Liberty Oilfield Services Inc. (NYSE: LBRT) announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of Class A common stock, to be paid on March 20, 2019 to holders of record as of March 6, 2019. A distribution of $0.05 per unit has been approved for holders of units in Liberty Oilfield Services New HoldCo LLC, which will use the same record and payment date.
Future declarations of dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.
Liberty also announced today that its Board of Directors has authorized the implementation of an additional share repurchase plan to repurchase shares of Liberty’s Class A common stock, par value $0.01 per share, in an amount not to exceed $100 million through January 31, 2021. This program is in addition to the $100 million share repurchase program previously announced by Liberty on September 10, 2018, which has been substantially completed.
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 January 22, 2019 and will remain in place until January 31, 2021 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.
About Liberty Oilfield Services Inc.
Liberty 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. For more information about Liberty Oilfield Services Inc, please contact Investor Relations at IR@libertyfrac.com
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.
Chief Financial Officer