Laredo Petroleum, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Production and Depreciation Guidance for the Second Quarter and Full Year of 2015; Revises Capital Expenditure Guidance for 2015
May 7 15
Laredo Petroleum, Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $150,694,000 against $173,310,000 for the same period a year ago. Operating loss was $26,498,000 against operating income of $60,038,000 for the same period a year ago. Income before income taxes was $3,171,000 against loss before income taxes of $106,000 for the same period a year ago. Net loss was $472,000 against $213,000 for the same period a year ago. Net cash provided by operating activities was $26,865,000 against $128,117,000 for the same period a year ago. Capital expenditure on oil and natural gas properties was $243,733,000 against $187,040,000 for the same period a year ago. Capital expenditure on midstream service assets was $20,434,000 against $10,520,000 for the same period a year ago. Capital expenditure on other fixed assets was $3,919,000 against $3,369,000 for the same period a year ago. During the first quarter of 2015, the company invested approximately $211 million in exploration and development activities and approximately $37 million in pipelines and related infrastructure assets held by LMS. Approximately $41 million of the capital invested in exploration and development activities during the quarter were related to activities initiated in 2014. Adjusted net income was $4,436,000 or $0.03 per basic and diluted share against $69,003,000 $0.49 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $118,562,000 against $187,343,000 for the same period a year ago.
In the first quarter of 2015, the company produced 47,487 BOE per day, up from three-stream production of 32,358 BOE per day in the first quarter of 2014. During the first quarter of 2015, the company completed 11 horizontal wells in the company’s four initially targeted zones, with an average working interest of approximately 99%. Two horizontal wells were completed in the Upper Wolfcamp, two in the Middle Wolfcamp, three in the Lower Wolfcamp and four in the Cline. Additionally, 21 vertical wells were completed
The company provided production and depreciation guidance for the second quarter and full year of 2015. For the second quarter, the company expects production of 4.0 – 4.2 MMBOE.
It has reduced capital budget from $525 million to $475 million to continue original 2015 drilling plan.
For the full year 2015, the company expects production of 15.6 – 16.0 MMBOE.
For the second quarter, the company expects depletion, depreciation and amortization of $16.50 - $17.50 BOE.
For the second quarter, the company expects depletion, depreciation and amortization of $16.75 - $17.75 BOE.
Laredo Petroleum, Inc. Reports Operating Results for the First Quarter of 2015; Provides Production Guidance for the Full Year of 2015
Apr 13 15
Laredo Petroleum, Inc. reported operating results for the first quarter of 2015. For the period, the company announced preliminary production volumes of 4.27 million barrels of oil equivalent (MMBOE) for the first quarter of 2015, a company record and an increase of approximately 47% from first-quarter 2014.
The company provided production Guidance for the full year of 2015. For the period, the company updated production guidance for full-year 2015 to a range of 15.6 MMBOE to 16.0 MMBOE, an expected increase of approximately 13% to 16% from 2014. Crude oil production is expected to be of 50%. Natural gas liquids of production expected to be of 25%. Natural gas production is expected to be of 25%.
Laredo Petroleum, Inc., Annual General Meeting, May 19, 2015
Apr 2 15
Laredo Petroleum, Inc., Annual General Meeting, May 19, 2015., at 09:00 Central Standard Time. Location: Thomas Gilcrease Museum, 1400 North Gilcrease Museum Road. Agenda: To elect three Class II directors to our board of directors to hold office until the expiration of their three-year term in 2018 and thereafter until their respective successors are duly elected and qualified; to ratify the appointment of Grant Thornton LLP as the company's independent registered accounting firm; to hold an advisory vote approving the compensation of our named executive officers; and to transact such other business as may properly come before the Annual Meeting or at any adjournment or postponement thereof.