Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (Solaris or the Company) announced today that its Board of Directors has declared a 5% increase in its quarterly cash dividend to $0.105 per share of Class A common stock, to be paid on December 26, 2019 to holders of record as of December 16, 2019. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.
Solaris also announced today that its Board of Directors has authorized a share repurchase program for up to $25 million of Solaris Class A common stock. Assuming full execution of the repurchase plan at the current share price, we would expect the retirement of approximately 5 percent of the Companys outstanding shares. All purchases will be made in accordance with applicable laws from time to time in the open-market or through private transactions, depending on market conditions, and may be discontinued at any time.
Todays announcement of a quarterly dividend increase and the initiation of the share repurchase program reflects the confidence we have in Solaris ability to continue generating free cash flow, Solaris Chairman and Chief Executive Officer Bill Zartler commented. We remain committed to driving efficiencies for our customers, generating long-term value for our shareholders and maintaining a healthy balance sheet.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States, including the Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the Marcellus and Utica Shales, the Haynesville Shale, the Rockies and the Bakken Shale. Additional information is available on our website, www.solarisoilfield.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for the operation of our business, and current and potential future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Senior Vice President, Finance and Investor Relations