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Laredo Petroleum Inc LPI

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Laredo Continues To Grow Oil Production, but Freezing Temps Likely To Impact First Quarter Results

Analyst Note

| Dave Meats, CFA |

Laredo delivered production of 83 mboe/d in the fourth quarter, which was 6% lower sequentially and 2% lower year over year. This was above the previously guided range of 78-80 mboe/d. In 2021, Laredo plans to keep slightly improving oil production at the expense of lower total production, as a result of drilling in acreage with a higher oil take. Management estimates freezing temperatures in mid-February will reduce oil production for the first quarter by around 3,000 bpd, which translates to 10%-20% lower oil volumes than anticipated pre-storm.

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Company Profile

Business Description

Laredo Petroleum is an independent oil and gas producer in the United States. It operates exclusively in the Permian (Midland) Basin. At the end of 2019, the company reported net proves reserves of 294 million barrels of oil equivalent. Net production averaged about 81 thousand barrels per day in 2019 at a ratio of 66% oil and natural gas liquids and 34% natural gas.

15 West Sixth Street, Suite 900
Tulsa, OK, 74119
T +1 918 513-4570
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 257