Liberty Oilfield Services Inc. Announces Quarterly Cash Dividend and Authorization of Additional Share Repurchase Plan
Liberty Oilfield Services Inc. (NYSE: LBRT) announced today that its
Board of Directors has declared a quarterly cash dividend of $0.05 per
share of Class A common stock, to be paid on March 20, 2019 to holders
of record as of March 6, 2019. A distribution of $0.05 per unit has been
approved for holders of units in Liberty Oilfield Services New HoldCo
LLC, which will use the same record and payment date.
Future declarations of 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
stockholders. Future dividends may be adjusted at the Board’s discretion
based on market conditions and capital availability.
Liberty also announced today that its Board of Directors has authorized
the implementation of an additional share repurchase plan to repurchase
shares of Liberty’s Class A common stock, par value $0.01 per share, in
an amount not to exceed $100 million through January 31, 2021. This
program is in addition to the $100 million share repurchase program
previously announced by Liberty on September 10, 2018, which has been
substantially completed.
The share repurchases may be made from time to time in the open market
and through privately negotiated transactions, in block trades and/or
through other legally permissible means, depending on market conditions
and in accordance with applicable rules and regulations. The Company
expects to fund repurchases made under this plan from its existing cash
on hand and future operating cash flow. The share repurchase program was
authorized on January 22, 2019 and will remain in place until January
31, 2021 but may be limited or terminated at any time without prior
notice.
The share repurchase program was approved by Liberty’s Board of
Directors who believe that a share repurchase program at this time is in
the best interest of Liberty and its shareholders.
About Liberty Oilfield Services Inc.
Liberty is an independent provider of hydraulic fracturing services to
onshore oil and natural gas exploration and production companies in
North America. Liberty was founded in 2011 with a relentless focus on
improving tight-oil completions, and an emphasis on customer
partnerships and technology to find innovative answers to frac
optimization. Liberty is headquartered in Denver, Colorado. For more
information about Liberty Oilfield Services Inc, please contact Investor
Relations at IR@libertyfrac.com
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute
“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 (the “Exchange Act”). These
forward-looking statements represent Liberty’s expectations or beliefs
concerning future events, and it is possible that the results described
in this press release will not be achieved. 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 (the “SEC”). As a result of
these factors, actual results may differ materially from those indicated
or implied by such forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made, and, except as
required by law, Liberty does not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. New factors emerge from time to
time, and it is not possible for Liberty to predict all such factors.
When considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements the “Risk Factors”
section of Liberty’s Annual Report for the year ended December 31, 2017
and in our other public filings with the SEC. These and other factors
could cause our actual results to differ materially from those contained
in any forward-looking statement.
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Copyright Business Wire 2019
Source: Business Wire
(January 23, 2019 - 12:34 AM EST)
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