revenue over time as the Company’s performance creates or enhances an asset that the customer, in turn, controls. For construction contracts, revenue is recognized using an input method. Measure of the progress towards satisfaction of the performance obligation is based on the actual amount of labor and material costs incurred. The amount of the transaction price recognized as revenue each reporting period is determined by multiplying the transaction price by the ratio of actual costs incurred to date to total estimated costs expected for the construction services. Payment terms and conditions vary by contract, but contract terms generally include a requirement of payment upon completion of a milestone. Judgment is involved in the estimation of the progress to completion. Any adjustments to the measure of the progress to completion is accounted for on a prospective basis. Changes to the scope of service are recognized as an adjustment to the transaction price in the period in which the change order is agreed upon and executed. Losses on construction contracts, if any, are recognized in the period when the estimated loss is determined. There have been no losses recognized in the three and six months ended June 30, 2024 and 2023, respectively. Services provided based on time spent, parts and/or materials are generally short-term in nature and labor rates and parts pricing are agreed upon prior to commencing the service. The Company applies a gross margin percentage, which is fixed based on historical time and materials-based service, to actual costs incurred. Since revenue is recognized when time is incurred, this revenue is recognized at a point in time when the service is rendered. Service revenue earned primarily on freight and crane charges that are directly reimbursable by the Company’s customers is recognized at the point in time the service is provided, and control is transferred to the customer. At such time, the customer has the ability to direct the use of the benefits of such service after the performance obligation is satisfied. The amount of consideration the Company receives and the amount of revenue the Company recognizes is based upon the invoice amount.
Long-Lived and Other Asset Impairment	Long-lived assets, including property, plant and equipment and other finite-lived identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances, including the removal of compressors from the active fleet, indicate that the carrying amount of an asset may not be recoverable. Such events may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy, among others. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to estimated future undiscounted net cash flows expected to be generated by the asset. Impairment losses are recognized in the period in which the impairment occurs and represent the excess of the asset carrying value over its estimated future discounted net cash flows. No impairment was recorded, and no triggering events were identified for the three and six-month periods ended June 30, 2024, and June 30, 2023.
Derivative Instruments	The Company has not designated any derivative instruments as hedges for accounting purposes and does not enter into such instruments for speculative or trading purposes. The Company’s derivative instruments are recognized on the unaudited condensed consolidated balance sheets at fair value and classified as current or long-term depending on the maturity date of the derivative instrument and whether the net carrying value is in a net asset or net liability position. Realized and unrealized gains and losses associated with the derivative instruments are recognized in gain (loss) on derivatives within the unaudited condensed consolidated statements of operations.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Our preliminary allocation of the purchase price to the estimated fair value of the CSI Compressco net assets is as follows ( in thousands ): Fair value of consideration transferred $ 342,285 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 9,458 Receivables 48,890 Inventory 40,738 Prepaid expenses & other current assets 8,738 Intangibles 47,803 Property, plant, and equipment 824,072 Right of use assets 26,044 Deferred tax assets 17 Other non-current assets 3,110 Total assets acquired 1,008,870 Deferred tax liabilities 28,386 Long term debt 627,953 Other current liabilities 86,212 Other non-current liabilities 21,871 Total liabilities assumed 764,422 Total identifiable assets acquired less liabilities assumed $ 244,448 Goodwill acquired $ 97,837
Schedule of Pro Forma Revenue Information	The unaudited supplemental pro forma information presented below has been prepared to give effect to the CSI Acquisition as if the transaction had occurred on January 1, 2023. The unaudited supplemental pro forma information is presented for illustrative purposes only and is based on estimates and assumptions we deemed appropriate. The following unaudited supplemental pro forma information is not necessarily indicative of the historical results that would have been achieved if the acquisition had occurred in the past, and our operating results may have been different from those reflected in the unaudited supplemental pro forma information below. Therefore, the unaudited supplemental pro forma information should not be relied upon as an indication of the operating results that we would have achieved if the transaction had occurred on January 1, 2023 or the future results that we will achieve after the transactions. The unaudited supplemental pro forma results include certain adjustments, primarily due to increases in interest expense due to additional borrowings incurred to finance the acquisition and amortization of debt issuance costs, and acquisition related costs including transaction costs, such as legal, accounting, valuation and other professional services as well as integration costs such as severance. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 309,653 $ 300,085 $ 622,255 $ 581,568 Earnings $ 6,228 $ 14,929 $ 38,734 $ 1,324

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company’s revenue by type and timing of provision of services or transfer of goods (in thousands) : Three Months Ended June 30, 2024 2023 Services provided over time: Contract Services $ 276,250 $ 179,740 Other Services 26,714 18,357 Total services provided over time 302,964 198,097 Services provided or goods transferred at a point in time: Contract Services — 1,879 Other Services 6,689 3,330 Total services provided or goods transferred at a point in time 6,689 5,209 Total revenue $ 309,653 $ 203,306 Six Months Ended June 30, 2024 2023 Services provided over time: Contract Services $ 467,969 $ 354,616 Other Services 45,267 23,756 Total services provided over time 513,236 378,372 Services provided or goods transferred at a point in time: Contract Services 1,680 4,700 Other Services 10,229 10,346 Total services provided or goods transferred at a point in time 11,909 15,046 Total revenue $ 525,145 $ 393,418
Schedule of Revenue Remaining Performance Obligations	The Company expects to recognize these remaining performance obligations as follows (in thousands) : Remainder of 2025 2026 2027 2028 and Total Remaining performance obligations $ 440,104 $ 513,151 $ 257,150 $ 72,925 $ 57,479 $ 1,340,809

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable, net	Accounts receivable, net consist of the following ( in thousands ): As of June 30, As of December 31, Accounts receivable $ 215,980 $ 121,242 Allowance for credit losses 12,554 8,050 Accounts receivable, net $ 203,426 $ 113,192 The changes in the Company’s allowance for credit losses are as follows (in thousands) : Allowances for Credit Losses Balance at January 1, 2023 $ 949 Current-period provision for expected credit losses 7,101 Write-offs charged against allowance — Balance at December 31, 2023 $ 8,050 Current-period provision for expected credit losses 4,589 Write-offs charged against allowance (85) Balance at June 30, 2024 $ 12,554

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following ( in thousands ): As of June 30, As of December 31, Non-serialized parts $ 99,408 $ 62,784 Serialized parts 20,241 13,454 Total inventories, net $ 119,649 $ 76,238

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net consist of the following ( in thousands ): As of June 30, As of December 31, Compression equipment $ 4,036,420 $ 3,166,214 Field equipment 122,038 19,286 Buildings and shipping containers 16,554 11,942 Technology hardware and software 19,886 11,161 Trailers and vehicles 14,871 9,885 Leasehold improvements 12,078 8,093 Furniture and fixtures 2,718 2,053 Land 1,928 743 Other 217 374 Total property, plant and equipment, gross 4,226,710 3,229,751 Less: accumulated depreciation (801,861) (693,660) Property, plant and equipment, net $ 3,424,849 $ 2,536,091

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Carrying Amount of Goodwill by Reportable Segment	The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2024, is preliminary and subject to change. Actual allocation by segment will be disclosed in subsequent filings. Total Goodwill Balance as of December 31, 2023 $ 305,553 Acquisition of CSI Compressco 97,837 Balance as of June 30, 2024 $ 403,390
Schedule of the Company's Identifiable Intangible Assets	The Company’s identifiable intangible assets consist of the following as of June 30, 2024, and December 31, 2023 ( in thousands ): As of June 30, 2024 Original Cost Accumulated Amortization Net Amount Remaining Weighted Remaining Weighted Trade name $ 19,400 $ (3,826) $ 15,574 10.9 4.8 Customer relationships 191,400 (41,761) 149,639 13.1 14.9 Total identifiable intangible assets $ 210,800 $ (45,587) $ 165,213 As of December 31, 2023 Original Cost Accumulated Net Amount Remaining Weighted Trade name $ 13,000 $ (3,181) $ 9,819 15.1 Customer relationships 150,000 (36,931) 113,069 12.8 Total identifiable intangible assets $ 163,000 $ (40,112) $ 122,888
Schedule of Future Minimum Amortization Expense for Identified Intangible Assets	As of June 30, 2024, the following is a summary of future minimum amortization expense for identified intangible assets ( in thousands ): Amount Years ending December 31, Remainder of 2024 $ 7,026 2025 13,514 2026 13,514 2027 13,514 2028 13,514 Thereafter 104,131 Total $ 165,213

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consists of the following (in thousands) : As of June 30, 2024 As of December 31, 2023 ABL Facility $ 1,786,222 $ 1,830,346 2029 Senior Notes 750,000 — Total debt outstanding 2,536,222 1,830,346 Less: unamortized debt issuance cost (49,455) (38,886) Long-term debt, net of unamortized debt issuance cost $ 2,486,767 $ 1,791,460 Other borrowings 9,530 — Total long-term debt and other borrowings $ 2,496,297 $ 1,791,460
Schedule of Debt Instrument Redemption	The optional redemption percentages for the 2029 Senior Notes are as follows: Percentage 2026 103.625% 2027 101.813% 2028 and thereafter 100.000%
Schedule of Maturities of Long-term Debt	As of June 30, 2024, the scheduled maturities, without consideration of potential mandatory prepayments, of the Company’s long-term debt were as follows ( in thousands ): Amount Years ended December 31, Remainder of 2024 $ — 2025 — 2026 — 2027 — 2028 1,786,222 Thereafter 750,000 Total $ 2,536,222

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Information Related to Notional Amount and Maturities Dates for Interest Rate Swaps	The table below summarizes information related to the notional amount and maturity dates for interest rate swaps at June 30, 2024: Notional Amount Effective date Maturities $125,000,000 5/2/2024 9/2/2025 $175,000,000 12/14/2022 12/5/2024 $50,000,000 12/14/2022 12/5/2024 $200,000,000 6/16/2022 6/14/2025 $125,000,000 12/6/2024 12/6/2025 $75,000,000 6/15/2022 6/14/2026 $125,000,000 6/22/2022 6/22/2026 $125,000,000 12/6/2024 12/6/2026 $100,000,000 5/2/2024 3/2/2027 $75,000,000 6/14/2022 5/18/2027 $100,000,000 6/16/2022 5/19/2027 $200,000,000 7/8/2022 5/19/2027 $125,000,000 12/6/2024 12/6/2027
Schedule of Effects of Company's Derivative Instruments	The following tables summarize the effects of the Company’s derivative instruments in the condensed consolidated statements of operations ( in thousands ): Location Three Months Ended June 30, 2024 2023 Interest rate collars Gain on derivatives $ — $ 1,134 Interest rate swaps Gain on derivatives 6,797 33,800 Total gain on derivatives $ 6,797 $ 34,934 Location Six Months Ended June 30, 2024 2023 Interest rate collars Loss on derivatives $ — $ (5,158) Interest rate swaps Gain on derivatives 26,554 32,097 Total gain on derivatives $ 26,554 $ 26,939

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Liabilities	The following table summarizes the fair value of the Company’s interest rate swaps, contingent consideration and 2029 Senior Notes ( in thousands ): Carrying Value As of June 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap- current $ 5,590 $ — $ 5,590 $ — $ 5,590 Interest rate swap- non-current 31,153 — 31,153 — 31,153 Contingent consideration 3,673 — — 3,673 3,673 2029 Senior Notes (1) 750,000 — 769,133 — 769,133 Carrying Value As of December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap- current $ 8,194 $ — $ 8,194 $ — $ 8,194 Interest rate swap- non-current 14,256 — 14,256 — 14,256 Contingent consideration 3,673 — — 3,673 3,673 (1) Carrying value and fair value exclude the deduction for the unamortized debt issuance costs, see Note 10 (“Debt and Credit Facilities”) for details.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Award Activity Under Omnibus Plan	The following table summarizes award activity under the Omnibus Plan for the six months ended June 30, 2024 and June 30, 2023: RSUs PSUs Number of Weighted- Number of Weighted- Outstanding at December 31, 2023 1,079,082 $ 16.30 311,875 $ 16.99 Granted 618,661 24.23 261,767 28.88 Vested or exercised (120,578) 22.57 (6,070) 18.75 Forfeited or cancelled (61,814) 17.52 (2,501) 18.83 Outstanding at June 30, 2024 1,515,351 $ 18.99 565,071 $ 22.47 Restricted stock awards expected to vest 1,515,351 $ 18.99 565,071 $ 22.47 RSUs PSUs Number of Weighted- Number of Weighted- Outstanding at December 31, 2022 — $ — — $ — Granted 985,313 16.00 311,845 16.00 Vested or exercised — — — — Forfeited or cancelled — — — — Outstanding at June 30, 2023 985,313 $ 16.00 311,845 $ 16.00 Restricted stock awards expected to vest 985,313 $ 16.00 311,845 $ 16.00
Schedule of Dividends	The following table summarizes the Company’s dividends declared and paid in each of the quarterly periods of 2024 and 2023: Dividends per Common Share Dividends Paid (in thousands) 2024 Q1 $ 0.38 $ 29,815 Q2 $ 0.38 32,578 2023 Q4 $ 0.38 $ 29,793

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following ( in thousands ): As of June 30, 2024 As of December 31, 2023 Prepaid insurance $ 929 $ 2,353 Interest rate swap receivable 1,537 2,025 Prepaid vehicle allowance 1,122 1,130 Deferred project costs — 737 Prepaid rent 1,148 532 Prepaid taxes 4,714 — Other 4,968 3,577 Total prepaid expenses and other current assets $ 14,418 $ 10,353

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following ( in thousands ): As of June 30, 2024 As of December 31, 2023 Sales tax liability $ 67,748 $ 28,847 Accrued bonus 16,148 13,259 Accrued accounts payable 12,333 15,506 Accrued interest 53,616 8,313 Station project accrual 5,402 7,797 Accrued taxes 9,880 6,415 Accrued professional fees 906 6,015 Contingent consideration 3,673 3,673 Accrued payroll 4,613 3,321 Accrued insurance — 856 Lease liabilities - current portion 11,209 — Equipment financing - current portion 7,246 — Other 4,650 3,076 Total accrued liabilities $ 197,424 $ 97,078

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense and Operating Lease Supplemental Cash Flow Information	The components of lease expense were as follows within the Company’s condensed consolidated statements of operations ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1)(2) $ 5,645 $ 1,459 $ 7,858 $ 3,003 Finance lease expense: Amortization of leased assets $ 200 $ — $ 200 $ — Interest on lease liabilities 50 — 50 — Total finance lease expense 250 — 250 — Total lease expense $ 5,895 $ 1,459 $ 8,108 $ 3,003 (1) Includes lease expense for leases not included on our condensed consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less. Variable rent expense was not material. (2) Total lease expense includes $1.6 million and $2.3 million, respectively, of short term lease cost for the three and six months ended June 30, 2024 and $0.3 million and $1.0 million, respectively, of short term lease cost for the three and six months ended June 30, 2023. Operating lease supplemental cash flow information ( in thousands ): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,551 $ 1,592 Operating cash flows - finance leases $ 50 $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 122 $ 96 Finance leases $ — $ —
Schedule of Supplemental Balance Sheet and Additional Operating Lease Information	Supplemental balance sheet information ( in thousands ): June 30, 2024 December 31, 2023 Operating leases: Operating right-of-use asset $ 53,939 $ 33,716 Accrued liabilities 9,479 — Operating lease liabilities 49,392 34,468 Total operating lease liabilities $ 58,871 $ 34,468 Finance leases: Finance lease right-of-use asset $ 4,698 $ — Finance lease liabilities, current portion 1,730 — Finance lease liabilities, net of current portion 2,555 — Total finance lease liabilities $ 4,285 $ — Additional operating lease information: June 30, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 4.75 years 7.50 years Finance leases 2.88 years — Weighted average discount rate: Operating leases 9.66 % 9.54 % Finance leases 6.16 % — %
Schedule of Future Minimum Lease Payments, Operating Lease	Operating Leases Finance Leases Remainder of 2024 $ 9,216 $ 1,020 2025 13,828 1,480 2026 12,539 1,211 2027 9,455 958 2028 7,912 33 Thereafter 28,262 — Total lease payments 81,211 4,702 Less imputed interest (22,341) (418) Total lease liabilities $ 58,871 $ 4,285
Schedule of Future Minimum Lease Payments, Finance Lease	Operating Leases Finance Leases Remainder of 2024 $ 9,216 $ 1,020 2025 13,828 1,480 2026 12,539 1,211 2027 9,455 958 2028 7,912 33 Thereafter 28,262 — Total lease payments 81,211 4,702 Less imputed interest (22,341) (418) Total lease liabilities $ 58,871 $ 4,285

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Metrics by Segment	The following table represents financial metrics by segment ( in thousands ): Contract Other Total Three Months Ended June 30, 2024 Revenue $ 276,250 $ 33,403 $ 309,653 Gross margin 107,454 5,467 112,921 Total assets 4,405,861 33,419 4,439,280 Capital expenditures 117,033 — 117,033 Three Months Ended June 30, 2023 Revenue $ 181,619 $ 21,687 $ 203,306 Gross margin 71,172 3,588 74,760 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 45,453 — 45,453 Contract Other Total Six Months Ended June 30, 2024 Revenue $ 469,649 $ 55,496 $ 525,145 Gross margin 188,027 9,876 197,903 Total assets 4,405,861 33,419 4,439,280 Capital expenditures 177,186 — 177,186 Six Months Ended June 30, 2023 Revenue $ 359,316 $ 34,102 $ 393,418 Gross margin 141,202 7,015 148,217 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 94,034 — 94,034
Schedule of Total Gross Margin to Income Before Income Taxes	The following table reconciles total gross margin to income before income taxes ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total gross margin $ 112,921 $ 74,760 $ 197,903 $ 148,217 Selling, general and administrative expenses (59,927) (13,438) (84,751) (26,523) Gain on sale of property, plant and equipment 1,173 738 1,173 721 Interest expense, net (52,133) (73,658) (91,873) (142,320) Gain on derivatives 6,797 34,934 26,554 26,939 Other income 218 32 150 1 Income before income taxes $ 9,049 $ 23,368 $ 49,156 $ 7,035

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share	The computations of basic and diluted earnings per share for the three and six months ended June 30, 2024, and 2023 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Net Income attributable to common shareholders $ 6,228 $ 17,517 $ 36,460 $ 5,174 Less: (Loss) income attributable to non-forfeitable RSUs (531) — (899) — Net income used in basic and diluted earnings per share $ 5,697 $ 17,517 $ 35,561 $ 5,174 Basic weighted average shares of common stock 84,202,352 59,000,000 80,836,019 59,000,000 Effect of dilutive securities(1) 6,466,887 — 6,402,091 — Diluted weighted average shares of common stock 90,669,239 59,000,000 87,238,110 59,000,000 Basic earnings per share of common stock $ 0.07 $ 0.30 $ 0.44 $ 0.09 Diluted earnings per share of common stock $ 0.06 $ 0.30 $ 0.41 $ 0.09 (1) Effect of dilutive securities includes 904,614 and 839,818 of restricted units for the three and six months ended June 30, 2024, respectively and 5,562,273 of Opco units held by the noncontrolling interest for the three and six months ended June 30, 2024.

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 01, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) vote $ / shares	Jun. 30, 2024 USD ($) vote $ / shares	Dec. 31, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
Preferred stock, conversion ratio		1	1
Number of votes per preferred share | vote		1	1
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock value	$ 50
Goodwill acquired		$ 403,390	$ 403,390	$ 305,553
Customer relationships
Business Acquisition [Line Items]
Estimated useful lives			14 years 10 months 24 days
CSI Compressco, LP
Business Acquisition [Line Items]
Business acquisition percentage	100%
Fair value of consideration transferred	$ 342,285
Consideration transferred (in shares) | shares	0.086
Post - closing period	6 months
Stock price (in dollars per share) | $ / shares	$ 27.72
Repayment of debt	$ 651,800
Goodwill acquired	97,837
Intangibles	$ 47,803
Revenues		94,900	$ 94,900
Acquisition related costs		$ 17,400	$ 25,300
CSI Compressco, LP | Minimum
Business Acquisition [Line Items]
Estimated useful lives	5 years
CSI Compressco, LP | Maximum
Business Acquisition [Line Items]
Estimated useful lives	15 years
CSI Compressco, LP | Customer relationships
Business Acquisition [Line Items]
Intangibles	$ 41,400
CSI Compressco, LP | Trademarks and Trade Names
Business Acquisition [Line Items]
Intangibles	$ 6,400
CSI Compressco, LP | Common Shares
Business Acquisition [Line Items]
Shares issued (in shares) | shares	6,785,712
CSI Compressco, LP | Preferred Shares
Business Acquisition [Line Items]
Shares issued (in shares) | shares	5,562,273
Acquisition, estimated fair value	$ 342,300

Acquisition - Schedule of Our P

Acquisition - Schedule of Our Preliminary Allocation of Purchase Price of Fair Value (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill acquired		$ 403,390	$ 305,553
CSI Compressco, LP
Business Acquisition [Line Items]
Fair value of consideration transferred	$ 342,285
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	9,458
Receivables	48,890
Inventory	40,738
Prepaid expenses & other current assets	8,738
Intangibles	47,803
Property, plant, and equipment	824,072
Right of use assets	26,044
Deferred tax assets	17
Other non-current assets	3,110
Total assets acquired	1,008,870
Deferred tax liabilities	28,386
Long term debt	627,953
Other current liabilities	86,212
Other non-current liabilities	21,871
Total liabilities assumed	764,422
Total identifiable assets acquired less liabilities assumed	244,448
Goodwill acquired	$ 97,837

Acquisition - Schedule of Pro F

Acquisition - Schedule of Pro Forma Revenue Information (Details) - CSI Compressco, LP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 309,653	$ 300,085	$ 622,255	$ 581,568
Earnings	$ 6,228	$ 14,929	$ 38,734	$ 1,324

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 309,653	$ 203,306	$ 525,145	$ 393,418
Contract Services
Disaggregation of Revenue [Line Items]
Total revenues	276,250	181,619	469,649	359,316
Other Services
Disaggregation of Revenue [Line Items]
Total revenues	33,403	21,687	55,496	34,102
Total services provided over time
Disaggregation of Revenue [Line Items]
Total revenues	302,964	198,097	513,236	378,372
Total services provided over time | Contract Services
Disaggregation of Revenue [Line Items]
Total revenues	276,250	179,740	467,969	354,616
Total services provided over time | Other Services
Disaggregation of Revenue [Line Items]
Total revenues	26,714	18,357	45,267	23,756
Total services provided or goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,689	5,209	11,909	15,046
Total services provided or goods transferred at a point in time | Contract Services
Disaggregation of Revenue [Line Items]
Total revenues	0	1,879	1,680	4,700
Total services provided or goods transferred at a point in time | Other Services
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,689	$ 3,330	$ 10,229	$ 10,346

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 5,424		$ 17,424	$ 3,600
Contract liabilities	71,418		$ 63,709
Revenue recognized	63,700	$ 57,100
Transaction price allocated to unsatisfied performance obligations	1,340,809
Contract Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	1,300,000
Other Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	$ 20,400
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Term of contract	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Term of contract	7 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	$ 440,104
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Other Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	19,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	513,151
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	257,150
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	72,925
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to unsatisfied performance obligations	$ 57,479

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,340,809
Other Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	20,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 440,104
Remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Other Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 19,800
Remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 513,151
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 257,150
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 72,925
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 57,479
Remaining performance obligation, expected timing of satisfaction, period

Accounts Receivable, net - Acco

Accounts Receivable, net - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable	$ 215,980	$ 121,242
Allowance for credit losses	12,554	8,050
Accounts receivable, net	$ 203,426	$ 113,192

Accounts Receivable, net - Narr

Accounts Receivable, net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Allowance for credit losses	$ 12,554	$ 8,050	$ 949
Increase in allowance for credit losses	$ 4,500

Accounts Receivable, net - Chan

Accounts Receivable, net - Change in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,050	$ 949	$ 949
Current-period provision for expected credit losses	4,589	$ 2	7,101
Write-offs charged against allowance	(85)		0
Ending balance	$ 12,554		$ 8,050

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventories, net	$ 119,649	$ 76,238
Non-serialized parts
Inventory [Line Items]
Total inventories, net	99,408	62,784
Serialized parts
Inventory [Line Items]
Total inventories, net	$ 20,241	$ 13,454

Property, Plant and Equipment_3

Property, Plant and Equipment, net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,226,710	$ 3,229,751
Less: accumulated depreciation	(801,861)	(693,660)
Property, plant and equipment, net	3,424,849	2,536,091
Compression equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	4,036,420	3,166,214
Field equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	122,038	19,286
Buildings and shipping containers
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	16,554	11,942
Technology hardware and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	19,886	11,161
Trailers and vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	14,871	9,885
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	12,078	8,093
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	2,718	2,053
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	1,928	743
Other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 217	$ 374

Property, Plant and Equipment_4

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 66	$ 43	$ 110.6	$ 85.6

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets, Net - Schedule of Change in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 305,553
Acquisition of CSI Compressco	97,837
Goodwill, ending balance	$ 403,390

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets, Net - Schedule of the Company's Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Original Cost	$ 210,800	$ 163,000
Accumulated Amortization	(45,587)	(40,112)
Total	165,213	122,888
Trade name
Finite-Lived Intangible Assets [Line Items]
Original Cost	19,400	13,000
Accumulated Amortization	(3,826)	(3,181)
Total	$ 15,574	$ 9,819
Remaining Weighted Average Amortization Period (years)	10 years 10 months 24 days	15 years 1 month 6 days
Remaining Weighted Average Amortization Period (years) for acquired intangibles	4 years 9 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Original Cost	$ 191,400	$ 150,000
Accumulated Amortization	(41,761)	(36,931)
Total	$ 149,639	$ 113,069
Remaining Weighted Average Amortization Period (years)	13 years 1 month 6 days	12 years 9 months 18 days
Remaining Weighted Average Amortization Period (years) for acquired intangibles	14 years 10 months 24 days

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.1	$ 2.4	$ 5.5	$ 4.7

Goodwill and Identifiable Int_6

Goodwill and Identifiable Intangible Assets, Net - Schedule of Future Minimum Amortization Expense for Identified Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 7,026
2025	13,514
2026	13,514
2027	13,514
2028	13,514
Thereafter	104,131
Total	$ 165,213	$ 122,888

Long-Lived and Other Asset Im_2

Long-Lived and Other Asset Impairment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Impairment Charges [Abstract]
Asset impairment charges	$ 0	$ 0	$ 0	$ 0

Debt and Credit Facilities - Sc

Debt and Credit Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt outstanding	$ 2,536,222	$ 1,830,346
Less: unamortized debt issuance cost	(49,455)	(38,886)
Long-term debt, net of unamortized debt issuance cost	2,486,767	1,791,460
Other borrowings	9,530	0
Total long-term debt and other borrowings	2,496,297	1,791,460
ABL Facility
Debt Instrument [Line Items]
Total debt outstanding	1,786,222	1,830,346
2029 Senior Notes
Debt Instrument [Line Items]
Total debt outstanding	$ 750,000	$ 0

Debt and Credit Facilities - AB

Debt and Credit Facilities - ABL Facility (Details) - ABL Facility $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 22, 2023 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding	$ 2.4
Minimum fixed charge coverage ratio	2.5
Quarter Ending June 30, 2024
Debt Instrument [Line Items]
Maximum leverage ratio	5.75
Quarter Ending September 30, 2024
Debt Instrument [Line Items]
Maximum leverage ratio	5.75
Quarter Ending December 31, 2024
Debt Instrument [Line Items]
Maximum leverage ratio	5.75
Quarter Ending March 31, 2025
Debt Instrument [Line Items]
Maximum leverage ratio	5.75
Each Quarter Ending After June 30, 2025
Debt Instrument [Line Items]
Maximum leverage ratio	5.25
Fourth Amendment and Restated Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 2,200
Maximum threshold limit value beyond which cash dominion is triggered	$ 200
Percentage of aggregate commitments beyond which cash dominion is triggered	10%

Debt and Credit Facility - Thir

Debt and Credit Facility - Third Amendment to Fourth Amended and Restated Credit Agreement (Details) - ABL Facility $ in Millions		6 Months Ended
	Jan. 22, 2024 USD ($)	Jun. 30, 2024	Dec. 31, 2023
Minimum
Debt Instrument [Line Items]
Commitment fee		0.25%
Line of credit, commitment fee percentage, unused portion of line of credit, percentage to total commitments		0.50
Maximum
Debt Instrument [Line Items]
Commitment fee		0.50%
Line of credit, commitment fee percentage, unused portion of line of credit, percentage to total commitments		0.50
Third Amendment to Fourth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt fees	$ 2.9
Minimum net borrowings availability	$ 125
Number of consecutive business days	5 days
Third Amendment to Fourth Amended and Restated Credit Agreement | Debt Instrument, Covenant, Period One
Debt Instrument [Line Items]
Maximum leverage ratio	3.75
Third Amendment to Fourth Amended and Restated Credit Agreement | Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Maximum leverage ratio	3.25
Fourth Amendment and Restated Credit Agreement
Debt Instrument [Line Items]
Variable interest rate		7.64%	8.08%

Debt and Credit Facilities - Se

Debt and Credit Facilities - Senior Notes (Details) - Senior Notes Due 2029 - 2029 Senior Notes $ in Millions	Feb. 02, 2024 USD ($)
Debt Instrument [Line Items]
Debt instrument face value	$ 750
Interest rate, stated percentage	7.25%
Make-whole redemption price, percentage	100%
Make-whole redemption price, variable rate	0.50%
Debt fees	$ 13.4
2026
Debt Instrument [Line Items]
Make-whole redemption price, percentage	40%
Optional redemption percentages	103.625%
2027
Debt Instrument [Line Items]
Optional redemption percentages	101.813%
2028 and thereafter
Debt Instrument [Line Items]
Optional redemption percentages	100%

Debt and Credit Facilities - Te

Debt and Credit Facilities - Term Loan (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 03, 2023	Jun. 30, 2023	Dec. 31, 2023	Jun. 30, 2024
Debt Instrument [Line Items]
Proceeds from termination of interest rate swaps and collars		$ 25,800
Total long-term debt and other borrowings			$ 1,791,460	$ 2,496,297
Debt issuance costs			38,886	$ 49,455
Term Loan
Debt Instrument [Line Items]
Repayment of debt	$ 300,000
Deferred financing costs written off			4,400
Debt fees expense			$ 2,400
Total long-term debt and other borrowings	689,800
Debt instrument face value	700,000
Debt issuance costs	$ 10,200

Debt and Credit Facilities - _2

Debt and Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	0
2026	0
2027	0
2028	1,786,222
Thereafter	750,000
Total	$ 2,536,222	$ 1,830,346

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt Issuance Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt issuance costs	$ 49,455		$ 49,455		$ 38,886
Amortization of debt issuance costs	$ 2,300	$ 5,600	$ 4,946	$ 11,071

Debt and Credit Facilities - Ot

Debt and Credit Facilities - Other Borrowings (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt outstanding		$ 2,536,222	$ 1,830,346
Other borrowings		9,530	$ 0
Equipment Finance Agreement | Notes Payable, Other Payables
Debt Instrument [Line Items]
Total debt outstanding	$ 11,400
Notes payable	$ 700
Monthly installments, term	36 months
Other borrowings		9,500
Current portion		7,200
Long-term portion		$ 2,300

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Information Related to Notional Amount and Maturities Dates for Interest Rate Swaps (Details) - Interest rate swaps and collars	Jun. 30, 2024 USD ($)
9/2/2025
Derivative [Line Items]
Notional Amount	$ 125,000,000
12/5/2024
Derivative [Line Items]
Notional Amount	175,000,000
12/5/2024
Derivative [Line Items]
Notional Amount	50,000,000
6/14/2025
Derivative [Line Items]
Notional Amount	200,000,000
12/6/2025
Derivative [Line Items]
Notional Amount	125,000,000
6/14/2026
Derivative [Line Items]
Notional Amount	75,000,000
6/22/2026
Derivative [Line Items]
Notional Amount	125,000,000
12/6/2026
Derivative [Line Items]
Notional Amount	125,000,000
3/2/2027
Derivative [Line Items]
Notional Amount	100,000,000
5/18/2027
Derivative [Line Items]
Notional Amount	75,000,000
5/19/2027
Derivative [Line Items]
Notional Amount	100,000,000
5/19/2027
Derivative [Line Items]
Notional Amount	200,000,000
12/6/2027
Derivative [Line Items]
Notional Amount	$ 125,000,000

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Effects of Company's Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Total gain on derivatives	$ 6,797	$ 34,934	$ 26,554	$ 26,939
Interest rate collars
Derivatives, Fair Value [Line Items]
Total gain on derivatives	0	1,134	0	(5,158)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Total gain on derivatives	$ 6,797	$ 33,800	$ 26,554	$ 32,097

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 3,673	$ 3,673
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap- current	5,590	8,194
Interest rate swap- non-current	31,153	14,256
Contingent consideration	3,673	3,673
Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2029 Notes	769,133
Senior Notes Due 2029 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2029 Notes	750,000
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap- current	5,590	8,194
Interest rate swap- non-current	31,153	14,256
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 1 | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2029 Notes	0
Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap- current	0	0
Interest rate swap- non-current	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2 | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2029 Notes	769,133
Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap- current	5,590	8,194
Interest rate swap- non-current	31,153	14,256
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	3,673	3,673
Level 3 | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2029 Notes	0
Level 3 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap- current	0	0
Interest rate swap- non-current	$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions				3 Months Ended
	Apr. 01, 2024	Jul. 13, 2023	Jul. 03, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued (in shares)				84,312,360		77,400,000
Common stock, shares outstanding (in shares)				84,312,360		77,400,000
Proceeds from initial public offering, net of underwriter discounts			$ 230.8
Preferred stock, shares issued (in shares)				5,562,273		0
Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)				84,312,360	77,434,577	77,400,000	59,000,000	59,000,000	59,000,000
Issuance of common shares for business acquisition (in shares)				6,785,712
CSI Compressco, LP | Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common shares for business acquisition (in shares)	6,785,712
CSI Compressco, LP | Preferred Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common shares for business acquisition (in shares)	5,562,273
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issuance and sale (in shares)			16,000,000
Over-Allotment Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued (in shares)		77,400,000
Common stock, shares outstanding (in shares)		77,400,000
Shares issuance and sale (in shares)		2,400,000
Proceeds from issuance of common stock		$ 36.2

Stockholders' Equity - Class B

Stockholders' Equity - Class B and C Profits Interests (Details) - Class B Incentive Units - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 16, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	60,406.9		60,406.9
Shares outstanding (in shares)					57,058.5
Shares granted (in shares)			0	0
Award vesting rights, term			five
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity compensation expense	$ 21	$ 29	$ 200	$ 900
Time Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights			25%
Performance Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights			75%
Time Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested time vesting units (in shares)	276		276
Unrecognized stock compensation expense	$ 100		$ 100
Two Thousand And Nineteen Class B Unit Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)						61,098.4

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2024 vote $ / shares shares	Apr. 01, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of votes per preferred share | vote	1
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000
Preferred stock, shares issued (in shares)	5,562,273		0
Preferred stock, shares outstanding (in shares)	5,562,273		0
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock value | $		$ 50
Preferred stock, conversion ratio	1
CSI Compressco, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Post - closing period		6 months

Stockholders' Equity - 2023 Omn

Stockholders' Equity - 2023 Omnibus Incentive Plan (Details) - USD ($) $ in Millions						3 Months Ended		6 Months Ended
	May 01, 2024	Apr. 01, 2024	Mar. 08, 2024	Dec. 08, 2023	Jun. 29, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 20, 2023
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)								618,661	985,313
Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)								261,767	311,845
Period of cumulative adjusted EBIDTA								3 years
VWAP trading days								20 days
Percentage of award vesting rights								100%
Unrecognized stock compensation expense						$ 33.2		$ 33.2
Performance Share Units | Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity compensation expense						$ 5.3	$ 0	$ 8	$ 0
Performance Share Units | Achieved ESG Scorecard
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								100%
Performance Share Units | Not Achieved ESG Scorecard
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								0%
Performance Share Units | Performance at Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								200%
Performance Share Units | Performance at Target
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								100%
Performance Share Units | Performance at Threshold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								50%
Performance Share Units | Performance at Below Threshold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award vesting rights								0%
Performance Share Units | Discretionary Cash Flow
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance target percentage								30%
Performance Share Units | Consolidated Net Leverage Ratio
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance target percentage								30%
Performance Share Units | Absolute Total Shareholders' Return
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance target percentage								30%
Performance Share Units | ESG Scorecard
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance target percentage								10%
Performance Share Units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of share issued								0%
Performance Share Units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of share issued								190%
Omnibus Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for issuance (in shares)										6,375,000
Shares granted (in shares)	34,253		718,820		1,297,188
Omnibus Plan | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		127,355
Award vesting period		3 years
Omnibus Plan | Restricted Stock Units (RSUs) | Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)								1,442,366
Award vesting period								3 years
Omnibus Plan | Restricted Stock Units (RSUs) | Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	33,114
Award vesting period	1 year
Omnibus Plan | Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)								573,642
Award vesting period								3 years
2020 Long-Term Incentive Plan | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)				138,430
Award vesting period				3 years

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Award Activity Under Omnibus Plan (Details) - $ / shares		6 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units (RSUs)
Number of RSUs and PSUs
Outstanding, Beginning of Period (in shares)		1,079,082	0
Granted (in shares)		618,661	985,313
Vested or exercised (in shares)		(120,578)	0
Forfeited (in shares)		(61,814)	0
Outstanding, End of Period (in shares)		1,515,351	985,313
Restricted stock awards expected to vest (in shares)		1,515,351	985,313
Weighted Average Price
Outstanding, Beginning of Period (in dollars per share)		$ 16.30	$ 0
Granted (in dollars per share)		24.23	16
Vested or exercised (in dollars per share)		22.57	0
Forfeited (in dollars per share)		17.52	0
Outstanding, End of Period (in dollars per share)		18.99	16
Restricted stock awards expected to vest (in dollars per share)		$ 18.99	$ 16
Performance Share Units
Number of RSUs and PSUs
Outstanding, Beginning of Period (in shares)		311,875	0
Granted (in shares)		261,767	311,845
Vested or exercised (in shares)		(6,070)	0
Forfeited (in shares)		(2,501)	0
Outstanding, End of Period (in shares)		565,071	311,845
Restricted stock awards expected to vest (in shares)		565,071	311,845
Weighted Average Price
Outstanding, Beginning of Period (in dollars per share)		$ 16.99	$ 0
Granted (in dollars per share)		28.88	16
Vested or exercised (in dollars per share)		18.75	0
Forfeited (in dollars per share)		18.83	0
Outstanding, End of Period (in dollars per share)		22.47	16
Restricted stock awards expected to vest (in dollars per share)		$ 22.47	$ 16
Omnibus Plan | Restricted Stock Units (RSUs)
Number of RSUs and PSUs
Granted (in shares)	127,355
Omnibus Plan | Performance Share Units
Number of RSUs and PSUs
Granted (in shares)		573,642

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Aug. 01, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividends per common share (in dollars per share)		$ 0.38	$ 0.38	$ 0.38
Dividends paid		$ 32,578	$ 29,815	$ 29,793	$ 62,393	$ 0
Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividends per common share (in dollars per share)	$ 0.41

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued capital expenditures	$ 42,800,000	$ 30,500,000
Purchase commitments	220,700,000
Purchase commitment, year one	169,300,000
Contingent consideration	3,700,000
Outstanding receivables	0	0
Sales tax liability	67,748,000	$ 28,847,000
Contingent liability accrued	38,900,000
Fair value adjustments	15,000,000
Operating expense	$ 3,300,000

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 929	$ 2,353
Interest rate swap receivable	1,537	2,025
Prepaid vehicle allowance	1,122	1,130
Deferred project costs	0	737
Prepaid rent	1,148	532
Prepaid taxes	4,714	0
Other	4,968	3,577
Total prepaid expenses and other current assets	$ 14,418	$ 10,353

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Sales tax liability	$ 67,748	$ 28,847
Accrued bonus	16,148	13,259
Accrued accounts payable	12,333	15,506
Accrued interest	53,616	8,313
Station project accrual	5,402	7,797
Accrued taxes	9,880	6,415
Accrued professional fees	906	6,015
Contingent consideration	3,673	3,673
Accrued payroll	4,613	3,321
Accrued insurance	0	856
Lease liabilities - current portion	11,209	0
Equipment financing - current portion	7,246	0
Other	4,650	3,076
Total accrued liabilities	$ 197,424	$ 97,078

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,336,000	$ 5,851,000	$ 12,211,000	$ 1,861,000
Effective tax rate	25.80%	25%	24.80%	26.50%
Uncertain tax benefits	$ 0		$ 0		$ 0
Uncertain tax positions, accrued interest and penalties	$ 0	$ 0	$ 0	$ 0

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Contribution Plan [Abstract]
Defined contribution plan cost	$ 1.1	$ 0.8	$ 2	$ 1.6

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Option to terminate, period	30 days
Maximum
Lessee, Lease, Description [Line Items]
Option to terminate, period	6 months

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating lease expense:
Operating lease expense	$ 5,645	$ 1,459	$ 7,858	$ 3,003
Finance lease expense:
Amortization of leased assets	200	0	200	0
Interest on lease liabilities	50	0	50	0
Total finance lease expense	250	0	250	0
Total lease expense	5,895	1,459	8,108	3,003
Short-term operating lease expense	$ 1,600	$ 300	$ 2,300	$ 1,000

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$ 5,551	$ 1,592
Operating cash flows - finance leases	50	0
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	122	96
Finance leases	$ 0	$ 0

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases:
Operating right-of-use asset	$ 53,939	$ 33,716
Accrued liabilities	$ 9,479	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 49,392	$ 34,468
Total operating lease liabilities	58,871	34,468
Finance leases:
Finance lease right-of-use asset	4,698	0
Finance lease liabilities, current portion	$ 1,730	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, net of current portion	$ 2,555	$ 0
Total finance lease liabilities	$ 4,285	$ 0

Leases - Schedule of Additional

Leases - Schedule of Additional Operating Lease Information (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted average remaining lease term:
Operating leases	4 years 9 months	7 years 6 months
Finance leases	2 years 10 months 17 days	0 years
Weighted average discount rate:
Operating leases	9.66%	9.54%
Finance leases	6.16%	0%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments, Operating & Finance Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
Remainder of 2024	$ 9,216
2025	13,828
2026	12,539
2027	9,455
2028	7,912
Thereafter	28,262
Total lease payments	81,211
Less imputed interest	(22,341)
Total operating lease liabilities	58,871	$ 34,468
Finance Leases
Remainder of 2024	1,020
2025	1,480
2026	1,211
2027	958
2028	33
Thereafter	0
Total lease payments	4,702
Less imputed interest	(418)
Total finance lease liabilities	$ 4,285	$ 0

Segments - Narrative (Details)

Segments - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Depreciation and amortization | $	$ 69,500	$ 45,400	$ 116,407	$ 90,327

Segments - Schedule of Financia

Segments - Schedule of Financial Metrics by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 309,653	$ 203,306	$ 525,145	$ 393,418
Gross margin	112,921	74,760	197,903	148,217
Total assets	4,439,280	3,261,363	4,439,280	3,261,363	$ 3,244,106
Capital expenditures	117,033	45,453	177,186	94,034
Contract Services
Segment Reporting Information [Line Items]
Revenue	276,250	181,619	469,649	359,316
Gross margin	107,454	71,172	188,027	141,202
Total assets	4,405,861	3,219,556	4,405,861	3,219,556
Capital expenditures	117,033	45,453	177,186	94,034
Other Services
Segment Reporting Information [Line Items]
Revenue	33,403	21,687	55,496	34,102
Gross margin	5,467	3,588	9,876	7,015
Total assets	33,419	41,807	33,419	41,807
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Segments - Schedule of Total Gr

Segments - Schedule of Total Gross Margin to Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total gross margin	$ 112,921	$ 74,760	$ 197,903	$ 148,217
Selling, general and administrative expenses	(59,927)	(13,438)	(84,751)	(26,523)
Gain on sale of property, plant and equipment	1,173	738	1,173	721
Interest expense, net	(52,133)	(73,658)	(91,873)	(142,320)
Gain on derivatives	6,797	34,934	26,554	26,939
Other income	218	32	150	1
Income before income taxes	$ 9,049	$ 23,368	$ 49,156	$ 7,035

Earnings Per Share of Common _3

Earnings Per Share of Common Stock - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	13,143	0	23,427	0

Earnings Per Share of Common _4

Earnings Per Share of Common Stock - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income attributable to common shareholders	$ 6,228	$ 17,517	$ 36,460	$ 5,174
Less: (Loss) income attributable to non-forfeitable RSUs	(531)	0	(899)	0
Net income used in basic earnings per share	5,697	17,517	35,561	5,174
Net income used in diluted earnings per share	$ 5,697	$ 17,517	$ 35,561	$ 5,174
Basic weighted average shares of common stock (in shares)	84,202,352	59,000,000	80,836,019	59,000,000
Effect of dilutive securities (in shares)	6,466,887	0	6,402,091	0
Diluted weighted average shares of common stock (in shares)	90,669,239	59,000,000	87,238,110	59,000,000
Basic earnings per share of common stock (in dollars per share)	$ 0.07	$ 0.30	$ 0.44	$ 0.09
Diluted earnings per share of common stock (in dollars per share)	$ 0.06	$ 0.30	$ 0.41	$ 0.09
Anti-dilutive securities (in shares)	13,143	0	23,427	0
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	904,614		839,818
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	5,562,273		5,562,273