Past year: ▼ 13%(150.48 – 222.49 USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2024debt financing▲ GoodMajor
Gulfport Energy Operating Corporation completed a $650 million private placement of 6.750% senior notes due September 2029. Gulfport also raised its elected credit facility commitments from $900 million to $1.0 billion, reaffirmed the $1.1 billion borrowing base, and extended the facility's maturity.
14 Oct 2021debt financing▲ GoodMajor
Gulfport entered a Third Amended and Restated Credit Agreement that amended and refinanced its May 2021 exit facility. JPMorgan is administrative agent on a facility of up to $1.5 billion, with an $850 million borrowing base and $700 million of elected commitments, maturing October 2025.
17 May 2021listing compliance notice▲ GoodMajor
the exchange certified GULFPORT ENERGY CORP's securities for listing, clearing them to begin trading.
29 Apr 2021bankruptcy or receivership▼ BadMajor
On April 28, 2021 the bankruptcy court confirmed Gulfport's Chapter 11 plan, with the plan to take effect once its conditions are met. The company's existing common stock (160,762,186 shares outstanding as of February 22, 2021) will be cancelled on the effective date with no payment to shareholders. Noteholders' recovery is capped at 96% of the new common stock, and general unsecured creditors of the parent get 4% of the new stock plus $10 million in cash and the Mammoth shares. The bank loan and the debtor-in-possession loan convert into a $580 million exit facility. This confirms the plan proposed in November 2020.
2 Feb 2021listing compliance notice● NeutralMajor
GULFPORT ENERGY CORP's exchange filed to remove a class of its securities from listing.
20 Nov 2020listing compliance notice▼ BadMajor
On November 16, 2020 the bankruptcy court approved an interim order letting Gulfport draw $90 million of its $262.5 million DIP facility, with the $157.5 million roll-up still subject to a final order. Nasdaq said it would delist the stock on November 27, with OTC Pink trading expected from November 30.
16 Nov 2020bankruptcy or receivership▼ BadMajor
On November 13, 2020, Gulfport filed for Chapter 11 and signed a Restructuring Support Agreement with over 95% of its bank lenders and holders of over two-thirds of its 2023, 2024, 2025 and 2026 notes. Under the plan described, existing shares in Gulfport Parent would be cancelled and extinguished, while noteholders and unsecured creditors would receive new common stock. A $262.5 million debtor-in-possession loan from the bank lenders is part of the deal. This is the filing that begins the bankruptcy, following the forbearance agreements and missed interest payment in October 2020.
29 Oct 2020material agreement▼ BadMajor
Gulfport signed a Second Forbearance Agreement with its lenders, buying more time as restructuring negotiations continued.
16 Oct 2020material agreement▼ BadMajor
Gulfport's crisis came to a head: after triggering a default under its credit agreement, it signed a First Forbearance Agreement with its lenders and elected to use a 30-day grace period rather than make the scheduled interest payment on its 6.000% notes due 2024 - a direct prelude to bankruptcy.
25 Sept 2020listing compliance notice▼ BadMajor
Gulfport's stock again closed below Nasdaq's $1.00 minimum bid requirement for 30 consecutive days, triggering a second deficiency notice - the compliance clock restarting as the company's distress deepened.
30 July 2020debt financing▼ BadMajor
Gulfport amended its credit agreement to give itself more flexibility to refinance or exchange its senior notes - a technical change that, in hindsight, was groundwork for the debt restructuring to come later that year.
7 May 2020debt financing▼ BadMajor
Gulfport's lenders cut its borrowing base in half, from $1.4 billion to $700 million, and added new anti-cash-hoarding restrictions - a sharp reversal from the credit expansion of prior years as the pandemic price crash hit hard.
22 Apr 2020listing compliance notice▼ BadMajor
Gulfport's stock fell below Nasdaq's $1.00 minimum bid price requirement for 30 straight days amid the pandemic oil crash, triggering a deficiency notice and starting a 180-day clock to regain compliance.
20 Dec 2019material agreement termination▼ BadMajor
Gulfport terminated its fracturing services agreement with Stingray Pressure Pumping for cause, saying Stingray (a subsidiary of Mammoth Energy Services, in which Gulfport holds about 22% and a board seat) could not fulfill its obligations - a related-party service relationship breaking down as stress spread through the broader oilfield services sector.
4 Dec 2018debt financing▲ GoodMajor
Gulfport's lenders reaffirmed its borrowing base at $1.4 billion and gave the company more room to buy back its own stock - the last of a long run of steadily expanding credit terms before the market turned against the company in 2019.
13 July 2018material agreement● Neutral
Gulfport signed Amendment No. 2 to its pressure pumping agreement with Stingray Pressure Pumping, a Mammoth Energy Services subsidiary. It extended the term from September 2018 to December 31, 2021, expanded the service area to Ohio and Oklahoma, and suspended services from July 1 to September 30, 2018.
25 May 2018debt financing▲ GoodMajor
At what would prove to be Gulfport's peak, its lenders cut loan rates further and raised the borrowing base to $1.4 billion, while also giving the company new flexibility to buy back its own stock using proceeds from investment sales.
18 Jan 2018debt financing● Neutral
Gulfport registered its October 2017 $450 million 6.375% notes for public trading in a standard bond exchange offer - a procedural step, not new business news.
28 Nov 2017debt financing▲ GoodMajor
Gulfport's lenders cut its interest rate margin further, raised the borrowing base to $1.2 billion, and confirmed the company had zero borrowings outstanding on its revolving credit facility - a strong liquidity position after a year of steady notes issuance and SCOOP integration.
11 Oct 2017security holder rights change▲ GoodMajor
Gulfport priced $450 million of new 6.375% notes due 2026, with proceeds earmarked to pay down its revolving credit facility.
5 Oct 2017debt financing▲ GoodMajor
Gulfport reported strong early well results from its new SCOOP acreage and lined up more financing capacity: its credit facility's unsecured-debt cap rose to $2.1 billion with the borrowing base confirmed at $1.0 billion, and it announced plans to sell $450 million of new notes to pay off its revolving credit borrowings.
7 July 2017debt financing● Neutral
Gulfport registered $1.25 billion of its 2016-vintage notes (the $650 million 6.000% 2024 notes and $600 million 6.375% 2025 notes) for public trading in a combined bond exchange offer - a securities-law formality, not new business news.
4 Apr 2017debt financing● Neutral
Gulfport entered into an eighth amendment to its credit agreement with The Bank of Nova Scotia and the lenders on March 29, 2017. It changed the EBITDAX definition to allow pro forma treatment of acquisitions and disposals involving more than $50.0 million.
24 Feb 2017asset acquisition disposition▲ GoodMajor
Gulfport closed a transformational $1.85 billion acquisition of Vitruvian II Woodford's SCOOP (South Central Oklahoma) assets - $1.35 billion cash plus about 23.9 million shares - through a new subsidiary, SCOOP Acquisition Company. The deal turns Gulfport from a Utica Shale pure-play into a two-basin company, with a new Oklahoma City headquarters address to match.
21 Dec 2016security holder rights change▲ GoodMajor
Gulfport raised $600 million in new 6.375% notes plus a concurrent stock offering to fund its pending acquisition of Vitruvian II Woodford's SCOOP assets in Oklahoma - Gulfport's move beyond its Utica Shale base into a second major play. Lenders agreed to waive an automatic $150 million cut to the credit facility's borrowing base that the note issuance would otherwise have triggered, keeping it at $700 million.
15 Dec 2016capital raising announcement● NeutralMajor
Gulfport agreed on December 13, 2016 to buy assets from Vitruvian II Woodford, LLC (an unrelated seller) for about $1.85 billion, made up of $1.35 billion in cash and about 18.8 million Gulfport shares. The assets are 46,400 net surface acres in the Woodford and Springer formations in Grady, Stephens and Garvin Counties, Oklahoma, with about 183 Mmcfepd of net production for October 2016 and about 1.1 Tcfe of estimated proved reserves. It is expected to close in February 2017. To pay the cash portion, Gulfport launched a 29,000,000-share public stock offering (plus an option for 4,350,000 more) and a proposed $600 million of Senior Notes due 2025. It also amended its credit facility with The Bank of Nova Scotia, extending maturity to December 13, 2021, raising the interest rate on all loans by 0.5%, and raising the permitted senior notes to $1.6 billion. This is Gulfport's first entry into Oklahoma and follows the December 14 shelf registration and prospectus supplement.
19 Oct 2016security holder rights change▲ GoodMajor
Gulfport issued $650 million of 6.000% senior notes due 2024. It retired its 7.750% notes due 2020 through a tender offer that took in about $391 million, plus a redemption of the roughly $196.5 million left, which discharged the old indenture.
13 Oct 2016material agreement▲ GoodMajor
As commodity prices recovered, Gulfport moved to refinance its oldest, priciest debt: it agreed to sell $650 million of new 6.000% notes due 2024, with the proceeds earmarked to fully redeem its $600 million of 7.750% notes due 2020.
15 Mar 2016material agreement● NeutralMajor
With its stock down to $25.25 a share - less than half its 2013 peak of $56.75 - Gulfport still managed to raise about $411.9 million in a new stock offering (16.9 million shares) to fund its capital program, showing continued market access despite the 2015-2016 downturn.
25 Feb 2016material agreement● NeutralMajor
As oil and gas prices bottomed out in early 2016, Gulfport's lenders left its $700 million borrowing base unchanged rather than raising it, while giving the company more room to hedge production and raising the cap on unsecured debt to $1.35 billion - a defensive posture compared to the steady base increases of the 2013-2015 boom years.
