Exploration & Production | Finance & Investing | Capital Markets | Private Equity Activity
Memorial Resource Development Repurchases $50MM in Stock
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Memorial Resource Development Corp. reported that its Board of Directors has authorized the repurchase of up to $50 million of MRD's common stock.
John Weinzierl, Chief Executive Officer of MRD, commented: "MRD is committed to delivering shareholder returns, and our management team and Board of Directors believe that at recent trading levels a share repurchase program represents a compelling value proposition that will deliver long-term value to our shareholders. We enacted this program to allow MRD to quickly and efficiently take advantage of any share price volatility in the future. Additionally, our ample liquidity position, low leverage, and high-return asset base provide us with the financial flexibility to execute on this program and our future development plan. If current market conditions persist, we will continue to evaluate our options of enhancing shareholder value, including potentially through additional disciplined share repurchases."
Under the program's terms, shares may be repurchased from time to time at MRD's discretion on the open market, through block trades or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. The authorization is effective immediately.