HollyFrontier Corp. (HFC: Quote) said Thursday that its Board of Directors has authorized a $350 million share repurchase program.
The authorization is in addition to the about $60 million remaining under the $350 million share repurchase program that was announced by the company in January.
The share repurchases will be made in the open market or through privately negotiated transactions from time to time and are subject to market conditions, corporate, regulatory and other considerations.
"Our Board's decision to authorize a second $350 million share repurchase program reflects our continued commitment to deliver value to our shareholders," said Mike Jennings, President and Chief Executive Officer of HollyFrontier. "In addition to our share repurchases, we have also raised our regular dividend twice, doubling it from the rate paid in July 2011 at the time of the HollyFrontier merger, and have declared four special dividends during that same period. We believe the combination of dividends and share repurchases are effective means to increase our shareholders' returns and build additional shareholder value."
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by RTT Staff Writer
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