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
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
73-year Wildcatter Herbert Hunt, 95, Passes Away
2024-04-12 - Industry leader Herbert Hunt was instrumental in dual-lateral development, opening the North Sea to oil and gas development and discovering Libya’s Sarir Field.
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.