HOUSTON--(BUSINESS WIRE)--Keane Group, Inc. ("Keane") (NYSE:FRAC) today announced that Mr. James Stewart, its Chairman and Chief Executive Officer, and Mr. Greg Powell, its President and Chief Financial Officer, each recently adopted a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended, as well as Keane’s insider trading policy.
Rule 10b5-1 allows officers and directors to adopt written, prearranged stock trading plans when they are not in possession of material non-public information. Once established, officers do not retain or exercise any discretion over sales of stock under the plan and the pre-planned trades can be executed at a later date as prescribed by the plan in order to diversify the plan participant’s investment portfolio, without regard to any subsequent material non-public information that the plan participant may receive. The transactions under these plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
The purpose of the plans is to provide Mr. Stewart and Mr. Powell, who receive substantial portions of their compensation in the form of equity awards, with the ability to sell vested shares periodically in an orderly manner and to avoid concerns about the timing of those transactions. Under the terms of the plans, purchases can be made from time to time starting April 18, 2018 through December 31, 2018 and may be amended in accordance with the plan.
About Keane Group, Inc.
Headquartered in Houston, Texas, Keane is one of the largest pure-play providers of integrated well completion services in the U.S., with a focus on complex, technically demanding completion solutions. Keane's primary service offerings include horizontal and vertical fracturing, wireline perforation and logging, engineered solutions and cementing, as well as other value-added service offerings.
The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Keane's plans, objectives, future opportunities for Keane's services, future financial performance and operating results and any other statements regarding Keane's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Keane's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to the operations of Keane; the anticipated funding and expected delivery of the newbuild fleets; the effects of the business combination of Keane and RockPile, including the combined company’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the completion of the RockPile transaction; expected synergies and other benefits from the transaction and the ability of Keane to realize such synergies and other benefits; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Keane's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of pressure pumping equipment, including as a result of low commodity prices, reactivation or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; product liability; political, economic and social instability risk; ability to effectively identify and enter new markets; cybersecurity risk; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; and anti-takeover measures in our charter documents.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Keane's SEC filings, including the most recently filed Forms 10-Q and 10-K. and Keane's Registration Statement on Form S-1, including the preliminary prospectus, filed with the SEC on January 16, 2018. Keane undertakes no obligation to publicly update or revise any forward-looking statement.