Natgas company Gulfport Energy to trim jobs, pause share buyback



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Natgas company Gulfport Energy to trim jobs, pause share buyback

On Monday, the 18th of November 2019, the Colorado-based American natgas company, Gulfport Energy, primarily engaged in exploration and production of natural gas, had confirmed that the company would hold forth on its earlier plans to slash jobs and to go through a sweeping overhaul of its management board, while the company had also decided to pause a share repurchase program in a bid to revive its share prices, which had witnessed a havoc-scale whacking of more than 70 per cent of its market valuation since January this year, as a multi-month low natural gas price in the face of a souring demand outlook amid a protracted and costlier Sino-US trade war had been weighing on to its share price.

On top of that, followed by the release of Gulfport Corp.’s Monday’s (November 18th) statement, share prices of the once-hailed natgas exploration and production company took a nosedive of as much as 9.22 per cent to $2.80 per share during Monday’s (November 18th) pre-market trading, however wrapped up the day 8.41 per cent lower to $2.83 per share.

Aside from that, the Colorado-based natgas miner had also added in its Monday’s (November 18th) statement that the company was sketching out a plan to shed as much as 13 per cent of its workforce in a bid to grapple with a growing expense amid soaring operational losses.