Laredo Petroleum

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Laredo Petroleum, Inc.
Public company
Traded as NYSELPI
Industry Petroleum industry
Headquarters Tulsa, Oklahoma
Key people
Randy Foutch, Chairman & CEO
Jay Still, President & COO
Richard Buterbaugh, Executive VP & CFO[1]
Products Natural Gas
Petroleum
Production output
44 thousand barrels of oil equivalent (270,000 GJ) per day [2]
Revenue Decrease US$606 million (2015) [2]
Decrease -US$2.387 billion (2015) [2]
Decrease -US$2.209 billion (2015) [2]
Total assets Decrease US$1.813 billion (2015) [2]
Total equity Decrease US$131 million (2015) [2]
Number of employees
340 (2015)[2]
Website http://www.laredopetro.com

Laredo Petroleum, Inc. is an independent energy company focused on the exploration, development and acquisition of oil and natural gas. The company is based in Tulsa, Oklahoma.

As of December 31, 2015, Warburg Pincus owned 41% of the company.[2]

Current operations[edit]

As of December 31, 2015, the company had 125 million barrels of oil equivalent (760,000,000 GJ) of estimated proved reserves, of which 42% was oil and 58% was natural gas. All of these reserves were located in the Permian Basin. The company controlled 135,408 net acres in the Permian Basin, where it had 1,109 net producing wells. The company had average daily production in 2015 of 44 thousand barrels of oil equivalent (270,000 GJ).[2]

The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.[3]

History[edit]

The company was founded in October 2006 by Randy Foutch, the current chairman and chief executive officer.[2]

In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin.[4]

On December 20, 2011, the company became a public company via an initial public offering.[2]

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]

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 Shale.[6]

See also[edit]

References[edit]