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United States

Profile: Laredo Petroleum Inc (LPI)

LPI on New York Consolidated

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25 Jul 2016
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Laredo Petroleum, Inc. (Laredo), incorporated in August 12, 2011, is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company's segments include Exploration and production, and Midstream and marketing. The exploration and production of oil and natural gas properties are conducted principally by the Company through the exploration and development of its acreage in the Permian Basin. The Company has assembled approximately 135,410 net acres in the Permian Basin and has total proved reserves presented on a three-stream basis of over 125,700 thousand barrel of oil equivalent (MBOE). The Midstream and marketing segment's operations are conducted principally by its subsidiary, Laredo Midstream Services, LLC (LMS), which buys, sells, gathers and transports oil, natural gas and water primarily for the account of Laredo. This system gathers, transports and delivers over 69,000 barrels per day. It is conducting hydraulic fracturing activity in the completion of both its vertical and horizontal wells in the Permian Basin.

Exploration and production

The Company's Permian Basin consists of several distinct geological provinces, including the Midland Basin to the east, the Delaware Basin to the west and the Central Platform in the middle. The Company's primary development and production fairway is located on the east side of the Midland Basin, approximately 35 miles east of Midland, Texas. Its acreage is contiguous in the neighboring counties of Howard, Glasscock, Reagan, Sterling and Irion, Texas. The Company has over 131,760 of the net acres held in over 250 sections in the Permian-Garden City area, with an average working interest of approximately 95% in all Laredo-operated producing wells. The Company focuses on development activities in over four targets for horizontal drilling (Upper, Middle and Lower Wolfcamp and Cline formations). The Company has drilled and completed over 230 horizontal wells in these target zones and over 970 vertical wells in the Wolfberry interval. It has completed over 100 horizontal Upper Wolfcamp wells, approximately 50 horizontal Middle Wolfcamp wells, over 30 horizontal Lower Wolfcamp wells and approximately 60 horizontal Cline wells.

Midstream and marketing

The Company is involved in seeking midstream solutions for its oil, natural gas liquids (NGL) and natural gas production. The Company builds crude oil, natural gas and/or water systems in over four production corridors on its Permian-Garden City acreage. Its midstream and marketing activities focus on the transportation and marketing of its oil and natural gas through the utilization of its oil and natural gas gathering systems to provide access to multiple markets, and the handling of fresh, recycled and produced water. The Company commenced operations at its water treatment facility, which has capacity of recycling over 28,000 barrels of water per day and has a storage capacity of approximately 1.4 million barrels. In addition, the Company builds and maintains over 40 miles of crude oil gathering pipelines to connect Laredo-operated wells in its Permian-Garden City asset. The Company also installs and maintains over 175 miles of natural gas gathering pipelines across its Permian-Garden City acreage.

Company Address

Laredo Petroleum Inc

15 W 6th St Ste 1800
TULSA   OK   74119-5412
P: +1918.5134570
F: +1302.6555049

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