HOUSTON, March 1 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE: BJS; CBOE; PCX) announced today that its Board of Directors has
authorized an expansion of its share repurchase program.
Today's Board action increased the repurchase authority by $450 million,
supplementing approximately $83 million available to spend from prior
authorizations.
Commenting on the authorization, CEO J. W. Stewart said, "During the
current quarter, the Company has invested approximately $51 million
repurchasing outstanding shares and since the initial authorization in
December 1997, the Company has invested approximately $667 million
repurchasing outstanding shares. The expansion of the repurchase program
allows the Company to continue utilizing its free cash flow to enhance long
term shareholder value while maintaining considerable financial flexibility to
pursue growth opportunities. Today's action gives the Company total
authorization of $533 million for future purchases."
BJ Services Company is a leading provider of pressure pumping and other
oilfield services to the petroleum industry.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company
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Related links:
http://www.bjservices.com
CONTACT:
Jeff Smith of BJ Services Company,
+1-713-462-4239
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