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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.
Sabalo Energy II has secured a $300 million equity commitment from EnCap Investments, enhancing its capability to develop unconventional oil and gas assets. Following its recent acquisition of over 21,000 net acres in the Midland Basin, production has risen to 14,500 Boe/d. The partnership aims to capitalize on current market conditions, leveraging technological advancements to deliver strong stakeholder returns while maintaining an ESG focus. This commitment reflects strong investor confidence in Sabalo's operational expertise and historical value creation.
Laredo Petroleum (NYSE: LPI) announced a $230 million acquisition of approximately 20,000 net acres in western Glasscock County from Pioneer Natural Resources (NYSE: PXD). This acquisition, Laredo's second in 2021, enhances its oil-weighted inventory by 50%, extending its development runway to about seven years. The leasehold, 80% operated, currently produces ~4,400 barrels of oil equivalent daily, primarily oil. The purchase includes $160 million in cash and shares. The company aims to meet its YE-22 leverage target of 1.5x Net Debt to TTM Adjusted EBITDA.
Laredo Petroleum (NYSE: LPI) reported its second-quarter 2021 results, highlighting significant operational and financial developments.
The company completed the acquisition of Sabalo Energy and divested 37.5% of legacy reserves, enhancing its production mix and Free Cash Flow trajectory.
Production averaged 85,924 BOE per day, a 9% increase from Q1, while capital expenditures totaled $95 million. Despite a net loss of $132.7 million, Laredo aims for improved operational efficiency and is committed to reducing flaring/venting to 0.29% of produced gas.
Laredo Petroleum announced the pricing of $400 million in senior unsecured notes at 7.750% due 2029 in a private offering. Proceeds will be used for general corporate purposes, including repaying outstanding borrowings under its senior secured credit facility. The offering is set to close on July 16, 2021. These notes will be guaranteed by existing and future subsidiaries. Importantly, the notes are not registered under the Securities Act and are being offered only to qualified institutional buyers. Laredo is focused on oil and natural gas properties in the Permian Basin.
Laredo Petroleum plans to offer $400 million in senior unsecured notes due 2029. The funds will be used for general corporate purposes, including repaying part of its senior secured credit facility borrowings. The offering is aimed at qualified institutional buyers, adhering to regulations under the Securities Act. The company operates primarily in the Permian Basin, focusing on oil and natural gas properties.
Laredo Petroleum (NYSE: LPI) announced its preliminary production results for Q2 2021, reporting approximately 85.9 thousand BOE per day with a 9% increase from Q1. However, production was impacted by weather-related issues, leading to a reduction of 900 BOE daily. Capital expenditures reached $100 million, exceeding expectations, with 16 wells completed. The company revised its full-year capital budget, projecting total production of 77.0 - 80.0 MBOE per day and oil production of 30.5 - 31.5 MBOPD. Looking ahead, Laredo anticipates total capital expenditures of $380 million in 2022.
Laredo Petroleum (NYSE: LPI) announced the successful closure of the $606 million acquisition of Sabalo Energy's oil-weighted leasehold and a $405 million divestment of legacy gas-weighted reserves to Sixth Street Partners. The transactions enhance Laredo's capital efficiency and Free Cash Flow capabilities. Following the acquisition, Laredo issued 714,526 shares through its ATM Program, raising $45.8 million. The company's credit facility borrowing base remains stable at $725 million, with total liquidity of $355 million. A second-quarter earnings report is scheduled for August 4, 2021.
Laredo Petroleum (LPI) announced the acquisition of Sabalo Energy's assets for approximately $715 million, funded by cash and equity. This acquisition adds 21,000 contiguous acres in Howard County and aims to increase oil production to over 50%. The divestiture of 37.5% of its PDP reserves in Reagan/Glasscock counties generated $405 million. Both transactions will enhance Laredo's Free Cash Flow and decrease debt ratios by 2025, with projected Free Cash Flow exceeding $700 million through FY-25.
Laredo Petroleum reported Q1 2021 financial results, generating $71 million in cash from operations and $22 million in Free Cash Flow. The company sold 723,579 shares through its ATM program for net proceeds of $26.9 million and reduced net debt by $30 million. Average oil production increased 11% to 24,261 BOPD, despite weather disruptions. A net loss of $75.4 million was reported, including a $122.2 million non-cash loss on derivatives, while adjusted net income was $20.3 million. Laredo anticipates further production growth in Q2 2021.
Laredo Petroleum, Inc. (NYSE: LPI) will announce its first-quarter 2021 financial results after market close on May 5, 2021. A conference call is scheduled for May 6, 2021, at 7:30 a.m. CT to discuss these results. Investors can join the call by dialing 877.930.8286 or through the company's website. A telephonic replay will be accessible two hours post-call until May 13, 2021. Laredo Petroleum focuses on acquiring, exploring, and developing oil and natural gas properties, primarily in the Permian Basin.
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