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.
Recommended Reading
Gulfport Plans Liquids-rich Program After ‘Strong’ Ohio Oil Tests
2024-05-01 - Appalachia gas producer Gulfport Energy continues to report “strong oil production” from a two-well Hendershot pad drilled in eastern Ohio last year. Gulfport plans to develop additional liquids-rich opportunities this year as natural gas prices hover near record lows.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.