HOUSTON, Dec. 11, 2019 /PRNewswire/ -- NexTier
Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company")
today announced that its Board of Directors (the "Board") approved
a capital return program under which NexTier may expend a total of
up to $100 million, which may be
implemented between now and December 31,
2020, through stock repurchases, dividends or other capital
return strategies. As part of the capital return program, the
Board approved a stock repurchase program of up to $50 million of the Company's common stock,
subject to U.S. Securities and Exchange Commission regulations,
stock market conditions, capital needs of the business and other
factors.
"NexTier is positioned to generate meaningful free cash flow in
2020, supported by our differentiated approach to partnership,
innovation and leading efficiency," said Robert Drummond, President and Chief Executive
Officer of NexTier. "We are committed to acting in the best
interests of all our stakeholders, which includes our focus on
ensuring the most prudent usage of our capital. Our new
$100 million program provides
flexibility to ensure we are allocating capital to the most
effective method of capital return, while evidencing our team's
confidence in NexTier's diversified services platform and our focus
on delivering leading returns to investors over the near and
long-term."
The amount, timing and terms of any return of capital
transaction will be determined based on prevailing market
conditions and other factors, including applicable black-out
periods. The stock repurchase program does not obligate
NexTier to purchase any shares of common stock during any period
and the program may be modified or suspended at any time at
NexTier's discretion.
About NexTier Oilfield Solutions
Headquartered in Houston,
Texas, NexTier is an industry-leading U.S. land oilfield
service company, with a diverse set of well completion and
production services across the most active and demanding basins.
Our integrated solutions approach delivers efficiency today,
and our ongoing commitment to innovation helps our customers better
address what is coming next. NexTier is differentiated
through four points of distinction, including safety performance,
efficiency, partnership and innovation. At NexTier, we
believe in living our core values from the basin to the boardroom,
and helping customers win by safely unlocking affordable, reliable
and plentiful sources of energy.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to risks and uncertainties and
are made pursuant to the safe harbor provisions of Section 27A of
the Securities Act of 1993, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Where a
forward-looking statement expresses or implies an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and believed to have a reasonable basis.
The words "believe," "continue," "could," "expect," "anticipate,"
"intends," "estimate," "forecast," "project," "should," "may,"
"will," "would" or the negative thereof and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond the
Company's control. Statements in this press release regarding the
Company that are forward-looking, including future financial and
operating results, are based on management's estimates, assumptions
and projections, and are subject to significant uncertainties and
other factors, many of which are beyond the Company's control.
These factors and risks include, but are not limited to, (i) the
competitive nature of the industry in which the Company conducts
its business, including pricing pressures; (ii) the ability to meet
rapid demand shifts; (iii) the impact of pipeline capacity
constraints and adverse weather conditions in oil or gas producing
regions; (iv) the ability to obtain or renew customer contracts and
changes in customer requirements in the markets the Company serves;
(v) the ability to identify, effect and integrate acquisitions,
joint ventures or other transactions; (vi) the ability to protect
and enforce intellectual property rights; (vii) the effect of
environmental and other governmental regulations on the Company's
operations; (viii) the effect of a loss of, or interruption in
operations of, one or more key suppliers, including resulting from
product defects, recalls or suspensions; (ix) the variability of
crude oil and natural gas commodity prices; (x) the market price
and availability of materials or equipment; (xi) the ability to
obtain permits, approvals and authorizations from governmental and
third parties; (xii) the Company's ability to employ a sufficient
number of skilled and qualified workers to combat the operating
hazards inherent in the Company's industry; (xiii) fluctuations in
the market price of the Company's stock; (xiv) the level of, and
obligations associated with, the Company's indebtedness; and (xv)
other risk factors and additional information. For a more detailed
discussion of such risks and other factors, see the Company's
filings with the Securities and Exchange Commission (the "SEC"),
including under the heading "Risk Factors" in Item 1A of the
Company's Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31, 2018, filed
on February 27, 2019 and August 19, 2019, respectively, and in other
periodic filings, available on the SEC website or
www.NexTierOFS.com. The Company assumes no obligation to update any
forward-looking statements or information, which speak as of their
respective dates, to reflect events or circumstances after the date
of this press release, or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued "forward-looking statement"
constitutes a reaffirmation of that statement.
Investor Contact:
Daniel Jenkins
Vice President – Investor Relations
(713) 325-6000
investors@nextierofs.com
Marc Silverberg
Managing Director (ICR)
marc.silverberg@icrinc.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nextier-announces-100-million-capital-return-program-300972925.html
SOURCE NexTier Oilfield Solutions