Gulfport Energy just announced a buyback of nearly $13 million in shares from stockholder, Silver Point Capital, L.P. as part of its $1 billion buyback effort.
The Oklahoma City energy company said the purchase agreement was made Dec. 19 and in the deal, Gulfport agreed to purchase 79,410 shares at a price of $162.81 per share. It represented a 2.25% discount to the last reported per share sales price of Common Stock on the NYSE on December 19, 2024,and an aggregate total consideration of approximately $12.9 million.
In a filing with the Securities and Exchange Commission, the company explained the repurchase is expected to close on December 26, 2024 and is part of the Gulfport’s existing $1 billion common share repurchase program that will reduce remaining availability. As of December 19, 2024, and prior to the repurchase, the company had repurchased approximately 5.5 million shares of common stock at a weighted-average share price of $103.68 per share since the inception of the repurchase program, totaling approximately $566.1 million in aggregate.
Following the repurchase, Gulfport will have approximately $421.0 million of remaining capacity under the common share repurchase program.
