Gulfport Energy Expands Common Stock Repurchase Authorization by 63% to $650 Million
September 20 2023 - 4:15PM
Business Wire
Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the
“Company”) announced today that its board of directors expanded its
common stock repurchase authorization by 63 percent to $650
million. This increased authorization extends the program through
December 31, 2024.
Key Highlights
- Expanded common stock repurchase authorization by 63 percent to
$650 million
- Repurchased approximately 3.9 million shares of common stock
for $331.3 million since the inception of the repurchase
program
John Reinhart, President and CEO, commented, "As we close out
2023 and look ahead to an improving natural gas macro environment
in 2024, we forecast accelerating free cash flow generation for our
business, highlighting our disciplined approach to capital
allocation and our focus on enhancing margins, optimizing
efficiencies and protecting the financial strength of the Company.
Given the unrecognized value we believe remains in our equity, our
board of directors has increased our common stock repurchase
authorization by 63%, allowing us to continue to opportunistically
repurchase our shares and deliver significant value for our
shareholders.”
As of September 15, 2023, the Company had repurchased
approximately 3.9 million shares of common stock at a
weighted-average share price of $85.92 since the program initiated
in March 2022, totaling approximately $331.3 million in
aggregate.
Purchases under the repurchase program may be made from time to
time in open market or privately negotiated transactions, and will
be subject to available liquidity, market conditions, credit
agreement restrictions, applicable legal requirements, contractual
obligations and other factors. The repurchase program does not
require the Company to acquire any specific number of shares. The
Company intends to purchase shares under the repurchase program
opportunistically with available funds while maintaining sufficient
liquidity to fund its capital development program. The repurchase
program may be suspended from time to time, modified, extended or
discontinued by the board of directors at any time.
About Gulfport
Gulfport is an independent natural gas-weighted exploration and
production company focused on the exploration, acquisition and
production of natural gas, crude oil and NGL in the United States
with primary focus in the Appalachia and Anadarko basins. Our
principal properties are located in eastern Ohio targeting the
Utica and Marcellus formations and in central Oklahoma targeting
the SCOOP Woodford and SCOOP Springer formations.
Forward Looking Statements
This press release includes “forward-looking statements” for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements are statements other than
statements of historical fact. They include statements regarding
Gulfport’s current expectations, management's outlook guidance or
forecasts of future events, projected cash flow and liquidity,
inflation, share repurchases and other return of capital plans, its
ability to enhance cash flow and financial flexibility, future
production and commodity mix, plans and objectives for future
operations, the ability of our employees, portfolio strength and
operational leadership to create long-term value, the rejection of
certain midstream contracts and the assumptions on which such
statements are based. Gulfport believes the expectations and
forecasts reflected in the forward-looking statements are
reasonable, Gulfport can give no assurance they will prove to have
been correct. They can be affected by inaccurate or changed
assumptions or by known or unknown risks and uncertainties.
Important risks, assumptions and other important factors that could
cause future results to differ materially from those expressed in
the forward-looking statements are described under "Risk Factors"
in Item 1A of Gulfport’s annual report on Form 10-K for the year
ended December 31, 2022 and any updates to those factors set forth
in Gulfport's subsequent quarterly reports on Form 10-Q or current
reports on Form 8-K (available at
https://www.gulfportenergy.com/investors/sec-filings). Gulfport
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the
occurrence of unanticipated events.
Investors should note that Gulfport announces financial
information in SEC filings, press releases and public conference
calls. Gulfport may use the Investors section of its website
(www.gulfportenergy.com) to communicate with investors. It is
possible that the financial and other information posted there
could be deemed to be material information. The information on
Gulfport’s website is not part of this filing.
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version on businesswire.com: https://www.businesswire.com/news/home/20230920016219/en/
Investor Contact: Jessica Antle – Vice President,
Investor Relations jantle@gulfportenergy.com 405-252-4550
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