Laredo Petroleum

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Laredo Petroleum Holdings, Inc.
Type Public
Traded as NYSELPI
Industry Oil and gas
Headquarters Tulsa, Oklahoma, United States
Key people Chairman: Randy A. Foutch[1]
Products Gas and oil
Revenue Increase $ 588.08 million (2012)[2]
Net income Decrease $ 61.65 million (2012)[3]
Employees 340 (2012)[3]
Website http://www.laredopetro.com

Laredo Petroleum Holdings, Inc. is an independent energy company focused on the exploration, development and acquisition of oil and natural gas primarily in the Permian Basin and Mid-Continent regions of the United States.[4][5] The company reported proved reserves of 137,000 million barrels of oil equivalent for the first six months of 2011 and had interests in about 1,000 gross producing wells.[6]

History[edit]

Laredo Petroleum Holdings, Inc. was incorporated in August 2011 pursuant to the laws of the State of Delaware[7] for purposes of a corporate reorganization and initial public offering. The company (NYSE: LPI) launched its initial public offering on December 16, 2011.[1] Since Laredo went public its stock price had risen 55% as of September 16, 2013.[8]

In May, 2013, Laredo 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.[9] As of September 2013, Laredo had drilled over 75 horizontal wells targeting four horizons: the Upper Wolfcamp, the Middle Wolfcamp, the Lower Wolfcamp, and the Cline.[8]

As of December 2013, Laredo Petroleum had a market capitalization of $3.69B which is a larger market capitalization than the smaller end of the S&P 500.[10][11]

Operations[edit]

  • Randy A. Foutch, Chairman and CEO[1]
  • Jay P Still, President and COO[12]
  • Richard C. Buterbaugh, Executive Vice President and CFO[3]

See also[edit]

References[edit]