Laredo Petroleum

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Laredo Petroleum, Inc.
Public company
Traded asNYSELPI
S&P 600 component
Russell 2000 Index component
IndustryPetroleum industry
Founded2006; 13 years ago (2006)
FounderRandy A. Foutch
HeadquartersTulsa, Oklahoma, U.S.
Key people
Randy A. Foutch, Chairman & CEO
Richard C. Buterbaugh, CFO
ProductsNatural gas
Production output
68 thousand barrels of oil equivalent (420,000 GJ) per day (2018)
RevenueIncrease $1.105 billion (2018)
Decrease $0.328 billion (2018)
Total assetsIncrease $2.420 billion (2018)
Total equityIncrease $1.174 billion (2018)
OwnerWarburg Pincus (21.9%)
Number of employees
340 (2018)
Footnotes / references

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

Laredo Petroleum has no connection or association with Laredo Oil, a penny stock promotion traded on the Over-the-counter market.

Current operations[edit]

As of December 31, 2018, the company had 238 million barrels of oil equivalent (1.46×109 GJ) of estimated proved reserves, of which 26% was petroleum, 36% was natural-gas condensates and 38% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 120,617 net acres.[1]

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


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]

See also[edit]


  1. ^ a b c d "Laredo Petroleum, Inc. 2018 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.

External links[edit]