Summary
The Williams Companies, Inc. (WMB) filed an 8-K on September 4, 2007, disclosing details about its ongoing stock repurchase program. The company repurchased approximately $226 million worth of its common shares in August 2007, acquiring nearly 7.2 million shares at an average price of $31.40. This activity is part of a larger authorization by the board of directors in July 2007 to repurchase up to $1 billion of its common stock. The stock repurchase program, which has no expiration date, is intended to be funded by existing cash reserves. Importantly, the company stated that these repurchases will be conducted in a manner that preserves its financial strength, allowing it to continue pursuing high-return investment opportunities. This communication is part of an investor presentation scheduled for September 5, 2007.
Key Highlights
- 1Williams Companies repurchased approximately $226 million of its common stock in August 2007.
- 2Nearly 7.2 million shares were acquired during August at an average price of $31.40 per share.
- 3The August repurchases are part of a broader $1 billion stock repurchase authorization approved by the board in July 2007.
- 4The stock repurchase program has no set expiration date.
- 5Repurchases are to be funded by cash on hand.
- 6The company emphasizes maintaining financial strength to pursue investment opportunities while executing the buyback program.