Vital Energy
| File:Laredo Petroleum corporate logo.png | |
| Company type | Public company |
|---|---|
| NYSE: LPI | |
| 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 |  US$606 million (2015) [2] |
| -US$2.387 billion (2015) [2] | |
| -US$2.209 billion (2015) [2] | |
| Total assets | US$1.813 billion (2015) [2] |
| Total equity | 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
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
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] Broad Oak was founded in May 2006 by David B. Braddock and Warburg Pincus Private Equity IX with funding of a $150MM equity commitment which was subsequently increased to $200MM.[5][6] Broad Oak Energy is credited with the discovery of the play by its drilling of the first Wolfcamp Shale well, the Sugg A159 AH well, in July 2009.[5][6]
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.[7]
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.[8]
See also
References
- ^ Laredo Petroleum: Management Team
- ^ a b c d e f g h i j k Laredo Petroleum 2015 Form 10-K
- ^ Velda Addison (July 10, 2015). "Laredo Petroleum Finds Value In Earth Model". Hart Energy.
- ^ "Laredo Petroleum Completes Broad Oak Energy Acquisition" (PDF). July 6, 2011.
- ^ a b "David Braddock" (pdf). Broad Oak Energy. January 21, 2013. Retrieved November 18, 2016.
- ^ a b "Broad Oak Energy". Broad Oak Energy. Retrieved November 18, 2016.
- ^ "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale".
- ^ "Laredo Petroleum boasts 15 of the top 20 wells in the Cline and Wolfcamp Formations". September 26, 2013.
