Laredo Petroleum

Laredo Petroleum, Inc.
Public company
Traded as NYSE: LPI
Industry Petroleum industry
Headquarters Tulsa, Oklahoma
Key people
 Randy Foutch, Chairman & CEO
Richard Buterbaugh, Executive VP & CFO[1]
Products Natural Gas
Petroleum
Production output
 49 thousand barrels of oil equivalent (300,000 GJ) per day [2]
Revenue Decrease US$597 million (2016)[2]
Increase -US$87 million (2016)[2]
Increase -US$260 million (2016)[2]
Total assets Decrease US$1.782 billion (2016)[2]
Total equity Increase US$180 million (2016)[2]
Number of employees
 324 (2016)[2]
Website http://www.laredopetro.com

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

As of December 31, 2016, Warburg Pincus owned 36.2% of the company.[2]

Current operations

As of December 31, 2016, the company had 167 million barrels of oil equivalent (1.02×109 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 127,847 net acres in the Permian Basin, where it had 1,088 net producing wells. The company had average daily production in 2016 of 49 thousand barrels of oil equivalent (300,000 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

  1. ↑ Laredo Petroleum: Management Team
  2. 1 2 3 4 5 6 7 8 9 10 11 Laredo Petroleum 2016 Form 10-K
  3. ↑ Velda Addison (July 10, 2015). "Laredo Petroleum Finds Value In Earth Model". Hart Energy.
  4. ↑ "Laredo Petroleum Completes Broad Oak Energy Acquisition" (PDF). July 6, 2011.
  5. 1 2 "David Braddock" (pdf). Broad Oak Energy. January 21, 2013. Retrieved November 18, 2016.
  6. 1 2 "Broad Oak Energy". Broad Oak Energy. Retrieved November 18, 2016.
  7. ↑ "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale".
  8. ↑ "Laredo Petroleum boasts 15 of the top 20 wells in the Cline and Wolfcamp Formations". September 26, 2013.
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