Gulfport Energy has issued a 2019 capital spending guidance of $565-$600 million, which will be entirely funded within cash flows at the current strip. The budget will include $525-$550 million in drilling and completion spending and $40-$50 million for land activities. Gulfport anticipates generating up to $100 million in free cash flow during 2019 at the current strip.
Firefly Value Partners, who holds an 8.1% stake in Gulfport, has called for the firm to commence a $500 million share repurchase program and to place a moratorium on future equity offerings. Gulfport CEO David Wood cited that "the board of directors has a previously scheduled meeting today, after which Gulfport looks forward to providing further information to investors concerning the Company’s plans for 2019.”