Keane Announces Completion of $34 million in Share Repurchases
June 05 2018 - 8:00AM
Business Wire
Keane Group, Inc. (NYSE:FRAC) (“Keane” or the “Company”)
announced that since April 1, 2018, it has completed approximately
$34 million of total share repurchases at an average price of
$15.54 per share, representing a total of approximately 2.2 million
common shares. Of the total amount repurchased, shares valued at
approximately $20 million were repurchased at market price from
White Deer Energy, while approximately $14 million were completed
in open market transactions. Keane previously issued common shares
to White Deer Energy as part of its acquisition of RockPile Energy
Services in July 2017. Repurchases were made as part of the
Company’s $100 million stock repurchase program previously
announced on February 26, 2018.
“We are excited to complete more than one-third of our
authorized repurchases at attractive prices, successfully executing
on our plan of maximizing and returning value to shareholders,”
said Greg Powell, President and Chief Financial Officer of Keane.
“As part of the share repurchases, we are pleased to reach a
strategic repurchase agreement with White Deer, and remain
committed to additional capital return including further share
repurchases over time.”
The stock repurchase program does not obligate Keane to purchase
any particular number of shares of common stock during any period
and the program may be modified or suspended at any time at the
Company's discretion.
About Keane Group, Inc.
Headquartered in Houston, Texas, Keane is one of the largest
pure-play providers of integrated well completion services in the
U.S., with a focus on complex, technically demanding completion
solutions. Keane’s primary service offerings include horizontal and
vertical fracturing, wireline perforation and logging, engineered
solutions, and cementing, as well as other value-added service
offerings. Keane currently owns approximately 1.2 million hydraulic
fracturing horsepower and 31 wireline trucks and provides
engineered solutions. Keane’s broad geographic footprint spans the
most prolific U.S. shale basins including the Permian, Marcellus /
Utica, Bakken and SCOOP / STACK. Keane prides itself on its
outstanding employee culture, its efficiency and its ability to
meet and exceed the expectations of its customers and communities
in which it operates.
Forward-Looking Statements
The statements contained in this release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “could,” “should,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“pursuant,” “target,” “continue,” and similar expressions are
intended to identify such forward-looking statements. The
statements in this press release that are not historical
statements, including statements regarding Keane’s plans,
objectives, future opportunities for Keane’s services, future
financial performance and operating results and any other
statements regarding Keane’s future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts, are forward-looking
statements within the meaning of the federal securities laws. These
statements are subject to numerous risks and uncertainties, many of
which are beyond Keane’s control, which could cause actual results
to differ materially from the results expressed or implied by the
statements. These risks and uncertainties include, but are not
limited to the operations of Keane; the anticipated funding and
expected delivery of the newbuild fleets; 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
Keane’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.
Additional information concerning factors that could cause
actual results to differ materially from those in the
forward-looking statements is contained from time to time in
Keane’s Securities and Exchange Commission (“SEC”) filings,
including the most recently filed Forms 10-Q and 10-K. Keane
undertakes no obligation to publicly update or revise any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20180605005908/en/
Investor Relations713-893-3602Marc Silverberg,
ICRmarc.silverberg@icrinc.com
Keane (NYSE:FRAC)
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