UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure |
On October 1, 2019, the Company issued a press release announcing that its Board of Directors authorized a new stock repurchase program. The full text of the press release is furnished with this Report as Exhibit 99.1 to this Current Report on Form 8-K.
The information provided pursuant to this Item 7.01 is “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings.
| Item 8.01 | Other Events |
Share Repurchase Program
On October 1, 2019, Superior Energy Services, Inc. (the “Company”) announced that its Board of Directors authorized a new stock repurchase program of up to $15.0 million of its outstanding shares of common stock. Repurchases may be made at management’s discretion from time to time in the open market, through negotiated transactions, or otherwise. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements, and capital availability. The authorization will expire March 31, 2020 and may be suspended or discontinued at any time at the discretion of the Board of Directors.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit |
Description | |||
| 99.1 |
Press Release dated October 1, 2019 announcing a share repurchase program. | |||
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Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUPERIOR ENERGY SERVICES, INC. | ||
| By: |
/s/ William B. Masters | |
| William B. Masters | ||
| Executive Vice President, General Counsel and Secretary | ||
Dated: October 1, 2019
Exhibit 99.1
1001 Louisiana St., Suite 2900
Houston, TX 77002
NYSE: SPN
FOR FURTHER INFORMATION CONTACT:
Paul Vincent, VP of Treasury and Investor Relations, (713) 654-2200
SUPERIOR ENERGY SERVICES ANNOUNCES SHARE REPURCHASE PROGRAM
Houston, October 1, 2019 – Superior Energy Services, Inc. (OTC: SPNV) (the “Company”) announced today that its Board of Directors has authorized a new stock repurchase program of up to $15.0 million of its outstanding shares of common stock. Repurchases may be made at management’s discretion from time to time in the open market, through negotiated transactions, or otherwise. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements, and capital availability. The authorization will expire March 31, 2020 and may be suspended or discontinued at any time at the discretion of the Board of Directors.
About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit: www.superiorenergy.com.
This press release includes forward-looking statements as defined under federal law, including, but not limited to, those related to the company’s intention to regain compliance with the NYSE continued listing standards. These forward-looking statements are generally identified by the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “may,” “should,” “could,” “will,” “would,” and “will be,” and variations of such words and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause the Company’s actual results to differ materially from the results contemplated by such forward-looking statements are described in the forward looking statements and risk factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 and those risk factors set forth from time to time in other filings with the Securities and Exchange Commission. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.
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