Oil States Closes on Facility Sale and Updates Share Repurchases
17 Dezembro 2024 - 7:30PM
Business Wire
Oil States International, Inc. (NYSE:OIS): During its
Third Quarter 2024 Earnings Conference Call held on October 30,
2024, Oil States provided a strategic update announcing several
important initiatives including business unit optimization, the
exit of certain U.S. domestic underperforming business lines and
locations, continued investment in new technologies including
Managed Pressure Drilling (MPD) systems, the generation of free
cash flow to facilitate growth and the enhancement of stockholder
returns via an increased share repurchase authorization.
To provide an update on these initiatives, Oil States is pleased
to announce that it has completed the sale of a previously idled
facility generating net proceeds of $24.8 million. Together with
cash on-hand and cash flows generated from its operations, net debt
will continue to be reduced.
In addition, since implementing its new $50 million share
repurchase authorization plan in October 2024, Oil States has
repurchased 1.5 million shares of its common stock for
consideration totaling $7.9 million.
Oil States’ President and Chief Executive Officer, Cindy B.
Taylor, stated, “The consolidation of our Houston operations and
completion of the sale of our Houston Ship Channel facility
combined with the repurchase of our common stock adds momentum to
the execution of our long-term strategy and demonstrates our
commitment to enhance stockholder value. We will continue to
capitalize on offshore and international growth opportunities,
invest in differentiated technology offerings and optimize our
domestic operations to maximize free cash flow with plans to
increase returns for stockholders.”
About Oil States
Oil States International, Inc. is a global provider of
manufactured products and services to customers in the energy,
industrial and military sectors. The Company’s manufactured
products include highly engineered capital equipment and consumable
products. Oil States is headquartered in Houston, Texas, with
manufacturing and service facilities strategically located across
the globe. Oil States is publicly traded on the New York Stock
Exchange under the symbol “OIS”.
For more information on the Company, please visit Oil States
International’s website at www.oilstatesintl.com.
Forward Looking
Statements
The foregoing contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are those that do not state historical facts and are,
therefore, inherently subject to risks and uncertainties. The
forward-looking statements included herein are based on current
expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those
forward-looking statements. Such risks and uncertainties include,
among others, the level of supply and demand for oil and natural
gas, fluctuations in the current and future prices of oil and
natural gas, the level of exploration, drilling and completion
activity, general global economic conditions, the cyclical nature
of the oil and natural gas industry, geopolitical conflicts and
tensions, the financial health of our customers, the actions of the
Organization of Petroleum Exporting Countries (“OPEC”) and other
producing nations with respect to crude oil production levels and
pricing, the impact of environmental matters, including executive
actions and regulatory efforts to adopt environmental or climate
change regulations that may result in increased operating costs or
reduced oil and natural gas production or demand globally,
consolidation of our customers, our ability to access and the cost
of capital in the bank and capital markets, our ability to develop
new competitive technologies and products, and other factors
discussed in the “Business” and “Risk Factors” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, and the subsequently filed Quarterly Reports on Form 10-Q
and Periodic Reports on Form 8-K. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date hereof, and, except as required by law, the
Company undertakes no obligation to update those statements or to
publicly announce the results of any revisions to any of those
statements to reflect future events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20241217112296/en/
Lloyd A. Hajdik Oil States International, Inc. Executive Vice
President, Chief Financial Officer and Treasurer (713) 652-0582
Oil States (NYSE:OIS)
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