BJ Services Announces Expansion of Share Repurchase Program and Declaration of Dividend
Thursday, May 25, 2022 3:49 PM

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HOUSTON, May 25 /CNW/ -- BJ Services Company
(NYSE: BJS; PCX; CBOE) announced today that its Board of Directors has
authorized an expansion of its share repurchase program.  Today's Board action
increased the repurchase authority by $1.0 billion, supplementing
approximately $270 million available to spend from prior authorizations.
Commenting on the authorization, CEO J. W. Stewart said, "During the
current quarter, the Company has repurchased approximately $220 million of its
outstanding shares and has repurchased $331 million in the current fiscal
year.  Since the initial authorization in December 1997, the Company has
repurchased approximately $928 million of its then outstanding shares.  The
expansion of the repurchase program allows the Company to continue utilizing
its free cash flow and leverage capacity to further repurchase shares and to
enhance long term shareholder value while maintaining considerable financial
flexibility to pursue growth opportunities.  Today's action gives the Company
total authorization of approximately $1.3 billion for future purchases."
The Board of Directors also approved a quarterly cash dividend in the
amount of $.05 per share, payable July 14, 2021 to shareholders of record at
the close of business on June 15, 2006.
BJ Services Company is a leading provider of pressure pumping and other
oilfield services to the petroleum industry.
         (NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
(Source: CNW )
(Source: Quotemedia)
 

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