Solaris Oilfield Infrastructure Announces Enhanced Shareholder Return Framework, Dividend Increase and Authorization of $50 Million Share Repurchase Program
02 Marzo 2023 - 3:01PM
Business Wire
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or
the “Company”) announced today that its Board of Directors has
approved an enhanced shareholder return program, including an
increase in the Company’s quarterly cash dividend to $0.11 per
share and authorization of a $50 million share repurchase
program.
“Solaris has a strong record of returning cash to shareholders.
We have returned approximately $112 million since 2018 through
dividends and share repurchases and were one of the few companies
in our industry that maintained its dividend through all points of
the cycle,” Solaris’ Chairman and Chief Executive Officer Bill
Zartler commented. “Our recent investments in new technology have
increased, and we expect will continue to increase, Solaris’ cash
flow. We plan to return at least 50% of free cash flow to
shareholders through dividends and share repurchases, demonstrating
our confidence in Solaris’ offerings, customers, employees and
value proposition.”
The first quarter 2023 dividend of $0.11 per share represents an
increase of approximately 5% and is to be paid on March 24, 2023 to
holders of record as of March 14, 2023. A distribution of $0.11 per
unit has also been approved for holders of units in Solaris
Oilfield Infrastructure, LLC, which is subject to the same payment
and record dates. This announcement represents Solaris’ 2nd
dividend increase and its 18th consecutive quarterly dividend.
The $50 million share repurchase authorization is effective
immediately and does not have a fixed expiration date. Assuming
full execution of the repurchase program at the current share
price, the Company would expect the retirement of approximately 11%
of the Company’s outstanding shares. All purchases will be made in
accordance with applicable securities laws from time to time in the
open-market or through private transactions, depending on market
conditions, may be made pursuant to a trading plan meeting the
requirements of Rule 10b-18 under the Securities Exchange Act of
1934, and may be discontinued at any time.
The shareholder return target, including the amount and timing
of any dividend payments and/or share repurchases, are subject to
the discretion of the Company's Board of Directors and will depend
upon business conditions, results of operations, financial
condition, terms of the Company's credit agreements and other
factors. Free cash flow, a non-GAAP financial measure, is defined
as net cash provided by operating activities less investment in
property, plant and equipment.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile
equipment that drives supply chain and execution efficiencies in
the completion of oil and natural gas wells. Solaris’ patented
equipment and systems are deployed across oil and natural gas
basins in the United States. Additional information is available on
our website, www.solarisoilfield.com.
Forward-Looking Statements
This press release contains 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. Examples of forward-looking statements include, but are
not limited to, the Company’s share repurchase program and the
projected timing, our business strategy, our industry, our future
profitability, the various risks and uncertainties associated with
the extraordinary market environment and impacts resulting from the
volatility in global oil markets and the COVID-19 pandemic,
expected capital expenditures and the impact of such expenditures
on performance, management changes, current and potential future
long-term contracts and our future business and financial
performance. Forward-looking statements are based on our current
expectations and assumptions regarding our 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, our actual results may differ
materially from those contemplated by the forward-looking
statements. Factors that could cause our actual results to differ
materially from the results contemplated by such forward-looking
statements include, but are not limited to the factors discussed or
referenced in our filings made from time to time with the SEC.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230302005859/en/
Yvonne Fletcher Senior Vice President, Finance and Investor
Relations (281) 501-3070 IR@solarisoilfield.com
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