Discover last month's stock buyback announcements from the energy sector
May 3, 2023
Peabody BTU has recently announced the approval of a new shareholder return framework, which includes a share repurchase plan, fixed quarterly cash dividends, and a variable quarterly cash dividend component. Peabody's Board of Directors has authorized a share repurchase program of up to $1.0 billion of BTU common stock. This decision comes as Peabody aims to return at least 65 percent of annual Available Free Cash Flow (AFCF) to shareholders, retroactive to January 1, 2023. The share repurchase program is expected to be launched in the second quarter of 2023. Additionally, Peabody has amended its surety agreement to reduce collateral exposure, eliminate restrictions on shareholder returns, and extend the agreement through December 31, 2026.
Archrock, Inc. (AROC) has announced the authorization of a new $50 million share repurchase program, the "2023 Share Repurchase Program," along with a quarterly dividend of $0.15 per share. Archrock's President and CEO, Brad Childers, expressed confidence in the company's financial outlook and the compression market's positive fundamentals. The share repurchase program aims to increase shareholder returns and provide flexibility to capitalize on market dislocations. The program allows for periodic repurchases of common stock through various methods until April 27, 2024, at the discretion of Archrock. In related news, Peabody, a leading coal producer, authorized a share repurchase program of up to $1.0 billion, highlighting their commitment to returning value to shareholders while reinvesting in growth projects and maintaining a strong balance sheet. This decision was driven by Peabody's debt reduction, favorable market conditions, and achieving key financial goals. Archrock also made amendments to its surety agreement, extending it through December 31, 2026, while removing restrictions on shareholder returns and limiting collateral exposure.
U.S. Energy Corp. (USEG), a growth-focused energy company operating a portfolio of high-quality producing assets, recently authorized a share repurchase program. The Board of Directors has approved the repurchase of up to $5.0 million worth of U.S. Energy's outstanding common stock in the open market, in compliance with applicable securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The decision to repurchase shares and the timing of such repurchases will depend on various factors, such as U.S. Energy’s capital needs, market conditions, and management's assessment. U.S. Energy follows a focused and disciplined capital allocation strategy, prioritizing the growth of cash flow through accretive acquisitions and returning cash to shareholders. This approach has been supported by increased cash flow resulting from successful acquisitions, allowing U.S. Energy to provide meaningful dividends since Q2 2022.
RPC, Inc. (RES) recently announced an increase in its stock buyback program, authorizing the repurchase of an additional 8.0 million shares, bringing the total remaining available for repurchase to 15,115,820 shares. This decision is part of RPC's comprehensive strategy to allocate capital effectively and provide value to its shareholders. Along with regular quarterly cash dividends, RPC aims to return excess cash to shareholders through share repurchases. The program allows for flexibility in the timing and method of repurchases, including open market purchases, block purchases, privately negotiated transactions, or other suitable means. The actual repurchase amount will depend on various factors such as market conditions and RPC's stock price. RPC has no predetermined expiration date for the stock buyback program and reserves the right to suspend or discontinue it at any time.
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