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 (NYSE: LPI) announced the reaffirmation of its Senior Secured Credit Facility borrowing base at $725 million. In addition, it acquired 2,758 net acres in Howard County for $11.3 million, producing 210 BOE per day. Current borrowings were decreased from $275 million to $220 million, increasing liquidity to $476 million. This acquisition added 12 new drilling locations and enhanced existing ones, strengthening Laredo's operational strategy in the Permian Basin.
Laredo Petroleum, Inc. (NYSE: LPI) is set to announce its third-quarter financial and operational results on November 4, 2020, post-market closure. Following the results, a conference call will take place on November 5, 2020, at 7:30 a.m. CT. Participants can join by dialing 877.930.8286 or from the company's website. Laredo Petroleum focuses on acquiring, exploring, and developing oil and natural gas properties in West Texas's Permian Basin.
Laredo Petroleum, Inc. (NYSE: LPI) announced the appointment of Lisa Lambert to its Board of Directors effective August 13, 2020. Her background in technology and innovation is expected to enhance the Company's digital transformation efforts aimed at increasing efficiencies and cost savings. Lambert is currently the Chief Technology and Innovation Officer at National Grid and has substantial experience in leading investment initiatives. Meanwhile, Peter Kagan has resigned from the Board, marking a significant management change.
Laredo Petroleum (NYSE: LPI) will announce its Q2 2020 financial results after market close on August 5, 2020. A conference call will be held on August 6, 2020, at 7:30 a.m. CT, to discuss the results. Participants can join the call by dialing 877-930-8286 (internationally 253-336-8309) with the conference code 4172567. A replay of the call will be accessible for one week after the event. Laredo focuses on acquiring, exploring, and developing oil and gas properties, primarily in the Permian Basin of Texas.
Laredo Petroleum has appointed Bryan Lemmerman as the new Senior Vice President and Chief Financial Officer, effective June 30, 2020, succeeding Michael Beyer, who leaves the company as of June 17, 2020. Lemmerman brings over 15 years of experience in the energy sector, having held key roles at Chesapeake Energy. In an effort to manage costs, Laredo anticipates a 10% reduction in personnel expenses for 2020 compared to 2019, focusing on cuts at the officer and director levels. The company remains committed to its competitive cost structure amidst fluctuating oil prices.
Laredo Petroleum (NYSE: LPI) announced the appointment of William Albrecht as independent Chairman of the Board, effective May 14, 2020, succeeding Randy Foutch. This change supports Laredo's commitment to separate the roles of Chairman and CEO, enhancing governance. Albrecht, who joined the Board in February 2020, brings extensive energy industry experience, which is expected to assist in guiding the company's strategy during challenging times. The transition marks a strategic leadership shift aimed at positioning Laredo for sustainable growth.
Laredo Petroleum, Inc. (NYSE: LPI) announced a 1-for-20 reverse stock split approved by stockholders at the Annual Meeting. This action aims to increase the stock price to comply with NYSE listing standards and will take effect on or about June 1, 2020. Following the split, the authorized shares will reduce from 450 million to 22.5 million. Shareholders will receive one new share for every 20 shares held, with cash compensation for any fractional shares. The company is focused on oil and gas operations in the Permian Basin.
Laredo Petroleum reported a net income of $235.1 million for Q1 2020, translating to $1.01 per diluted share. Adjusted Net Income was $21.1 million, or $0.09 per adjusted diluted share, with Adjusted EBITDA at $116.8 million. Highlights include the issuance of $1 billion in new debt and a production increase to 86,532 BOE per day. The company reduced capital expenditures to $265 million and expects net cash from derivatives to reach $275 million in 2020. Operations remained disciplined amidst COVID-19 challenges.