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
Magnolia Bolts-on 27,000 Acres in South Texas’ Giddings Field
2024-05-09 - Magnolia Oil & Gas said it paid $125 million to a private operator to acquire the acreage, which has minimal production.
Tetra Tech Acquires Convergence Controls & Engineering
2024-05-09 - Tetra Tech is acquiring Convergence Controls & Engineering to expand its digital water and energy offerings.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
Sitio Closes D-J Basin Deal, Looks to Defragment Minerals Space
2024-05-09 - Sitio Royalties closed its acquisition of 13,062 net royalty acres. CEO Chris Conoscenti has a strong pipeline of minerals acquisition opportunities.
Marketed: Team Operating Gulf Coast Opportunity
2024-03-19 - Team Operating LLC has retained PetroDivest Advisors for the sale of certain oil and gas leasehold and related assets spanning multiple counties in Texas, Louisiana and Mississippi.