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Laredo Petroleum, Inc., headquartered in Tulsa, Oklahoma, is an independent energy company dedicated to the acquisition, exploration, and development of oil and natural gas properties. The company's primary operations are concentrated in the Permian Basin in West Texas, a region known for its rich hydrocarbon resources.
Laredo Petroleum has built a robust portfolio by focusing on high-quality assets and employing advanced technological methods to maximize production efficiency and resource recovery. The company continuously seeks to expand its footprint through strategic acquisitions and organic growth, ensuring a steady pipeline of projects that contribute to its long-term sustainability.
Recent achievements by Laredo Petroleum include significant improvements in drilling and completion techniques, which have boosted production rates and reduced operational costs. The company is actively engaged in multiple projects aimed at further exploration and development within its core operational areas.
Financially, Laredo Petroleum maintains a solid balance sheet with a prudent approach to capital allocation. The company has consistently demonstrated strong financial performance, supported by a track record of operational excellence and cost management. This fiscal prudence allows Laredo to navigate market fluctuations effectively and sustain growth in varying economic conditions.
Laredo Petroleum collaborates with various partners and stakeholders to enhance its operational capabilities and drive innovation. These partnerships are crucial in leveraging shared expertise and resources to achieve common goals.
The company's commitment to sustainability and responsible resource development is evident in its practices that prioritize environmental stewardship, safety, and community engagement. Laredo Petroleum actively works to minimize its environmental footprint while maximizing the positive impact on the communities where it operates.
For the latest updates, news, and detailed information about Laredo Petroleum's performance and developments, visit the StockTitan webpage.
Point Energy Partners II has completed its $1.1 billion all-cash sale of assets to Vital Energy (NYSE: VTLE) and Northern Oil and Gas (NYSE: NOG). The company, backed by Vortus Investments Advisors, has achieved remarkable growth, increasing production from 300 net boepd to over 40,000 net boepd in six years. Point Energy's success is attributed to innovative practices, including the implementation of 15,000-foot laterals and advanced completion designs in the Delaware Basin.
The company has set industry standards by developing 1st Bone Spring and Wolfcamp C targets, while also building complementary midstream and mineral assets. CEO Bryan Moody and Senior Partner John Sabia credited their team's dedication and the support of financial partners for navigating commodity price cycles and achieving a positive exit. Vortus Co-Founders praised the leadership's military background as a key factor in building a scalable operation.
Laredo Petroleum announced its third-quarter 2022 results, reporting a net income of $337.5 million or $20.08 per diluted share, with adjusted EBITDA of $222.8 million. The company generated $182.6 million in cash flow from operating activities and achieved free cash flow of $51.4 million. Laredo reduced its net debt to 1.25x consolidated EBITDAX and repurchased $170 million of debt and stock. For fourth-quarter 2022, production is projected between 72.5 - 75.5 MBOE/day with capital expenditures forecasted at $135 - $145 million.
Laredo Petroleum (LPI) reported preliminary third-quarter 2022 results, with production averaging ~79.5 MBOEPD, slightly within guidance. However, oil production of ~35.0 MBOPD fell short of expectations due to offset operator completions affecting Laredo's wells. The company anticipates fourth-quarter production to decline further. Realized prices were $96.00/bbl for oil, with total capital expenditures of ~$140 million. The company closed a divestiture of non-operated properties for $110 million. Full results will be announced on November 3, 2022.
Laredo Petroleum, Inc. (NYSE: LPI) will announce its third-quarter 2022 financial and operational results on November 3, 2022, after market close. A conference call is scheduled for November 4, 2022, at 7:30 a.m. CT, which can be accessed by dialing 800.715.9871 and using conference code 1804797, or via their website. Laredo focuses on acquiring, exploring, and developing oil and natural gas properties in the Permian Basin of West Texas.
Laredo Petroleum, Inc. (NYSE: LPI) announced its agreement to sell non-operated properties in Howard County for $110 million, expected to close in October 2022. The assets cover approximately 1,650 net acres with an estimated average production of 1,800 BOEPD in 2023, primarily oil. This sale is intended to enhance the company’s net asset value and fund equity and debt repurchase programs. Despite the divestiture, Laredo maintains its strong inventory of high-quality drilling locations.
Laredo Petroleum (LPI) reported second-quarter 2022 results, achieving a net income of $262.5 million and Adjusted EBITDA of $278.4 million. The company produced 40,553 BOPD and 87,032 BOEPD, marking increases of 53% and 1% year-over-year, respectively. Liquidity rose to $1.148 billion. The 2022 Free Cash Flow forecast was adjusted to $280 million, down from $350 million. For 2023, Laredo anticipates a Free Cash Flow of $560 million and plans a $200 million share buyback program.
Laredo Petroleum will announce its second-quarter 2022 financial results after market close on August 3, 2022, followed by a conference call on August 4, 2022, at 7:30 a.m. CT to discuss these results. Interested participants can join the call by dialing 800.715.9871 with conference code 6923767 or listen via the Company’s website. Laredo Petroleum, based in Tulsa, Oklahoma, focuses on the acquisition, exploration, and development of oil and natural gas properties, predominantly in the Permian Basin of West Texas.
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