December 23, 2024 [Business Wire]- Oil States International, Inc. During its Third Quarter 2024 Earnings Conference Call held on October 30, 2024, Oil States provided a strategic update announcing several important initiatives including business unit optimization, the exit of certain U.S. domestic underperforming business lines and locations, continued investment in new technologies including Managed Pressure Drilling (MPD) systems, the generation of free cash flow to facilitate growth and the enhancement of stockholder returns via an increased share repurchase authorization.

To provide an update on these initiatives, Oil States is pleased to announce that it has completed the sale of a previously idled facility generating net proceeds of $24.8 million. Together with cash on-hand and cash flows generated from its operations, net debt will continue to be reduced.

In addition, since implementing its new $50 million share repurchase authorization plan in October 2024, Oil States has repurchased 1.5 million shares of its common stock for consideration totaling $7.9 million.

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, “The consolidation of our Houston operations and completion of the sale of our Houston Ship Channel facility combined with the repurchase of our common stock adds momentum to the execution of our long-term strategy and demonstrates our commitment to enhance stockholder value. We will continue to capitalize on offshore and international growth opportunities, invest in differentiated technology offerings and optimize our domestic operations to maximize free cash flow with plans to increase returns for stockholders.”

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