The board of directors at deepwater oilfield services company Deep Down Inc. authorized the repurchase of $1 million common shares, the company said May 23.
The buyback will be funded from cash on hand and cash provided by operating activities. The buyback is scheduled to expire on March 31, 2017.
Ronald E. Smith, CEO, said the company is undervalued due to the current low oil price, but the company’s balance sheet is very strong, and operations should likely improve with its strong backlog. The company does not have any debt on the balance sheet, he said.
Deep Down Inc. is based in Houston.
Recommended Reading
Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
2024-02-20 - With natural gas markets still oversupplied and commodity prices low, gas producer Chesapeake Energy plans to start cutting rigs and frac crews in March.
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.
Mach Natural Resources Declares 4Q 2023 Distribution
2024-02-20 - Mach Natural Resource’s distribution is payable March 14 to common unitholders of record by Feb. 29.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.