HOUSTON, Dec. 11, 2013 /PRNewswire/ -- Superior
Energy Services, Inc. (NYSE: SPN) today announced that its Board of
Directors has approved initiating a quarterly dividend program and
has declared an initial quarterly dividend of $0.08 per share on its outstanding common stock.
The initial dividend will be paid on February 19, 2014 to all shareholders of record
as of the close of business on January 30,
2014.
David Dunlap, President and CEO
of the Company, commented, "The board's decision to initiate a
quarterly dividend further reflects our commitment to a disciplined
capital allocation policy and our confidence in the Company's
ability to generate significant free cash flow moving
forward. We are pleased to enhance shareholder value through
this dividend policy while maintaining our strong balance sheet and
continuing our geographic expansion strategy."
Future amounts and payment dates of the cash dividend will be
subject to Board of Directors approval and may be adjusted as
business needs or market conditions change.
About Superior Energy Services
Superior Energy Services, Inc. serves the drilling, completion
and production-related needs of oil and gas companies worldwide
through its brand name drilling products and its integrated
completion and well intervention services and tools, supported by
an engineering staff who plan and design solutions for
customers.
Statements in this press release other than statement of
historical facts, including statements regarding our estimates,
expectations, beliefs, intentions, projections or strategies for
the future, may be "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from the estimates, expectations, beliefs, intentions, projections
and strategies reflected in or suggested by the forward-looking
statements. Among the factors that could cause actual results
to differ materially are risks inherent in acquiring businesses,
including the ability to successfully integrate Complete Production
Services Inc.'s operations into the Company's legacy operations and
the costs incurred in doing so; the effect of regulatory programs
and environmental matters on our performance, including the risk
that future changes in the regulation of hydraulic fracturing could
reduce or eliminate demand for our pressure pumping services; risks
associated with business growth outpacing the capabilities of the
Company's infrastructure and workforce; risks associated with the
uncertainty of macroeconomic and business conditions worldwide; the
cyclical nature and volatility of the oil and gas industry,
including the level of exploration, production and development
activity and the volatility of oil and gas prices; changes in
competitive factors affecting our operations; political, economic
and other risks and uncertainties associated with international
operations; the lingering impact on exploration and production
activities in the U.S. coastal waters following the Deepwater
Horizon incident; the impact that unfavorable or unusual weather
conditions could have on the Company's operations; the potential
shortage of skilled workers; the Company's dependence on certain
customers; the risks inherent in long-term fixed-price contracts;
operating hazards, including the significant possibility of
accidents resulting in personal injury or death, property damage or
environmental damage; and other material factors that are described
in detail in Item 1A of the Company's Annual Report on Form 10-K
for the year ended December 31, 2012,
as subsequently updated by the Company's filings with the
Securities and Exchange Commission. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, the Company can give no assurance that such
expectations will prove to be correct. Investors are cautioned that
many of the assumptions on which the Company's forward-looking
statements are based are likely to change after such
forward-looking statements are made, including for example the
market prices of oil and natural gas and regulations affecting oil
and gas operations, which the Company cannot control or anticipate.
Further, the Company may make changes to its business plans that
could or will affect its results. The Company undertakes no
obligation to update any of its forward-looking statements and the
Company does not intend to update its forward-looking statements
more frequently than quarterly, notwithstanding any changes in its
assumptions, changes in its business plans, its actual experience,
or other changes. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof.
FOR FURTHER INFORMATION CONTACT:
David Dunlap, President and CEO,
(713) 654-2200;
Robert Taylor, CFO or Greg Rosenstein, EVP of Corporate Development,
(504) 587-7374
SOURCE Superior Energy Services, Inc.