Midland Basin E&P HighPeak Energy has increased its quarterly dividend by 60%, and the company’s board authorized a $75 million share buyback—it’s first stock repurchase program since the company was founded.

The quarterly dividend will increase to $0.04 per share and will be paid March 25 to stockholders of record on March 1.

Fort Worth, Texas-based HighPeak's repurchase program of up to $75 million will be conducted “opportunistically” on the open market from time to time—through block trades, in privately negotiated transactions or by other means.

The company will fund the repurchases from available working capital, cash provided from operations and borrowings under its super priority revolving credit facility.

The timing, number and value of shares repurchased will be at management’s discretion and will be influenced by general market and economic conditions, business conditions, stock prices and other factors. The repurchase program does not obligate HighPeak to acquire a particular dollar amount or number of shares and may be suspended from time to time, modified, extended or discontinued. The repurchase program authority expires Dec. 31.