Liberty Energy Increases Share Repurchase Authorization to $500 Million and Announces Quarterly Cash Divi
Liberty Energy Inc. LBRT "Liberty" or the "Company"))) announced today that its Board of Directors (the "Board") has increased its existing share repurchase authorization announced on July 25, 2022, to $500 million, a $250 million increase from the originally authorized amount.
Since the repurchase program commencement, Liberty has repurchased and retired 8,185,890 shares of Class A common stock, representing 4.4% of outstanding shares, for approximately $125 million. With this program expansion, the Company has approximately $375 million available for share repurchases through July 31, 2024.
The Board has also declared a dividend of $0.05 per share of Class A common stock, to be paid on March 20, 2023, to holders of record as of March 6, 2023.
"Today's announcement reinforces our conviction in our ability to execute on our strategic priorities while delivering a leading return of capital strategy that is designed to result in substantial long-term value creation," commented Chris Wright, Chief Executive Officer. "We are acutely focused on maximizing total return for Liberty shareholders with a balanced approach of investing in high return opportunities while returning capital to shareholders. Our upsized authorization reflects our belief that the expected future cash generation profile of our business is significant."
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