Laredo Petroleum
Laredo Petroleum, Inc. is a company engaged in hydrocarbon exploration organized in Delaware and headquartered in Tulsa, Oklahoma.
 | |
| Type | Public company |
|---|---|
| NYSE: LPI S&P 600 component Russell 2000 Index component | |
| Industry | Petroleum industry |
| Founded | 2006 |
| Founder | Randy A. Foutch |
| Headquarters | Tulsa, Oklahoma, U.S. |
Key people | Randy A. Foutch, Chairman & CEO Richard C. Buterbaugh, CFO |
| Products | Natural gas Petroleum |
Production output | 80 thousand barrels of oil equivalent (490,000 GJ) per day (2019) |
| Revenue |  $837 million (2019) |
| -$342 million (2019) | |
| Total assets | $2.264 billion (2019) |
| Total equity | $841 million (2019) |
| Owner | Warburg Pincus (21.6%) |
Number of employees | 280 (2019) |
| Website | laredopetro |
| Footnotes / references [1] | |
Laredo Petroleum has no connection or association with Laredo Oil, traded on the over-the-counter market.
As of December 31, 2019, the company had 293 million barrels of oil equivalent (1.79×109 GJ) of estimated proved reserves, of which 27% was petroleum, 35% was natural-gas condensates and 38% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,512 net acres.[1]
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.[2]
History
The company was founded in October 2006 by Randy A. Foutch.[1]
In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin and the Cline Shale.[3][4]
On December 20, 2011, the company became a public company via an initial public offering.[1]
In May 2013, the company 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][6]
In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.[7][8]
In 2017, the company sold its interest in the Medallion Pipeline.[9]
References
- "Laredo Petroleum, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Earth model assists Permian asset valuation". Oil and Gas Journal. July 6, 2015.
- "Laredo Petroleum Completes Broad Oak Energy Acquisition" (Press release). PR Newswire. July 6, 2011.
- Joyce, Matt (July 6, 2011). "Broad Oak Energy bought for $1 billion". American City Business Journals.
- MARKS, JAY F. (May 22, 2013). "Laredo selling Anadarko Basin acreage in $438M deal". The Oklahoman.
- "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale". Reuters. May 21, 2013.
- "Laredo Petroleum Acquires Bolt-On Midland Basin Acreage" (Press release). GlobeNewswire. July 14, 2016.
- "Laredo to increase Midland basin holdings". Oil and Gas Journal. July 14, 2016.
- "Laredo Petroleum Announces Agreement to Sell Interest in Medallion Pipeline" (Press release). GlobeNewswire. October 2, 2017.
External links
- Business data for Laredo Petroleum, Inc.:
