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Select Energy Services (WTTR) Announces $50M Share Buyback
Select Energy Services , Inc. (NYSE:) today announced that its board of directors has authorized a new $50 million share repurchase program under which the Company may repurchase its outstanding shares of Class A common stock. This new authorization is in addition to the $8.6 million remaining outstanding under the Company’s previous $25 million authorization, as of December 31, 2022. The combined outstanding repurchase authorization represents nearly ten percent of the Company’s outstanding Class A common stock based on the closing price on Friday, March 17, 2023.
These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, number and value of shares repurchased under the program will be at the discretion of management and the board of directors and will depend on a number of factors, including market conditions, business conditions, the trading price of the Company’s Class A common stock and the nature of other investment opportunities available to the Company. Select is not obligated to purchase any shares under the repurchase program and repurchases may be suspended or discontinued at any time without prior notice. The Company expects to fund the repurchase program out of working capital and cash flow from operations, as well as borrowings under its sustainability-linked credit facility.
John Schmitz, Chairman of the Board, President and CEO, stated, “Select’s disciplined capital allocation strategy prioritizes financial strength through maintenance and organic growth capital investment, strategic acquisitions, and a sustainable return of capital program to enhance shareholder value. Select firmly believes that returning capital to shareholders out of positive and growing earnings and free cash flow is an important part of our overall capital allocation strategy. Accordingly, I am pleased to supplement our quarterly base dividend and existing share repurchase authorization with a supplemental $50 million repurchase program.
“Through both organic development and a dozen acquisitions, we have put together one of the…
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