
A little more than two years after emerging from bankruptcy, Gulfport Energy Corporation has an underwritten public offering for 1.3 million shares of common stock at $95 per share. (Source: Shutterstock.com)
A little more than two years after emerging from bankruptcy, Gulfport Energy Corp. has an underwritten public offering for 1.3 million shares of common stock at $95 per share on behalf of selling shareholders.
The underwriters have a 30-day option to purchase up to an additional 195,000 shares to cover overallotments.
Gulfport will not be selling any shares of its common stock in the offering, nor will it receive any proceeds from the sale of shares offered by stockholders. Concurrent with the offering’s closing, Gulfport intends to purchase approximately $25 million of shares from selling stockholders. This repurchase is part of the E&P’s previously announced $400 million share repurchase program.
The Oklahoma City-based gas-weighted E&P filed for bankruptcy in November 2020 amid weak crude prices during the COVID-19 pandemic. The company emerged from bankruptcy in May 2021. Army veteran John Reinhart became Gulfport CEO in January 2023 after serving as CEO of the E&P Montage Resources and of Blue Ridge Mountain Resources, both in Irving, Texas.
Gulfport focuses on the exploration, acquisition and production of natural gas, crude oil and NGL in the U.S. with primary focus in the Appalachia and Anadarko basins. Principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
BofA Securities, J.P. Morgan and Evercore ISI are joint book-running managers for the offering, which closes June 26.
Recommended Reading
E&Ps’ Rich Cash Flows Obscuring Critically Needed Capex Investment
2023-09-29 - Analysts said some measures show capex spending might be significantly underfunded and that “critical amounts of investment” are needed.
SM Energy Declares Quarterly Cash Dividend
2023-09-28 - SM Energy Co.’s board of directors approved a quarterly cash dividend of $0.15 per share of common stock outstanding.
Western Midstream Offering Senior Notes for Meritage Acquisition
2023-09-28 - Net proceeds from the offering are expected to be used to fund a portion of the aggregate purchase price for Western Midstream’s pending $885 million acquisition of Meritage Midstream Services II LLC.
Ovintiv Renews Annual Share Buy-Back Program
2023-09-27 - Ovintiv received approval from the Toronto Stock Exchanged to purchase up to 26.7 million common shares, or about 10% of its public float, over a 12-month period.
Sitio Royalties Upsizes Senior Notes Offering to $600 Million
2023-09-27 - Proceeds from the notes offering will be used to pay down existing debt, Sitio Royalties said.