Superior Energy Announces $500 Mln Buyback - Quick Facts

(RTTNews) - Superior Energy Services, Inc. (SPN) Thursday said its Board of Directors has authorized the repurchase of up to $500 million of Superior's common stock over the next two years. The new program replaces Superior's existing $400 million authorization.

Superior's share repurchase program is intended to enhance shareholder value by making buybacks during periods of favorable market conditions. Under the program's terms, shares may be repurchased from time to time at the company's discretion on the open market, through block trades or otherwise.

Superior's President and CEO David Dunlap, said, "We're very pleased with the Board's decision to approve this new share repurchase program and believe it reflects the Board's confidence in both our short term prospects and our long term growth strategy."