FTS International Announces $100 Million Stock Repurchase Program
FORT WORTH, Texas--(BUSINESS WIRE)--May 15, 2019--
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190515005948/en/
CONTACT: Lance Turner
Chief Financial Officer
FTS International, Inc.
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: FTS International, Inc.
Copyright Business Wire 2019.
PUB: 05/15/2019 04:10 PM/DISC: 05/15/2019 04:10 PM