Laredo Petroleum

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Laredo Petroleum, Inc.
Public company
Traded as NYSELPI
Russell 2000 Component
Industry Petroleum industry
Founded 2006; 12 years ago (2006)
Founder Randy A. Foutch
Headquarters Tulsa, Oklahoma
Key people
Randy A. Foutch, Chairman & CEO
Richard C. Buterbaugh, CFO
Products Natural Gas
Petroleum
Production output
58 thousand barrels of oil equivalent (350,000 GJ) per day
Revenue Increase $0.822 billion (2017)
Increase $0.548 billion (2017)
Total assets Increase $2.023 billion (2017)
Total equity Increase $0.765 billion (2017)
Owner Warburg Pincus (32.0%)
Number of employees
361 (2017)
Website www.laredopetro.com
Footnotes / references
[1]

Laredo Petroleum, Inc. is a petroleum and natural gas exploration and production company organized in Delaware and headquartered in Tulsa, Oklahoma.

As of December 31, 2017, affiliates of Warburg Pincus owned 32.0% of the company.[1]

Current operations[edit]

As of December 31, 2016, the company had 215 million barrels of oil equivalent (1.32×109 GJ) of estimated proved reserves, of which 38% was oil and 62% was natural gas. All of these reserves were in the Permian Basin. The company controlled 124,843 net acres in the Permian Basin, where it had 1,136 net producing wells. The company had average daily production in 2017 of 58 thousand barrels of oil equivalent (350,000 GJ).[1]

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

History[edit]

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, 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.[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]

Other[edit]

Laredo Petroleum has no connection or association with Laredo Oil, a pennystock promotion traded on the Over-the-Counter market.

See also[edit]

References[edit]

External links[edit]