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
Canadian Railway Companies Brace for Strike
2024-04-25 - A service disruption caused by a strike in May could delay freight deliveries of petrochemicals.
Enterprise’s SPOT Deepwater Port Struggles for Customers
2024-04-25 - Years of regulatory delays, a loss of commercial backers and slowing U.S. shale production has Enterprise Products Partners’ Sea Port Oil Terminal and rival projects without secured customers, energy industry executives say.
Report: Crescent Midstream Exploring $1.3B Sale
2024-04-23 - Sources say another company is considering $1.3B acquisition for Crescent Midstream’s facilities and pipelines focused on Louisiana and the Gulf of Mexico.
For Sale? Trans Mountain Pipeline Tentatively on the Market
2024-04-22 - Politics and tariffs may delay ownership transfer of the Trans Mountain Pipeline, which the Canadian government spent CA$34 billion to build.
Energy Transfer Announces Cash Distribution on Series I Units
2024-04-22 - Energy Transfer’s distribution will be payable May 15 to Series I unitholders of record by May 1.