Repurchase Program

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Repurchase Program

Repurchase Program

Our Board of Directors has authorized a securities repurchase program available for repurchases of our common stock. In February 2024, our Board of Directors replaced the prior program with a new repurchase program for repurchases of common stock up to $50.0 million.

Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Amended ABL Facility (as defined in Note 7) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.

During the first quarter of 2025, we repurchased an aggregate of 1,819,600 shares of our common stock under the repurchase program for a cost of $10.8 million. Due to restrictions associated with the Fluids Systems sale process and other events, no shares of common stock were repurchased under the repurchase program during the first quarter of 2024.

As of March 31, 2025, we had $39.2 million of authorization remaining under the program. In April 2025, we repurchased an aggregate of 212,210 shares of our common stock under the repurchase program for a cost of $1.2 million. On April 30, 2025, our Board of Directors increased the remaining authorization under the repurchase program to $100.0 million.