ProPetro Announces $100 Million Share Repurchase Program
17 Maio 2023 - 8:00AM
Business Wire
ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:
PUMP) today announced approval by the Board of Directors of a $100
million share repurchase program.
"We are pleased to announce the approval of a share repurchase
program by our Board," stated Sam Sledge, Chief Executive Officer.
"This program aligns with our strategy to create value for our
shareholders. Our strong first quarter earnings and three
consecutive quarters of positive net income demonstrate significant
financial improvements resulting from the execution of our
strategy. We remain confident in the Company's current and future
financial and operational performance, and we believe that our
stock presents a unique investment opportunity due to the
substantial discrepancy between our equity value and our strong
financial performance. We plan to opportunistically execute the
share repurchase program, taking into consideration market
conditions, our business outlook, capital position, and liquidity,
all while maintaining our robust balance sheet. Furthermore, as
part of our strategy, we will continue to explore additional
methods of strategic capital allocation beyond the announced share
repurchase program."
Under the share repurchase program, the Company may repurchase
up to $100 million of outstanding common stock through May 31,
2024. This authorization represents approximately 13% of ProPetro’s
market capitalization based on the current share price.
During the pendency of the share repurchase program, the Company
may repurchase shares from time to time through various methods,
including in open market transactions, block trades, accelerated
share repurchases, privately negotiated transactions, derivative
transactions or otherwise, certain of which may be made pursuant to
a trading plan meeting the requirements of Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended, in compliance with
applicable state and federal securities laws. The timing, as well
as the number and value of shares repurchased under the program,
will be determined by the Company at its discretion and will depend
on a variety of factors, including management’s assessment of the
intrinsic value of the Company’s common stock, the market price of
the Company’s common stock, general market and economic conditions,
available liquidity, compliance with the Company’s debt and other
agreements, applicable legal requirements, the nature of other
investment opportunities available to the Company, and other
considerations. The Company is not obligated to purchase any shares
under the repurchase program, and the program may be suspended,
modified, or discontinued at any time without prior notice. The
Company expects to fund the repurchases by using cash on hand and
expected free cash flow to be generated in the future.
ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield
services company providing pressure pumping and other complementary
services to leading upstream oil and gas companies engaged in the
exploration and production of North American unconventional oil and
natural gas resources. We help bring reliable energy to the world.
For more information visit www.propetroservices.com.
Forward-Looking Statements
Except for historical information contained herein, the
statements and information in this news release and discussion in
the scripted remarks described above are forward-looking statements
that are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Statements that are
predictive in nature, that depend upon or refer to future events or
conditions or that include the words “may,” “could,” “plan,”
“project,” “budget,” “predict,” “pursue,” “target,” “seek,”
“objective,” “believe,” “expect,” “anticipate,” “intend,”
“estimate,” and other expressions that are predictions of, or
indicate, future events and trends and that do not relate to
historical matters identify forward‑looking statements. Our
forward‑looking statements include, among other matters, statements
about the supply of and demand for hydrocarbons, our business
strategy, industry, future profitability, expected fleet
utilization, sustainability efforts, the future performance of
newly improved technology, expected capital expenditures, the
impact of such expenditures on our performance and capital
programs, our fleet conversion strategy and the Company's proposed
share repurchase program, the projected timing, purchase price and
number of shares purchased under such program, if at all, the
sources of funds under the repurchase program and the impacts of
the repurchase program. A forward‑looking statement may include a
statement of the assumptions or bases underlying the
forward‑looking statement. We believe that we have chosen these
assumptions or bases in good faith and that they are
reasonable.
Although forward‑looking statements reflect our good faith
beliefs at the time they are made, forward-looking statements are
subject to a number of risks and uncertainties that may cause
actual events and results to differ materially from the
forward-looking statements. These risks and uncertainties include
the timing and amount of any repurchases made pursuant to the share
repurchase program. Factors that could cause actual results to
differ materially from those in the forward-looking statements
include the volatility of oil prices, the global macroeconomic
uncertainty related to the Russia-Ukraine war, general economic
conditions, including the impact of continued inflation, central
bank policy actions, bank failures, and the risk of a global
recession, and other factors described in the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q,
particularly the “Risk Factors” sections of such filings, and other
filings with the Securities and Exchange Commission (the “SEC”). In
addition, the Company may be subject to currently unforeseen risks
that may have a materially adverse impact on it, including matters
related to shareholder litigation. Accordingly, no assurances can
be given that the actual events and results will not be materially
different than the anticipated results described in the
forward-looking statements. Readers are cautioned not to place
undue reliance on such forward-looking statements and are urged to
carefully review and consider the various disclosures made in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other filings made with the SEC from time to time that
disclose risks and uncertainties that may affect the Company’s
business. The forward-looking statements in this news release are
made as of the date of this news release. ProPetro does not
undertake, and expressly disclaims, any duty to publicly update
these statements, whether as a result of new information, new
developments or otherwise, except to the extent that disclosure is
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230517005292/en/
Investor Contacts: David Schorlemer Chief Financial
Officer david.schorlemer@propetroservices.com 432-227-0864 Matt
Augustine Director, Corporate Development and Investor Relations
matt.augustine@propetroservices.com 432-848-0871
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