Laredo Petroleum

Laredo Petroleum, Inc. is a company engaged in hydrocarbon exploration organized in Delaware and headquartered in Tulsa, Oklahoma.

Laredo Petroleum, Inc.
Public company
Traded asNYSE: LPI
S&P 600 component
Russell 2000 Index component
IndustryPetroleum industry
Founded2006 (2006)
FounderRandy A. Foutch
HeadquartersTulsa, Oklahoma, U.S.
Key people
 Randy A. Foutch, Chairman & CEO
Richard C. Buterbaugh, CFO
ProductsNatural gas
Petroleum
Production output
80 thousand barrels of oil equivalent (490,000 GJ) per day (2019)
Revenue $837 million (2019)
-$342 million (2019)
Total assets $2.264 billion (2019)
Total equity $841 million (2019)
OwnerWarburg Pincus (21.6%)
Number of employees
280 (2019)
Websitelaredopetro.com
Footnotes / references
[1]

Laredo Petroleum has no connection or association with Laredo Oil, traded on the over-the-counter market.

As of December 31, 2019, the company had 293 million barrels of oil equivalent (1.79×109 GJ) of estimated proved reserves, of which 27% was petroleum, 35% was natural-gas condensates and 38% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,512 net acres.[1]

The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.[2]

History

The company was founded in October 2006 by Randy A. Foutch.[1]

In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin and the Cline Shale.[3][4]

On December 20, 2011, the company became a public company via an initial public offering.[1]

In May 2013, the company sold its assets in the Anadarko Basin in western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.[5][6]

In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.[7][8]

In 2017, the company sold its interest in the Medallion Pipeline.[9]

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See also

References
  1. "Laredo Petroleum, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Earth model assists Permian asset valuation". Oil and Gas Journal. July 6, 2015.
  3. "Laredo Petroleum Completes Broad Oak Energy Acquisition" (Press release). PR Newswire. July 6, 2011.
  4. Joyce, Matt (July 6, 2011). "Broad Oak Energy bought for $1 billion". American City Business Journals.
  5. MARKS, JAY F. (May 22, 2013). "Laredo selling Anadarko Basin acreage in $438M deal". The Oklahoman.
  6. "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale". Reuters. May 21, 2013.
  7. "Laredo Petroleum Acquires Bolt-On Midland Basin Acreage" (Press release). GlobeNewswire. July 14, 2016.
  8. "Laredo to increase Midland basin holdings". Oil and Gas Journal. July 14, 2016.
  9. "Laredo Petroleum Announces Agreement to Sell Interest in Medallion Pipeline" (Press release). GlobeNewswire. October 2, 2017.
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