Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchase of Equity Securities:
The following table summarizes repurchases of our common stock occurring in the second quarter 2024.
Period Total Number of Shares Purchased Average Price Paid Per Share 1
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 4
Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under Plans or Programs 2,3,4
(in thousands)
April 1 through April 30, 2024 – $ – – $ 400,000
May 1 through May 31, 2024 590,034 $ 42.37 590,034 $ 375,000
June 1 through June, 30, 2024 771,316 $ 40.01 771,316 $ 344,000
1 Amounts exclude 1% excise tax and fees on share repurchases.
2 In August 2022 and October 2023, the Board authorized an initial share repurchase program of up to $600 million of the Company’s common stock. Pursuant to the share repurchase program, the Company may repurchase shares through open market purchases, privately negotiated transactions and other means in accordance with federal securities laws. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the Company at its discretion. On August 7, 2024, the Company’s Board of Directors authorized an increase to the share repurchase program of an additional $500 million, bringing the total amount allowed to be repurchased under the program to $1.1 billion. In addition, the Company’s Board of Directors approved a revision to the Capital Allocation Framework to enable the Company to move to the next phase (“Murphy 3.0”). Beginning in the third quarter of 2024, Murphy will allocate a minimum of 50 percent of adjusted free cash flow to shareholder returns, primarily through share buybacks. The remainder of adjusted free cash flow will be allocated to the balance sheet.
3 Maximum approximate dollar values reported represent amounts at end of the month. Since the inception of the share repurchase program through to the end of the second quarter of 2024, the Company has repurchased 6,045,753 shares of its common stock in open-market transactions for $255.8 million, excluding taxes and fees.
4 Subsequent to the second quarter of 2024, the Company repurchased 1,142,867 shares of its common stock in open-market transactions for $44.1 million, excluding taxes and fees. As of August 7, 2024 the Company had $800 million of its common stock remaining available to repurchase under the program.
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