Russell 2000 Component
|Founder||Randy A. Foutch|
Randy A. Foutch, Chairman & CEO|
Richard C. Buterbaugh, CFO
|58 thousand barrels of oil equivalent (350,000 GJ) per day|
|Revenue||$0.822 billion (2017)|
|$0.548 billion (2017)|
|Total assets||$2.023 billion (2017)|
|Total equity||$0.765 billion (2017)|
|Owner||Warburg Pincus (32.0%)|
Number of employees
Footnotes / references|
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).
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.
The company was founded in October 2006 by Randy A. Foutch.
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.
In 2017, the company sold its interest in the Medallion Pipeline.
Laredo Petroleum has no connection or association with Laredo Oil, a pennystock promotion traded on the Over-the-Counter market.
- "Laredo Petroleum, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Earth model assists Permian asset valuation". Oil and Gas Journal. July 6, 2015.
- "Laredo Petroleum Completes Broad Oak Energy Acquisition" (Press release). PR Newswire. July 6, 2011.
- Joyce, Matt (July 6, 2011). "Broad Oak Energy bought for $1 billion". American City Business Journals.
- MARKS, JAY F. (May 22, 2013). "Laredo selling Anadarko Basin acreage in $438M deal". The Oklahoman.
- "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale". Reuters. May 21, 2013.
- "Laredo Petroleum Acquires Bolt-On Midland Basin Acreage" (Press release). GlobeNewswire. July 14, 2016.
- "Laredo to increase Midland basin holdings". Oil and Gas Journal. July 14, 2016.
- "Laredo Petroleum Announces Agreement to Sell Interest in Medallion Pipeline" (Press release). GlobeNewswire. October 2, 2017.