The board of directors at Cameron International Corp. (NYSE: CAM) increased the company’s share repurchase authorization by an additional $500 million, the company said March 21, noting that this year it has bought back 12.8 million common shares at $780 million total cost.
"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," commented Jack Moore, chairman, president and CEO.
The company also noted that its first commercial paper program was established. The program, authorized for a $500 million maximum, will be used for general corporate purposes which include share buybacks, Cameron said.
Houston-based Cameron provides oil and natural gas companies around the world with flow equipment products and services.
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