HOUSTON, May 25 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE:
BJS; PCX; CBOE) 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 $1.0 billion, supplementing
approximately $270 million available to spend from prior authorizations.
Commenting on the authorization, CEO J. W. Stewart said, "During the
current quarter, the Company has repurchased approximately $220 million of
its outstanding shares and has repurchased $331 million in the current
fiscal year. Since the initial authorization in December 1997, the Company
has repurchased approximately $928 million of its then outstanding shares.
The expansion of the repurchase program allows the Company to continue
utilizing its free cash flow and leverage capacity to further repurchase
shares and to enhance long term shareholder value while maintaining
considerable financial flexibility to pursue growth opportunities. Today's
action gives the Company total authorization of approximately $1.3 billion
for future purchases."
The Board of Directors also approved a quarterly cash dividend in the
amount of $.05 per share, payable July 14, 2006 to shareholders of record
at the close of business on June 15, 2006.
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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