Past year: ▼ 13%(150.48 – 222.49 USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2015debt financing▲ GoodMajor
Gulfport's lenders raised its borrowing base again, from $575 million to $700 million, and loosened its leverage covenant (net debt to EBITDAX allowed up to 4.0x from 3.25x) - continued credit expansion even as the broader oil and gas sector began feeling the 2015 downturn.
4 Sept 2015asset acquisition disposition▲ GoodMajor
Gulfport closed its purchase of Paloma Partners III for about $301.9 million, adding roughly 24,000 net nonproducing acres in the core dry-gas window of the Utica Shale, overlapping existing Gulfport development units - the deal flagged as pending in its June stock offering.
24 Aug 2015debt financing● Neutral
Gulfport registered its April 2015 6.625% notes for public trading in a standard bond exchange offer - a procedural step, not new business news.
12 June 2015asset acquisition disposition▲ GoodMajor
Gulfport raised about $480 million in a new stock offering and used it to close two Utica Shale acreage deals with American Energy Utica: a $68.2 million purchase of undeveloped acreage in Belmont and Jefferson Counties, and a $319 million purchase of producing Monroe County acreage that came with existing production, drilled-but-uncompleted wells, and a gas gathering system - while a separate, still-pending acquisition of Paloma Partners III was also underway.
21 Apr 2015security holder rights change▲ GoodMajor
Gulfport raised $350 million through a new series of 6.625% notes due 2023 - a lower coupon than its existing 7.75% notes - continuing to fund its rapid Utica Shale expansion through the capital markets even as oil prices weakened in early 2015.
15 Apr 2015debt financing▲ GoodMajor
Gulfport's lenders raised its borrowing base again, from $450 million to $575 million, added new lenders to the syndicate, and lifted its unsecured debt cap to $1.2 billion; days later the company launched a new stock offering to help fund continued Utica Shale growth.
3 Feb 2015debt financing▼ Bad
The amendment to the exchange registration for the $300 million of 7.750% notes Gulfport tapped on August 18, 2014, adding what had changed in the world since: a risk factor on the collapse in oil and gas prices, updated nine-month figures, and the note that the paper being registered sits behind about $43.6 million of secured debt. The exchange terms themselves are unchanged - same coupon, same 2020 maturity, no new money.
3 Dec 2014material agreement▲ GoodMajor
Gulfport's bank lenders raised its borrowing base again, from $275 million to $450 million, increased its letter-of-credit capacity, and lifted the cap on how much unsecured senior notes debt it could carry from $600 million to $900 million - continuing to expand credit capacity alongside its rapid Utica growth.
6 Nov 2014debt financing● Neutral
Gulfport registered the $300 million of 7.75% notes it privately placed in August 2014 for public trading in a standard bond exchange offer - a securities-law formality, not new business news.
25 Sept 2014material agreement▲ GoodMajor
Gulfport locked in long-term supply deals with two related businesses it partly owns: a hydraulic-fracturing services agreement with Stingray Pressure Pumping (50% Gulfport-owned) and a sand supply agreement with Muskie Proppant (25% Gulfport-owned), each running through September 2018 - vertical integration into its own drilling supply chain.
19 Aug 2014security holder rights change▲ GoodMajor
Gulfport raised another $300 million by tacking on more of its 7.75% notes due 2020, bringing that note series to $600 million total.
3 Jan 2014debt financing▲ GoodMajor
Gulfport dramatically expanded its bank credit facility, replacing its prior $350 million facility with a new Amended and Restated Credit Agreement carrying a maximum size of $1.5 billion and raising the immediate borrowing base from $50 million to $150 million - reflecting how fast its Utica Shale reserve base had grown.
13 Nov 2013material agreement▲ GoodMajor
Riding a rising stock price (up from $38 to $56.75 a share in under a year), Gulfport raised roughly $424 million in a new common stock offering (7.475 million shares including the overallotment) to fund its 2014 drilling program and further Utica Shale acreage buys.
17 July 2013debt financing● Neutral
Gulfport registered its privately-placed 7.75% notes for public trading in a standard bond exchange offer - a securities-law formality allowing holders to swap unregistered notes for freely tradeable ones with identical terms, not a new business deal.
12 June 2013material agreement▲ Good
Gulfport got better terms on its bank credit line: lower interest rate margins, the maturity pushed out to June 2018, and the borrowing base raised modestly from $40 million to $50 million.
15 Feb 2013asset acquisition disposition▲ GoodMajor
Gulfport did a third round with Windsor Ohio, buying about 22,000 more net Utica Shale acres for roughly $220 million - raising its working interest in the acreage to 93.8% - again funded by a common stock offering, with the purchase and closing disclosed in the same filing.
28 Dec 2012asset acquisition disposition▲ GoodMajor
Gulfport closed the ~37,000-net-acre Windsor Ohio Utica Shale acquisition for about $372 million, funded by the stock offering proceeds. The filing disclosed that Gulfport's own Chairman, Mike Liddell, personally received about $2.9 million from the sale as the 10%-interest operating member of Windsor Ohio (majority-owned by Wexford Capital) - a related-party payment that a special board committee reviewed and approved.
26 Dec 2012security holder rights change▲ GoodMajor
Gulfport locked in the financing for its Utica land grab: it priced an 11-million-share common stock offering at $38.00 (plus a 1.65-million-share overallotment) and closed an additional $50 million tack-on of its 7.75% notes (bringing that series to $300 million total), while its bank lenders trimmed the credit facility's borrowing base slightly to $40 million to permit the note issuance.
20 Dec 2012material agreement▲ GoodMajor
Gulfport and Windsor Ohio upsized the Utica Shale deal, adding about 7,000 more net acres for roughly $70 million - bringing the total to about 37,000 net acres for $372 million and Gulfport's overall Utica leasehold to roughly 137,000 gross (106,000 net) acres.
18 Dec 2012material agreement▲ GoodMajor
Gulfport agreed to buy about 30,000 net acres of Utica Shale (Eastern Ohio) leasehold for roughly $302 million from Windsor Ohio, an affiliate of Wexford Capital - the same sponsor group behind Gulfport itself - raising Gulfport's working interest in the acreage to 72.5%. The deal, funded by a concurrent stock offering and a $50 million note add-on, comes just two months after Gulfport contributed all of its Permian Basin assets into Diamondback Energy's IPO for a 35% pre-IPO Diamondback stake plus a $63.6 million note - the capital and strategic pivot fueling this Utica buildout.
