The board of directors at Eagle Rock Energy Partners LP (NASDAQ: EROC) authorized a buyback program for $100 million worth of common units, the company said Oct. 27.
Units can be repurchased on the open market or in private transactions, beginning after the 10-Q is filed for this year’s third quarter. The buyback is scheduled to close March 31, 2016, Eagle Rock said.
The company will not acquire a specific number of units, and it can cancel any repurchased units, Eagle Rock said.
"Our re-instatement of a cash distribution for the third quarter of 2014 and announcement of this new repurchase program demonstrates our ongoing commitment to maximizing unitholder value through return of capital and value-enhancing investments. We also remain focused on operational excellence, growth through acquisitions and preservation of a strong balance sheet and ample liquidity," said Joseph A. Mills, chairman and CEO.
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