FTS International Announces $100 Million Stock Repurchase Program
May 15 2019 - 4:10PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20190515005948/en/
Lance TurnerChief Financial OfficerFTS International,
Inc.817-862-2000
FTS (NYSE:FTSI)
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