TOPS positioned for further expansion after record growth in 2022

New and existing lenders commit to an enhanced facility

MIDLAND, Texas, March 9, 2023 (GLOBE NEWSWIRE) — Total Operations and Production Services, LLC (“TOPS” or the “Company”) enters 2023 with increased capital to fuel its continued growth and expansion. The company recently completed a 50% increase in its existing credit facility, increasing total commitments from $213 million to $320 million and adding two new lenders to the banking group. This new round of funding will position TOPS for continued growth in 2023 and beyond, following a record year in 2022 in which TOPS added over 100,000 horsepower to its fleet of electrically powered gas compression units.

“We are pleased to be expanding our credit facility with both new and existing lenders and would like to thank JP Morgan as managing agent and the rest of the banking group for this increase. This additional capital will help fund our continued growth in 2023 and position TOPS to better serve our world-class customer base throughout the Permian Basin,” said Brian Green, Chief Executive Officer of TOPS. “Our ability to extend the credit facility during of a difficult financing market reinforces and validates TOPS’ core mission of providing industry-leading compression rates and transitioning to a more sustainable oil and gas industry.”

“Only companies with an established track record and exceptional performance have access to capital on reasonable terms,” continued Mr. Green, “We are proud that TOPS’ performance gives our lenders the confidence to extend their commitments. This additional dry powder and our track record of providing industry-leading electrically powered gas compression should continue to provide current and future customers with confidence in our ability to provide exemplary equipment and service.”

TOPS Chief Financial Officer Bob Netterville added, “We have begun planning and pursuing an expansion of the credit facility in…