Welcome to our dedicated page for LPI news (Ticker: LPI), a resource for investors and traders seeking the latest updates and insights on LPI stock.
Laredo Petroleum, Inc. (NYSE: LPI) is an independent energy company headquartered in Tulsa, Oklahoma, with a stated focus on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The LPI news feed on Stock Titan aggregates company-issued updates and market news that reference Laredo’s operations and strategy.
News about Laredo Petroleum typically covers quarterly and preliminary financial and operating results, including production levels, capital expenditures, lease operating expenses and liquidity. The company’s releases also discuss its use of non-GAAP measures such as Adjusted EBITDA, Adjusted Net Income, Free Cash Flow and Net Asset Value, along with commentary from management on how these metrics relate to its development plans and balance sheet.
Investors following LPI-related news can also see announcements about acquisitions and divestitures of oil and natural gas properties in the Permian Basin, such as sales of certain non-operated assets in Howard County, Texas. These items illustrate how Laredo manages its portfolio of drilling locations and adjusts its production guidance in response to transactions and operational performance.
This page brings together these types of disclosures and references so readers can review how Laredo describes its business strategy, capital allocation and operational results over time. For ongoing research on LPI, users may wish to revisit this news feed to read the company’s own updates and related market coverage as they are released.
Laredo Petroleum, Inc. (NYSE: LPI) reported its third-quarter 2021 results, highlighting a significant acquisition of ~20,000 net acres in Glasscock County, extending its oil development runway to seven years. Average production was 76,703 BOE/day, with oil production at 35,329 BOPD, reflecting a 41% year-on-year increase. The company incurred $137 million in capital expenditures, while achieving a net income of $136.8 million, or $8.56 per diluted share. Laredo anticipates a strong Q4 with production guidance of 80.3 - 83.3 MBOE/day and continued investments in acquired assets for improved operational efficiency.
Laredo Petroleum, Inc. (NYSE: LPI) plans to release its third-quarter 2021 financial results post-market on November 2, 2021. A conference call is scheduled for November 3, 2021, at 7:30 a.m. CT to discuss these results. Interested participants can dial 877.930.8286 (international: 253.336.8309) with conference code 4653617 or listen online at Laredo's website. A replay of the call will be available for a week following the event.
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Sabalo Energy II has secured a $300 million equity commitment from EnCap Investments, enhancing its capability to develop unconventional oil and gas assets. Following its recent acquisition of over 21,000 net acres in the Midland Basin, production has risen to 14,500 Boe/d. The partnership aims to capitalize on current market conditions, leveraging technological advancements to deliver strong stakeholder returns while maintaining an ESG focus. This commitment reflects strong investor confidence in Sabalo's operational expertise and historical value creation.
Laredo Petroleum (NYSE: LPI) announced a $230 million acquisition of approximately 20,000 net acres in western Glasscock County from Pioneer Natural Resources (NYSE: PXD). This acquisition, Laredo's second in 2021, enhances its oil-weighted inventory by 50%, extending its development runway to about seven years. The leasehold, 80% operated, currently produces ~4,400 barrels of oil equivalent daily, primarily oil. The purchase includes $160 million in cash and shares. The company aims to meet its YE-22 leverage target of 1.5x Net Debt to TTM Adjusted EBITDA.
Laredo Petroleum (NYSE: LPI) reported its second-quarter 2021 results, highlighting significant operational and financial developments.
The company completed the acquisition of Sabalo Energy and divested 37.5% of legacy reserves, enhancing its production mix and Free Cash Flow trajectory.
Production averaged 85,924 BOE per day, a 9% increase from Q1, while capital expenditures totaled $95 million. Despite a net loss of $132.7 million, Laredo aims for improved operational efficiency and is committed to reducing flaring/venting to 0.29% of produced gas.
Laredo Petroleum announced the pricing of $400 million in senior unsecured notes at 7.750% due 2029 in a private offering. Proceeds will be used for general corporate purposes, including repaying outstanding borrowings under its senior secured credit facility. The offering is set to close on July 16, 2021. These notes will be guaranteed by existing and future subsidiaries. Importantly, the notes are not registered under the Securities Act and are being offered only to qualified institutional buyers. Laredo is focused on oil and natural gas properties in the Permian Basin.
Laredo Petroleum plans to offer $400 million in senior unsecured notes due 2029. The funds will be used for general corporate purposes, including repaying part of its senior secured credit facility borrowings. The offering is aimed at qualified institutional buyers, adhering to regulations under the Securities Act. The company operates primarily in the Permian Basin, focusing on oil and natural gas properties.
Laredo Petroleum (NYSE: LPI) announced its preliminary production results for Q2 2021, reporting approximately 85.9 thousand BOE per day with a 9% increase from Q1. However, production was impacted by weather-related issues, leading to a reduction of 900 BOE daily. Capital expenditures reached $100 million, exceeding expectations, with 16 wells completed. The company revised its full-year capital budget, projecting total production of 77.0 - 80.0 MBOE per day and oil production of 30.5 - 31.5 MBOPD. Looking ahead, Laredo anticipates total capital expenditures of $380 million in 2022.
Laredo Petroleum (NYSE: LPI) announced the successful closure of the $606 million acquisition of Sabalo Energy's oil-weighted leasehold and a $405 million divestment of legacy gas-weighted reserves to Sixth Street Partners. The transactions enhance Laredo's capital efficiency and Free Cash Flow capabilities. Following the acquisition, Laredo issued 714,526 shares through its ATM Program, raising $45.8 million. The company's credit facility borrowing base remains stable at $725 million, with total liquidity of $355 million. A second-quarter earnings report is scheduled for August 4, 2021.
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