HOUSTON--(BUSINESS WIRE)--Dec. 15, 2008--Exterran Holdings, Inc. (NYSE:EXH) today announced that its Board of
Directors has increased the Company's share repurchase program, from
$200 million to $300 million, and extended the expiration date of the
authorization, from August 19, 2009 to December 15, 2010.
Since August 20, 2007, Exterran Holdings has repurchased approximately
$200 million of shares of common stock pursuant to its share repurchase
program, of which approximately $50 million of shares have been
repurchased since October 1, 2008 at an average price of $16.27 per
share.
Under the Company's share repurchase program, shares may be purchased in
open market or negotiated transactions. The Company may conduct a
portion of the repurchases under a recently adopted Rule 10b5-1 trading
plan, which provides the flexibility to extend its share repurchases
beyond the quarterly purchasing window. The timing and extent to which
the Company repurchases its shares will depend upon market conditions
and other corporate considerations.
"We believe the capital position of Exterran continues to be strong,"
said Stephen A. Snider, Chief Executive Officer. "The expansion and
extension of the share repurchase program reflects our continued
optimism in the long-term outlook for Exterran, and allows us to
continue efforts to pursue share repurchases to further enhance
shareholder value."
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum--from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
and its over 10,000 employees have operations in more than 30 countries.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements rely on
a number of assumptions concerning future events and are subject to a
number of uncertainties and factors, many of which are outside the
control of Exterran Holdings (the "Company"), which could cause actual
results to differ materially from such statements. Forward-looking
information includes, but is not limited to, statements regarding the
expected benefits of the expanded share repurchase program and the
long-term outlook for the Company.
While the Company believes that the assumptions concerning future events
are reasonable, it cautions that there are inherent difficulties in
predicting certain important factors that could impact the future
performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are the inability of the Company to effect
share repurchases; conditions in the capital markets and the oil and gas
industry, including a sustained decrease in the level of supply or
demand for oil and natural gas and the impact on the price of oil and
natural gas; the Company's ability to timely and cost-effectively obtain
components necessary to conduct its business; changes in political or
economic conditions in key operating markets; and changes in safety and
environmental regulations pertaining to the production and
transportation of oil and natural gas.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings' Annual Report on Form 10-K for the year ended
December 31, 2007, as amended by Amendment No. 1 thereto, and those set
forth from time to time in the Company's filings with the Securities and
Exchange Commission, which are currently available at www.exterran.com.
Except as required by law, the Company expressly disclaims any intention
or obligation to revise or update any forward-looking statements whether
as a result of new information, future events or otherwise.
CONTACT:
Exterran Holdings, Inc., Houston
Investors: David Oatman, 281-836-7035
or
Media: Pat (Patricia) Wente, 281-836-7308
Source:
Exterran Holdings, Inc.