Subsequent Events |
3 Months Ended |
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Mar. 31, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
Derivatives
In April 2018, the Company entered into fixed price swaps for 2018 for approximately 53,000 MMBtu of natural gas per day at a weighted average price of $2.84 per MMBtu. For 2019, the Company entered into fixed price swaps for approximately 15,000 MMBtu of natural gas per day at a weighted average price of $2.76 per MMBtu, for approximately 1,000 Bbls of oil per day at a weighted average price of $60.24 per Bbl, for approximately 2,000 Bbls of C3 propane per day at a weighted average price of $28.04 per Bbl and for approximately 500 Bbls of C5 pentane per day at a weighted average price of $54.08 per Bbl. For 2020, the Company entered into fixed price swaps for approximately 5,000 MMBtu of natural gas per day at a weighted average price of $2.76 per MMBtu. The Company’s fixed price swap contracts are tied to the commodity prices on NYMEX Henry Hub for natural gas, NYMEX WTI for oil, and Mont Belvieu for propane and pentane. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas and oil or Mont Belvieu for propane and pentane.
Sale of Equity Interest in Strike Force Midstream LLC
On May 1, 2018, the Company sold its 25% equity interest in Strike Force to EQT Midstream Partners, LP for $175.0 million in cash.
Expanded Share Repurchase Program
In May 2018, Gulfport 's board of directors authorized the expansion of its stock repurchase program, authorizing the Company to acquire up to an additional $100 million of its outstanding common stock during 2018 for a total of up to $200 million. Purchases under the expanded repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its 2018 capital development program. This repurchase program is authorized to extend through December 31, 2018 and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time.
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