Riley Permian Initiates Share Repurchase Program
Riley Exploration Permian, Inc. (NYSE American: REPX) has recently announced an exciting development for its shareholders. The company’s Board of Directors has authorized a share repurchase program, allowing for a buyback of up to $100 million of its common stock within the next 24 months. This strategic move is seen as a way to amplify capital returns to shareholders, complementing the company’s ongoing quarterly dividends.
CEO's Insight on Share Buyback
Bobby Riley, the Chairman and Chief Executive Officer of Riley Permian, expressed enthusiasm about this initiative, stating, "We're excited to introduce a share repurchase program as another means of returning capital to shareholders in addition to our quarterly dividends." The recent completion of a midstream sale has put the company in a strong position to pursue value-enhancing opportunities. This new program underscores the company's belief in its solid operational performance and robust financial standing.
Share Repurchase Mechanics
The shares repurchased under this program can be acquired via various methods including open market transactions, block trades, and privately negotiated deals, all conducted in compliance with federal securities regulations. Supervising the execution of the buyback will be contingent upon several factors, such as market conditions, the internal assessment of the company’s stock value, liquidity levels, and adherence to legal frameworks.
Commitment to Shareholder Value
The company is committed to purchasing shares opportunistically while ensuring that it maintains enough liquidity to support its capital development agenda. The share repurchase program does not compel Riley Permian to buy back stock, although the Board can modify, suspend, or terminate the program whenever necessary. Any stock repurchased will cease to be outstanding and may be utilized for future corporate needs.
About Riley Exploration Permian, Inc.
Riley Exploration Permian operates as a growth-oriented upstream oil and gas company. With active operations in Texas and New Mexico, it focuses on infrastructure projects that bolster its overall activities. This commitment to growth and efficiency is vital for maximizing shareholder value. For additional information, please visit the official website.
Frequently Asked Questions
What is the purpose of the share repurchase program?
The share repurchase program aims to return capital to shareholders, reflecting the company’s confidence in its operational success and financial strength.
How much stock is Riley Permian planning to repurchase?
Riley Permian plans to repurchase up to $100 million of its common stock over the next 24 months.
Will the company purchase shares continuously?
No, share purchases will occur opportunistically based on market conditions and other relevant factors.
Can the share repurchase program be modified?
Yes, the Board of Directors retains the right to modify, suspend, or discontinue the repurchase program at any time.
What methods will the company use to repurchase shares?
Purchases can be made through open market transactions, block trades, or private negotiations, all adhering to federal regulations.