Liberty Energy Increases Share Repurchase Authorization to $750 Million and Announces Quarterly Cash Dividend
23 Janeiro 2024 - 9:46PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”)
announced today that its Board of Directors (the “Board”) has
increased its share repurchase authorization announced on July 25,
2022 to $750 million, a $250 million increase from the previously
authorized and upsized amount. The Board has also extended the
authorization through July 31, 2026.
Since the repurchase program commencement, Liberty has
repurchased and retired 21,891,512 shares of Class A common stock,
representing 11.7% of outstanding shares, for approximately $328
million. With this program expansion, the Company has approximately
$422 million available for share repurchases through July 31,
2026.
The Board has also declared a quarterly dividend of $0.07 per
share of Class A common stock, to be paid on March 20, 2024 to
holders of record as of March 6, 2024.
“Today’s announcement reflects our ongoing commitment to drive
strong total return to Liberty shareholders by balancing highly
accretive investment opportunities while delivering a meaningful
return of capital program,” commented Chris Wright, Chief Executive
Officer. “Last quarter, we increased our quarterly cash dividend by
40% in response to the transformational changes we’ve made over the
last three years. Our upsized repurchase authorization further
reinforces our conviction in the significant future cash generating
abilities of our business.”
Future declarations of quarterly cash dividends are subject to
approval by the Board of Directors and to the Board’s continuing
determination that the declarations of dividends are in the best
interests of Liberty and its shareholders. Future dividends may be
adjusted at the Board’s discretion based on market conditions and
capital availability.
The shares may be repurchased from time to time in open market
transactions, through block trades, in privately negotiated
transactions, through derivative transactions or by other means in
accordance with 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, and other
considerations. The exact number of shares to be repurchased by the
Company is not guaranteed, 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,
borrowings under its revolving credit facility and expected free
cash flow to be generated through the authorization period.
About Liberty
Liberty is a leading North American energy services firm that
offers one of the most innovative suites of completion services and
technologies to onshore oil and natural gas exploration and
production companies. Liberty was founded in 2011 with a relentless
focus on developing and delivering next generation technology for
the sustainable development of unconventional energy resources in
partnership with our customers. Liberty is headquartered in Denver,
Colorado. For more information about Liberty, please contact
Investor Relations at IR@libertyenergy.com.
Forward-Looking and Cautionary Statements
The information above includes “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts
included herein are forward-looking statements. These
forward-looking statements are identified by their use of terms and
phrases such as “may,” “expect,” “estimate,” “outlook,” “project,”
“plan,” “position,” “believe,” “intend,” “achievable,”
“anticipate,” “will,” “continue,” “potential,” “likely,” “should,”
“could,” and similar terms and phrases. However, the absence of
these words does not mean that the statements are not
forward-looking. These forward-looking statements are subject to
certain risks, uncertainties and assumptions identified above or as
disclosed from time to time in Liberty's filings with the
Securities and Exchange Commission. Any forward-looking statement
speaks only as of the date on which it is made, and, except as
required by law, we do not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. As a result of these
factors, actual results may differ materially from those indicated
or implied by such forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240123767986/en/
Michael Stock Chief Financial Officer
Anjali Voria, CFA Strategic Finance & Investor Relations
Lead
303-515-2851 IR@libertyenergy.com
Liberty Energy (NYSE:LBRT)
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