HIGHBuilt-inGeographic
78%
Permian Basin
“10-K Item 1: 'Our largest rental area is the Permian Basin (78 percent of rental revenues in 2025)'”
NGS · Concentration risk · 10-K extracted
Natural Gas Services Group (NGS) concentration risks
Updated
The most significant concentration Natural Gas Services Group discloses is Permian Basin at 78%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Natural Gas Services Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
59%
Occidental Permian and Devon Energy
“10-K Item 1: 'our revenues from Occidental Permian, LTD. (“Oxy”) and Devon Energy Corporation (“Devon”) amounted to 59 percent, 59 percent and 52 percent of our revenue on a combined basis, respectively'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Natural Gas Services Group's concentration exposures compound rather than offset each other. Geographically, the Permian Basin accounted for 78% of rental revenues in 2025 — a high, structural concentration tied to where the company's compression assets happen to be deployed. Layered on top of that is a customer concentration: Occidental Permian and Devon Energy together made up 59% of combined revenue, a high share that reflects genuine counterparty dependency rather than just macro-geographic exposure. Because the two largest customers are themselves Permian operators, the geographic and customer concentrations are not independent risks — a downturn in Permian activity, or a change in either operator's completion or production plans, would hit both channels simultaneously rather than being diversifiable across regions or clients. This is the feature of the profile most likely to move the verdict: it is less "two separate risks" than one basin-and-counterparty exposure viewed from two angles. There is no indication in the disclosed claims of a broader customer base or geographic footprint that could cushion either shock, so the company's near-term results remain closely tied to Occidental's and Devon's activity levels within the Permian Basin specifically.
For the engine’s reasoning on NGS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Equipment & Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AROC | Archrock, Inc. | 2 | 1 | 0 | 3 |
| NGS● | Natural Gas Services Group, Inc | 2 | 0 | 0 | 2 |
| AESI | Atlas Energy Solutions Inc. | 1 | 2 | 0 | 3 |
| BKR | Baker Hughes Company | 1 | 0 | 0 | 1 |
| ACDC | ProFrac Holding Corp. | 0 | 3 | 0 | 3 |
| CLB | Core Laboratories Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.