Gulfport Energy makes $25 million in stock buyback

Oklahoma City’s Gulfport Energy Corporation revealed it repurchased nearly $25 million in its shares from Silver Point Capital, L.P.

In a SEC filing, the company explained Silver Point Capital agreed to sell 170,000 shares of the company’s common stock at a price of $146.25 per share. It represented an approximate 2% discount to the last reported per share sales of price of Common Stock on the NYSE on Sept. 19, 2024. The repurchase price totaled $24.9 million and the closing was listed as Sept. 25, 2024.

The repurchase is part of the Gulfport’s existing $650 million common share repurchase program and will reduce remaining availability of shares. As of September 19, 2024 and prior to the Repurchase, the company had repurchased approximately 4.9 million shares of common stock at a weighted-average share price of $97.40 per share since the inception of the repurchase program, totaling approximately $476.1 million in aggregate.

Following the Repurchase, the Company will have approximately $149.0 million of remaining capacity under the common share repurchase program.