EPL Announces a New $20 Million Stock Repurchase Program
29 Agosto 2011 - 12:00PM
Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) announced
today that the Board of Directors of the Company authorized a
program for the repurchase of shares of its outstanding Common
Stock for up to an aggregate cash purchase price of $20
million. This program will be executed in the open market on
the New York Stock Exchange and in privately negotiated
transactions. The Company continues to retain very robust
liquidity levels with approximately $85 million of cash on
hand, an undrawn $150 million credit facility and no change to the
strong cash flow outlook as outlined in the Company's
guidance. The Company would fund the stock repurchases out of
its cash on hand. Based on EPL's closing price on the NYSE of
$12.26 per share on August 26, 2011, a $20 million buyback would
represent approximately 4% of the Company's 40.2 million
outstanding shares of Common Stock.
Gary C. Hanna, the Company's President and Chief Executive
Officer, stated, "This new repurchase program underscores our
commitment to maximizing shareholder value. We remain focused on
operational excellence, organic production growth, opportunistic
acquisitions, maintenance of a strong balance sheet and ample
liquidity. Our capital programs are in full swing as we have
successfully completed integrating our recently acquired assets and
are focused on operational execution to drive growth in both
production and reserves on our expanded asset base. We continue to
look forward to further free cash flow into 2012. Today's
repurchase plan announcement reflects the Board's belief that our
stock is deeply undervalued and represents an attractive expansion
to our investment program."
The repurchased shares will be accumulated by the Company and
held in treasury, and would be excluded from the Company's
outstanding share count. The repurchased shares could be used
by the Company to provide available shares for possible resale in
future public or private offerings and the Company's employee
benefit plans. The repurchases will be carried out in accordance
with certain volume, timing and price constraints imposed by the
Securities and Exchange Commission's rules applicable to such
transactions. The amount, timing and price of purchases will
otherwise depend on market conditions and other factors.
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company based in New Orleans, Louisiana,
and Houston, Texas. The Company's operations are concentrated
in the U.S. Gulf of Mexico shelf, focusing on the state and federal
waters offshore Louisiana. For more information, please visit
www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this
press release that address activities, events or developments that
EPL "expects," "believes," "plans," "projects," "estimates" or
"anticipates" will or may occur in the future are forward-looking
statements. We believe these judgments are reasonable, but
actual results may differ materially due to a variety of important
factors. Among other items, such factors might include: stock
market conditions; the trading price of EPL's common stock; cash
demands caused by planned and unplanned capital expenditures;
changes in general economic conditions; uncertainties in reserve
and production estimates; unanticipated recovery or production
problems; hurricane and other weather-related interference with
business operations; the effects of delays in completion of, or
shut-ins of, gas gathering systems, pipelines and processing
facilities; changes in legislative and regulatory requirements
concerning safety and the environment as they relate to operations;
oil and natural gas prices and competition; the impact of
derivative positions; production expenses and expense estimates;
cash flow and cash flow estimates; future financial performance;
drilling and operating risks; our ability to replace oil and gas
reserves; risks and liabilities associated with the properties to
be acquired in the acquisition; volatility in the financial and
credit markets or in oil and natural gas prices; and other matters
that are discussed in EPL's filings with the Securities and
Exchange Commission. (http://www.sec.gov/).
CONTACT: Investors/Media
T.J. Thom, Chief Financial Officer
504-799-1902
tthom@eplweb.com
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