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Gulfport Headed for Proxy Battle; Cuts 2020 Completion Activity in Half
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Gulfport Energy Corp. is headed for proxy fight with investor Firefly Value Partners, which own 13% and wants to replace two members of the board.
Firefly's letter to Gulfport is available here.
Gulfport recently reported a net loss of over $2 billion, which was a result of an impairment charge. Production was up +1% from 2018 with $602 million in capex.
Stock Plummets
Gulfport's stock value has dropped sizably in recent weeks, likely spurred by several things including Firefly's nominations, cuts to spending, D&C activity and production expectations for 2020 and the impairment charge.
2020 Plans - Completion Activity Cut 50%
For 2020, the company is guiding that production will be down -19% with $300 million in capex, a -50% cut YOY.
Wells completed / frac'd will be down 50% in 2020 vs 2019.
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