Oil States International announced on December 17, 2024, the completion of the sale of a previously idled facility, generating net proceeds of $24.8 million. This divestiture is part of the company's strategic initiatives to optimize its business units and exit underperforming U.S. domestic business lines and locations. The proceeds from this sale are intended to further reduce net debt, enhancing the company's financial flexibility.
Since implementing its new $50 million share repurchase authorization plan in October 2024, Oil States has repurchased 1.5 million shares of its common stock for a total consideration of $7.9 million. This action demonstrates the company's commitment to enhancing stockholder value and returning capital to shareholders. The share repurchase program is authorized to continue until October 2026.
The consolidation of Houston operations and the sale of the Houston Ship Channel facility, combined with ongoing share repurchases, add momentum to the execution of Oil States' long-term strategy. Management stated the company will continue to capitalize on offshore and international growth opportunities, invest in differentiated technology, and optimize domestic operations to maximize free cash flow.
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