Liberty Oilfield Services Inc. Announces Authorization of a Share Repurchase Plan
September 10 2018 - 8:42PM
Business Wire
Liberty Oilfield Services Inc. (NYSE: LBRT) (“Liberty”)
announced today that its board of directors has authorized the
implementation of a share repurchase plan to repurchase, at the
discretion of senior management, shares of Liberty’s Class A common
stock, par value $0.01 per share, in an amount not to exceed $100
million through September 30, 2019. The board’s authorization
includes the ability to purchase from Liberty’s pre-initial public
offering investors at prices equivalent to those paid to
unaffiliated sellers, subject to certain limitations. The share
repurchases may be made from time to time in the open market and
through privately negotiated transactions, in block trades and/or
through other legally permissible means, depending on market
conditions and in accordance with applicable rules and regulations.
The Company expects to fund repurchases made under this plan from
its existing cash on hand and future operating cash flow.
The share repurchase program was authorized on September 10,
2018 and will remain in place until September 30, 2019 but may be
limited or terminated at any time without prior notice.
The share repurchase program was approved by Liberty’s board of
directors who believe that a share repurchase program at this time
is in the best interest of Liberty and its shareholders and will
not impact Liberty’s ability to execute its growth plans.
About Liberty Oilfield Services Inc.
Liberty Oilfield Services Inc. is an independent provider of
hydraulic fracturing services to onshore oil and natural gas
exploration and production companies in North America. Liberty was
founded in 2011 with a relentless focus on improving tight-oil
completions, and an emphasis on customer partnerships and
technology to find innovative answers to frac optimization. Liberty
is headquartered in Denver, Colorado.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These forward-looking statements represent Liberty’s expectations
or beliefs concerning future events, and it is possible that the
results described in this press release will not be achieved. These
forward-looking statements are subject to certain risks,
uncertainties and assumptions identified above or as disclosed from
time to time in Liberty’s filings with the Securities and Exchange
Commission (the “SEC”). As a result of these factors, actual
results may differ materially from those indicated or implied by
such forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Liberty does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Liberty to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements the “Risk Factors” section
of Liberty’s Annual Report for the year ended December 31, 2017 and
in our other public filings with the SEC. These and other factors
could cause our actual results to differ materially from those
contained in any forward-looking statement.
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Liberty Oilfield Services Inc.Michael StockChief Financial
Officer303-515-2894IR@libertyfrac.com
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