Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Oil States Sells Tubular Products Unit; Boosts Share Buyback Program

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Oil States International (NYSE: OIS  ) will put several hundred million dollars in its coffer following the divestment of one of its assets. The company announced it has sold Sooner, its subsidiary producing tubular (i.e., pipe and casing) goods for the energy industry. The buyer is privately held specialist Marubeni-Itochu Tubulars America, and the total price is $600 million in cash.

Oil States International will use the proceeds of the sale to retire debt and for "general corporate purposes."

The latter includes an expansion of the company's existing stock repurchase program. The board of directors has authorized an increase from the existing limit of $200 million to $500 million. Following the raise, the company has nearly $473 million remaining under the program. The initiative expires on September 1 of next year.

At the moment, Oil States International has just over 55 million shares outstanding. Its stock currently trades at $95.43 per share.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2626584, ~/Articles/ArticleHandler.aspx, 9/30/2016 2:50:48 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,341.54 198.09 1.09%
S&P 500 2,172.73 21.60 1.00%
NASD 5,321.49 52.33 0.99%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 2:35 PM
OIS $31.80 Up +1.78 +5.93%
Oil States Interna… CAPS Rating: ****