Solaris plans dividend increase, share buybacks

By Solaris Oilfield Infrastructure | December 10, 2019

Solaris Oilfield Infrastructure has declared a 5 percent increase in its quarterly cash dividend to $0.105 per share of Class A common stock, to be paid on December 26, 2019 to holders of record as of December 16, 2019. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure LLC, which is subject to the same payment and record dates.

Solaris also announced that its Board of Directors has authorized a share repurchase program for up to $25 million of Solaris’ Class A common stock. Assuming full execution of the repurchase plan at the current share price, the company expects the retirement of approximately 5 percent of its outstanding shares. All purchases will be made in accordance with applicable laws from time to time in the open-market or through private transactions, depending on market conditions, and may be discontinued at any time.

“Today’s announcement of a quarterly dividend increase, and the initiation of the share repurchase program reflects the confidence we have in Solaris’ ability to continue generating free cash flow,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We remain committed to driving efficiencies for our customers, generating long-term value for our shareholders and maintaining a healthy balance sheet.”

Solaris Oilfield Infrastructure manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States, including the Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the Marcellus and Utica Shales, the Haynesville Shale, the Rockies and the Bakken Shale.