The board of directors at Cameron International Corp. (NYSE: CAM) increased the company’s share repurchase authorization by an additional $500 million, the company said March 21, noting that this year it has bought back 12.8 million common shares at $780 million total cost.
"With this additional share repurchase authorization, Cameron reaffirms its commitment to driving value for shareholders. The company will be disciplined and opportunistic with respect to its authorization, but intends to aggressively repurchase shares when market conditions and other factors permit. The commercial paper program will allow us to more efficiently borrow in the market when necessary," commented Jack Moore, chairman, president and CEO.
The company also noted that its first commercial paper program was established. The program, authorized for a $500 million maximum, will be used for general corporate purposes which include share buybacks, Cameron said.
Houston-based Cameron provides oil and natural gas companies around the world with flow equipment products and services.
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.