Gulfport comes under investor pressure

摘要

INVESTMENT firm Shah Capital is pressing US gas producer Gulfport Energy to spend less next year than in 2019 as part of a pitch to return money to investors, writes Caroline Evans. Shah Capital, which owns about 1.9% of Gulfport stock, wants the company to cut its 2020 capital expenditures to $400 million. Gulfport, which hired a new chief financial officer last month, plans to spend $565 million-$600 million this year but has not yet released guidance for 2020, and declined comment when contacted by Upstream for a response to Shah's missive. Shah said it also wanted Gulfport to repurchase 30 million shares this month as part of a previously announced $400 million buyback plan and to "accelerate" the current process of selling the company's produced water assets in Oklahoma.