Gulfport Energy expands stock buyback by 63% to $650M

Gulfport Energy Corporation announced that its board of directors expanded its common stock repurchase authorization by 63% to $650M. This increased authorization extends the program through December 31, 2024. John Reinhart, President and CEO, commented, “As we close out 2023 and look ahead to an improving natural gas macro environment in 2024, we forecast accelerating free cash flow generation for our business, highlighting our disciplined approach to capital allocation and our focus on enhancing margins, optimizing efficiencies and protecting the financial strength of the Company. Given the unrecognized value we believe remains in our equity, our board of directors has increased our common stock repurchase authorization by 63%, allowing us to continue to opportunistically repurchase our shares and deliver significant value for our shareholders.”