Gulfport Energy, a major natural gas producer in the Appalachian Basin, has hired an investment bank as a debt restructuring adviser, Kallanish Energy reports.
The Oklahoma-based company has hired Perella Weinberg Partners LP and its energy advisory arm Tudor, Pickering, Hilt & Co. to help it deal with $2 billion in debt, Reuters said on Wednesday in a report that cited multiple unnamed sources.
No steps to restructure the company’s debt are imminent, Reuters said.
Gulfport and other companies involved didn’t comment on the matter.
Gulfport had been struggling with low natural gas prices and a board challenge from activist investor Firefly Value Partners, before energy prices crashed earlier this month.
It has planned to cut its 2020 capital spending by 50%. The company also has operations in the SCOOP play on Oklahoma.
Another major shale producer, Chesapeake Energy, has hired restructuring advisers.
The Oklahoma-based company has hired attorneys at Kirkland & Ellis LLP and investment bankers at Rothschild & Co.
Chesapeake, one of the largest natural gas producers in the U.S., had about $9 billion in debt before the coronavirus and crude oil rout hit the O&G industry.
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