Harvest Oil & Gas Corp. said Dec. 5 that its board of directors has approved a share repurchase program under which Harvest is authorized to repurchase up to $5 million of its outstanding common stock.
Share repurchases may be made from time to time, at the company’s discretion, through open market repurchases or negotiated transactions, which may be effected through Rule 10b5-1 trading plans. The company intends to fund repurchases from cash on hand. This program is intended to continue the company’s commitment to shareholder returns and the efficient management of the company’s assets, including cash on hand.
Repurchases by the company will be subject to general market and economic conditions, alternate uses for the capital and other factors, and the share repurchase program may be suspended, modified or discontinued by the company’s board of directors at any time. The company has no obligation to repurchase any amount of its common stock under the program.
Exxon, along with consortium partners Hess Corp. and China’s CNOOC Ltd., expects to eventually produce 220,000 barrels per day of crude from Payara.
Chevron, BP, Equinor and Murphy Oil all evacuated some offshore workers from production platforms in the Gulf of Mexico, the companies reported. Shell also curtailed production at ceftain platforms.
The ban on oil and gas drilling was set to expire in 2022. President Donald Trump said he would expand it to Florida's Atlantic coast and to the coasts of Georgia and South Carolina.