FTS International, Inc. (NYSE: FTSI) (the “Company” or “FTSI”) announced
today that its Board of Directors has authorized the repurchase of up to
$100 million of its common stock. This authorization expires on May 14,
2020. The Company may utilize various methods to effect the repurchases,
and the timing and extent of the repurchases will depend upon several
factors, including market and business conditions, regulatory
requirements and other corporate considerations, including the trading
price of FTSI’s common stock. Repurchases under this program may be
discontinued at any time.
Michael Doss, Chief Executive Officer, commented, “With FTSI having paid
down its debt by over $600 million in the past 18 months, the current
stock price presents an opportunity for capital allocation. We believe
our stock is currently undervalued, and we believe a buyback of Company
shares is an attractive use of our excess liquidity at this time.
Therefore, we will slow down our debt reduction process while executing
a stock repurchase program opportunistically.”
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTSI is one of the largest providers
of hydraulic fracturing services in North America with an operating
footprint consisting of five of the most active major unconventional
basins in the United States. The Company’s services enhance hydrocarbon
flow from oil and natural gas wells drilled by exploration and
production, or E&P, companies in shale and other unconventional resource
formations. To learn more, visit www.FTSI.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding the repurchase
of common stock with free cash flow generated in 2019 and other
statements identified by words such as “depend,” “could,” “may,”
“might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,”
“believes,” “estimates,” “expects,” “continues,” “projects” and similar
references to future periods. Forward-looking statements are based on
FTSI’s current expectations and assumptions regarding capital market
conditions, FTSI’s business, the economy and other future conditions.
Because forward-looking statements relate to the future, by their
nature, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. As a result, FTSI’s actual
results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, but are not limited to, the operations of FTSI;
results of litigation, settlements and investigations; actions by third
parties, including governmental agencies; volatility in customer
spending and in oil and natural gas prices, which could adversely affect
demand for FTSI's services and their associated effect on rates,
utilization, margins and planned capital expenditures; global economic
conditions; excess availability of pressure pumping equipment, including
as a result of low commodity prices, reactivation or construction;
liabilities from operations; weather; decline in, and ability to
realize, backlog; equipment specialization and new technologies;
shortages, delays in delivery and interruptions of supply of equipment
and materials; ability to hire and retain personnel; loss of, or
reduction in business with, key customers; difficulty with growth and in
integrating acquisitions; product liability; political, economic and
social instability risk; ability to effectively identify and enter new
markets; cybersecurity risk; dependence on our subsidiaries to meet our
long-term debt obligations; variable rate indebtedness risk; and
anti-takeover measures in our charter documents. Any forward-looking
statement made in this press release speaks only as of the date on which
it is made. FTSI undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.
When considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements in FTSI’s filings
with the SEC. The risk factors and other factors noted in FTSI’s filings
with the SEC could cause the Company’s actual results to differ
materially from those contained in any forward-looking statement.
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