HOUSTON, March 21, 2014 /PRNewswire/ -- Cameron (NYSE: CAM) today announced that its Board of Directors has approved an increase in the Company's share repurchase authorization by an additional $500 million. In addition, the Company reported it has repurchased 12.8 million shares so far in 2014, at a total cost of $780 million.
The Company has also established its first commercial paper program which will be used for general corporate purposes including share repurchases. The program is authorized to a maximum of $500 million.
Jack Moore, Cameron Chairman, President and Chief Executive Officer stated, "With this additional share repurchase authorization, Cameron reaffirms its commitment to driving value for shareholders. The Company will be disciplined and opportunistic with respect to its authorization, but intends to aggressively repurchase shares when market conditions and other factors permit. The commercial paper program will allow us to more efficiently borrow in the market when necessary."
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. For more information, visit www.c-a-m.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Forward-looking statements include our current expectations future repurchases and use of proceeds. Although we believe our forward-looking statements are reasonable, they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and actual results may differ from the expectations expressed.