Baker Hughes Company Announces $2 Billion Share Repurchase Authorization
“We are generating strong cash flow and are confident in our short-term operational outlook and long-term strategic positioning. Today’s announcement represents further confirmation on our optimistic view of the future for the Company. We believe this announced buyback is an attractive use of cash given the value of our company and the highly accretive nature of this program,” said
“At the current share price, this repurchase represents over nine percent of the Company's outstanding shares. We are pleased that Baker Hughes’ strong balance sheet and robust cash flow profile, which enables us to not only return value to shareholders through our regular quarterly dividend and share repurchases, but also enables us to invest for growth and position for new frontiers to lead the energy transition," added Simonelli.
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Baker Hughes expects to fund the repurchase program from cash generated from operations. The exact number of shares to be repurchased by the Company is not guaranteed. The Company expects to make share repurchases from time to time subject to the Company’s capital plan, market conditions, and other factors, including legal and regulatory restrictions and required approvals. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.
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