DENVER--(BUSINESS WIRE)--Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that its Board of Directors (the “Board”) has authorized the reinstatement of a quarterly cash dividend. The Board has declared a dividend of $0.05 per share of Class A common stock, to be paid on December 20, 2022 to holders of record as of December 6, 2022. 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.
Liberty previously announced that its Board authorized on July 25, 2022, a share repurchase program that allows the company to repurchase up to $250 million of outstanding common stock through July 31, 2024. The program commenced during the third quarter and the Company has repurchased and retired 4,702,166 shares of Class A common stock, representing 2.5% of outstanding shares, for approximately $70 million at an average per share price of $14.89 through September 30, 2022.
“Liberty has achieved significant milestones since the Covid-driven downturn that enable capital investments focused on generating high rates of return, while also supporting the return of capital to shareholders,” commented Chris Wright, Chief Executive Officer. “Today’s announcement reflects confidence in our ability to deliver a peer-leading return of capital strategy that combines a quarterly cash dividend with opportunistic share repurchases to drive significant value for shareholders.”
Liberty suspended its quarterly cash dividend in April of 2020 in response to uncertainty driven by the pandemic.
Future declarations of quarterly cash 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.
About Liberty
Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyfrac.com.
Forward-Looking and Cautionary Statements
The information above includes “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. All statements, other than statements of historical facts included herein are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. 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. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
