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.
U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to "gobble up" smaller shale oil producers, Mark Papa told Reuters.
U.S. natural gas producer EQT Corp. said Jan. 13 it would take a non-cash impairment charge of up to $1.8 billion in the fourth quarter driven by record low gas prices.
Offshore operations in the Gulf of Mexico will thrive with improving economics, while in the shale fields ... not so much; a new generation of leaders takes over following the retirement of a slew of industry icons, and just in time to tackle investor pressure on ESG issues, continuing consolidation and the pursuit of capital; and then there's the 2020 U.S. presidential election, in which the subject of energy is likely to play a prominent role.