NEW YORK (Reuters) – U.S. gas exploration and production company Gulfport Energy Corp on Monday confirmed that it would cut jobs, change its board and end its share buybacks, in a bid to reverse a slide in its stock price.

Reuters had reported the news earlier in the day, citing sources.

The Oklahoma City-based company has lost 65% of its market value in the last 12 months, as weak natural gas prices have eroded its profitability and forced it to slash capital investment.

Gulfport, whose production is focused primarily in the Utica Shale in Ohio and SCOOP acreage in Oklahoma, also made a new commitment to using excess cash to pay down debt, which totaled $2.1 billion as of the end of September.

The company

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