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Large Marcellus / Utica E&P Heading to Bankruptcy
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Gulfport Energy Corp. has hired an investment firm to help address its $2 billion debt load in the wake of the commodity price decline, according to a report by Reuters.
The company has seen its market value fall +82% YTD. Operationally, the company is operating 2 rigs in the SCOOP and 1 in the Ohio Uitca.
The company has tapped Perella Weinberg Partners LP and its energy advisory arm, Tudor, Pickering, Holt & Co., to advise on the matter.
Gulfport's current 2020 capital plan is a decrease of ~50% compared to 2019. The company has not adjusted the plan since the sharp drop in oil and gas prices. Gulfport's assets are centered in the SCOOP and Utica plays.
Earlier this week, Chesapeake Energy Corp. made a similar move as it grapples with a $9.0 billion debt load.
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