Blog Exposure - Gulfport Energy Offloads 25% Stake in Strike Force Midstream to EQT Midstream Partners
LONDON, UK / ACCESSWIRE / April 30, 2018 / Active-Investors.com has just released a free research report on Gulfport Energy Corp. (NASDAQ: GPOR) ("Gulfport"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GPOR as the Company's latest news hit the wire. On April 26, 2018, the Company announced that it has signed an agreement to divest its 25% interest in Strike Force Midstream LLC to EQT Midstream Partners, L.P. (NYSE: EQM) (“EQM”). The all-cash deal is valued approximately $175 Million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Gulfport Energy and EQT Midstream Partners most recent news are on our radar and our team decided to put out two fantastic reports on these companies that are now available for free below:
www.active-investors.com/registration-sg/?symbol=GPOR
www.active-investors.com/registration-sg/?symbol=EQM
Details of the transaction
The current deal is a part of a larger transaction. On April 26, 2018, EQM signed an agreement with EQT Corporation's (NYSE: EQT) (“EQT”) to acquire Olympus Gathering System and 75% interest in the Strike Force Gathering System from EQT. EQM has agreed to pay EQT $1.15 billion in cash and 5.9 million EQM common units for the entire deal. EQM also agreed to acquire Gulfport Energy's 25% stake in Strike Force and agreed to pay $175 million in cash. EQM expects to complete the transactions in Q2 2018.
Gulfport Energy expects that the deal will eliminate all its capital obligations related to Strike Force for FY18. The Company expects that the current transaction will reduce its non-D&C (Drilling & Completion) related capital expenditures for the entire FY18 by $20 million as compared to the guidance previously shared by the Company. The divestment is not expected to impact the Company's midstream gathering and processing expenses. Gulfport Energy expects the deal to close on May 01, 2018, subject to fulfilment of all closing conditions.
About Strike Force Midstream LLC
Strike Force is a midstream joint venture formed by Gulfport and EQT. It consists of natural gas gathering assets to support dry gas Utica Shale development in Belmont and Monroe Counties, Ohio. In Q1 2018, the volume gathered by the system was approximately 0.9 billion cubic feet of gas per day. The gathering assets includes approximately 67 miles of natural gas gathering pipeline and 17,000 horsepower of compression. Gulfport's investment in Strike Force is approximately $78.9 million as on March 31, 2018. This investment amount is net of distributions and includes the contribution of an 11 mile-long, 12-inch diameter gathering line in 2016 valued at $22.5 million.
About Gulfport Energy Corp.
Oklahoma City, Oklahoma-based Gulfport Energy was formed in July 1997 and is an independent natural gas and oil Company. It is focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous US. The Company holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. Additionally, it also holds an acreage position along the Louisiana Gulf Coast, has an approximately 25% equity interest in Mammoth Energy Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil Sands in Canada through an approximately 25% interest in Grizzly Oil Sands ULC.
Stock Performance Snapshot
April 27, 2018 - At Friday's closing bell, Gulfport Energy's stock fell 2.89%, ending the trading session at $9.42.
Volume traded for the day: 2.86 million shares.
Stock performance in the last month – up 2.61%
After last Friday's close, Gulfport Energy's market cap was at $1.65 billion.
Price to Earnings (P/E) ratio was at 3.87.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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