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Midland, Nov. 06, 2019 (GLOBE NEWSWIRE) --
Natural Gas Services Group, Inc. (NYSE:NGS) (the "Company"), a leading provider of gas compression equipment and services to the energy industry, today announced that G. Larry Lawrence, the Company’s Vice President, Chief Financial Officer and Corporate Secretary will retire from the Company effective November 15, 2019. He will also relinquish his position as Principal Accounting Officer.
"On behalf of the entire NGS family, I thank Larry for his dedicated service to NGS, his focus on building a strong finance organization to support the evolving needs of the Company and his commitment to adding value to our stakeholders," said Stephen C. Taylor, NGS Chairman, President and Chief Executive Officer. "In his nearly decade of service to the Company, Larry was instrumental in forging a solid financial foundation at NGS, creating a company with consistent growth and maintaining a strong balance sheet.”
Mr. Lawrence joined NGS in 2010. During his tenure, he led the finance organization through a time of significant growth and evolution with a focus on hiring and developing finance talent and enhancing the financial reporting and forecasting capabilities of the Company. He was instrumental in many of the growth initiatives of the Company, providing critical guidance which allowed the Company to grow while maintaining a strong financial position.
"I have enjoyed a very rewarding career with NGS over the past decade, and I feel honored to have been a part of the growth of our Company,” said Lawrence. “I thank Steve, the Board of Directors and all of my NGS colleagues for their continual support and for the friendships that will endure. I have every confidence that the finance team will continue their good work in the years to come.”
In conjunction with the retirement and in recognition of his outstanding service, the Company’s Board of Directors has approved the accelerated vesting of the remaining stock awards that have been provided to Mr. Lawrence. The Company will record a non-recurring, non-cash expense of approximately $270,000 in the fourth quarter of 2019 to account for the award vesting.
Appointment of James R. Lawrence as Chief Financial Officer
Coincident with the retirement of Larry Lawrence, the NGS Board of Directors has appointed James (“Jim”) R. Lawrence as Vice President, Chief Financial Officer and Corporate Secretary of the Company, effective November 16, 2019. Mr. Lawrence will also assume the role as Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Jim Lawrence joined the Company on October 1, 2019. Mr. Lawrence has over 20 years of combined professional experience in the energy industry, investment banking and public accounting. Previously, he served as the Chief Financial Officer of Bold Energy III LLC, a privately held oil and natural gas company that was an affiliate of EnCap Investments. Prior to joining Bold, Mr. Lawrence served as Vice President-Finance and Treasurer for Legacy Reserves LP, a publicly traded oil and natural gas company, from 2010 to 2014. Prior to joining Legacy, Mr. Lawrence worked for nine years in investment banking, including the last six years in the Energy Investment Banking Group at Raymond James & Associates, where he served as a Vice President. Mr. Lawrence holds an MBA with distinction from the Stern School of Business at New York University and a BBA in Accounting and Finance from the University of Texas at Austin. Mr. Lawrence is also licensed as a Certified Public Accountant in the state of Texas. (James R. Lawrence is not related to G. Larry Lawrence).
“We are delighted to welcome Jim to the NGS team and are pleased that we are able to bring someone of Jim’s caliber into the Company,” said Taylor. “Jim’s breadth of experience across financial disciplines in the energy space will allow him to immediately step in and fill Larry’s role. His knowledge of the energy business and public markets is an asset that adds to the strength of our finance and accounting group and should serve NGS well as we continue to grow and capitalize on new opportunities.”
“I would like to thank Steve, Larry, and the Board of Directors for the opportunity to serve as the CFO of NGS,” said Jim Lawrence. “I am very excited about this opportunity. With strong growth prospects, a clean balance, and a great team, NGS is well positioned for continued success while maintaining its financially and strategically disciplined approach.”
Details of Mr. Lawrence’s appointment are contained in a regulatory filing with the U.S. Securities and Exchange Commission.
About Natural Gas Services Group, Inc. (NGS)
NGS is a leading provider of gas compression equipment and services to the energy industry. The Company manufactures, fabricates, rents, sells and maintains natural gas compressors and flare systems for oil and natural gas production and plant facilities. NGS is headquartered in Midland, Texas, with fabrication facilities located in Tulsa, Oklahoma and Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause NGS's actual results in future periods to differ materially from forecasted results. Those risks include, among other things, the loss of market share through competition or otherwise; the introduction of competing technologies by other companies; a prolonged, substantial reduction in oil and gas prices which could cause a decline in the demand for NGS's products and services; and new governmental safety, health and environmental regulations which could require NGS to make significant capital expenditures. The forward-looking statements included in this press release are only made as of the date of this press release, and NGS undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. A discussion of these factors is included in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
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