ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:
PUMP) today announced that the Company's Board of Directors
approved an increase and extension of ProPetro's share repurchase
program. The program permits the repurchase of up to an additional
$100 million of the Company's common shares for a total of $200
million and extends the expiration date by one year to May 31,
2025.
"We are pleased to announce the expansion of our share
repurchase program, which reflects the strong support of our Board
of Directors in our strategy and ability to execute," stated Sam
Sledge, Chief Executive Officer. "We are confident we have the
right strategy in place to benefit from our position as a
sophisticated service provider. Our proven discipline and
transformed, bifurcated fleet give us confidence in our strategy
and earnings potential. As we continue to industrialize our
business, we’re creating durable and repeatable results. The
industrialized model that ProPetro is implementing will continue to
pay off and produce benefits for years to come. Today's expansion
highlights our commitment and confidence in that strategy."
Mr. Sledge, added, "We view share repurchases and the overall
return of capital to shareholders as an important part of our
strategy demonstrating our conviction in the future of the Company
while creating value for shareholders, and a key pillar of our
value proposition for investors. We plan to opportunistically
execute the share repurchase program, taking into consideration
market conditions, our business outlook, capital position, and
liquidity, all while maintaining our robust balance sheet.
Furthermore, as part of our strategy, we will continue to
high-grade our capital allocations and explore additional methods
of strategic capital allocations beyond the announced expanded
share repurchase program."
ProPetro has repurchased approximately $74 million or 8% of our
outstanding common stock since our plan's inception last May 2023.
With the program expansion, the total remaining authorization for
future common share repurchases is approximately $126 million or
14% of ProPetro’s market capitalization based on the current share
price.
During the pendency of the share repurchase program, the Company
may repurchase shares from time to time through various methods,
including in open market transactions, block trades, accelerated
share repurchases, privately negotiated transactions, derivative
transactions or otherwise, certain of which may be made pursuant to
a trading plan meeting the requirements of Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended, in compliance with
applicable state and 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, the nature of other
investment opportunities available to the Company, and other
considerations. The Company is not obligated to purchase any shares
under the repurchase program, 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 and
expected free cash flow to be generated in the future.
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based provider of
premium completion services to leading upstream oil and gas
companies engaged in the exploration and production of North
American unconventional oil and natural gas resources. We help
bring reliable energy to the world. For more information visit
www.propetroservices.com.
Forward-Looking Statements
Except for historical information contained herein, the
statements and information in this news release are forward-looking
statements that are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Statements
that are predictive in nature, that depend upon or refer to future
events or conditions or that include the words “may,” “could,”
“plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,”
“objective,” “believe,” “expect,” “anticipate,” “intend,”
“estimate,” "will," "should" and other expressions that are
predictions of, or indicate, future events and trends or that do
not relate to historical matters generally identify forward‑looking
statements. Our forward‑looking statements include, among other
matters, statements about the supply of and demand for
hydrocarbons, our business strategy, industry, projected financial
results and future financial performance, expected fleet
utilization, sustainability efforts, the future performance of
newly improved technology, expected capital expenditures, the
impact of such expenditures on our performance and capital
programs, our fleet conversion strategy and our share repurchase
program. A forward‑looking statement may include a statement of the
assumptions or bases underlying the forward‑looking statement. We
believe that we have chosen these assumptions or bases in good
faith and that they are reasonable.
Although forward‑looking statements reflect our good faith
beliefs at the time they are made, forward-looking statements are
subject to a number of risks and uncertainties that may cause
actual events and results to differ materially from the
forward-looking statements. Such risks and uncertainties include
the volatility of oil prices, the global macroeconomic uncertainty
related to the conflict in the Israel-Gaza region and the
Russia-Ukraine war, general economic conditions, including the
impact of continued inflation, central bank policy actions, bank
failures, and the risk of a global recession, and other factors
described in the Company's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, particularly the “Risk Factors” sections of
such filings, and other filings with the Securities and Exchange
Commission (the “SEC”). In addition, the Company may be subject to
currently unforeseen risks that may have a materially adverse
impact on it. Accordingly, no assurances can be given that the
actual events and results will not be materially different than the
anticipated results described in the forward-looking statements.
Readers are cautioned not to place undue reliance on such
forward-looking statements and are urged to carefully review and
consider the various disclosures made in the Company’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other
filings made with the SEC from time to time that disclose risks and
uncertainties that may affect the Company’s business. The
forward-looking statements in this news release are made as of the
date of this news release. ProPetro does not undertake, and
expressly disclaims, any duty to publicly update these statements,
whether as a result of new information, new developments or
otherwise, except to the extent that disclosure is required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240424402693/en/
Investor Contacts:
David Schorlemer Chief Financial Officer
david.schorlemer@propetroservices.com 432-227-0864
Matt Augustine Director, Corporate Development and Investor
Relations matt.augustine@propetroservices.com 432-219-7620
Grafico Azioni ProPetro (NYSE:PUMP)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni ProPetro (NYSE:PUMP)
Storico
Da Gen 2024 a Gen 2025
