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United States

Profile: Laredo Petroleum Inc (LPI)

LPI on New York Consolidated

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24 Mar 2017
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Laredo Petroleum, Inc. (Laredo), incorporated on 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 operates through two segments: Exploration and production of oil and natural gas properties, 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. As of December 31, 2016, it had assembled 127,847 net acres in the Permian Basin and had total proved reserves, presented on a three-stream basis, of 167,100 thousand of barrels 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. The Company owned and operated more than 230 miles of pipeline in its crude oil and natural gas gathering, fuel gas and gas lift systems in the Permian Basin, as of December 31, 2016.

Exploration and production

The Company's Permian Basin consists of various geological provinces, including the Midland Basin to the east, the Delaware Basin to the west and the Central Platform in the middle. As of December 31, 2016, the Company's primary development and production fairway was located on the east side of the Midland Basin, 35 miles east of Midland, Texas. Its acreage is contiguous in the neighboring counties of Howard, Glasscock, Reagan, Sterling and Irion, Texas. As of December 31, 2016, it held 127,847 net acres in the Permian Basin, all of which were held in 268 sections in the Permian-Garden City area, with a working interest of 95% in all Laredo-operated producing wells. The Company focuses on development activities on four targets for horizontal drilling (Upper, Middle and Lower Wolfcamp, and Cline formations). As of December 31, 2016, the Company had drilled and completed 275 horizontal wells in these four identified targets and 967 vertical wells in the Wolfberry interval. As of December 31, 2016, of these 275 wells, 127 were horizontal Upper Wolfcamp wells, 61 were horizontal Middle Wolfcamp wells, 30 were horizontal Lower Wolfcamp wells and 57 were 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 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's water treatment facility has a capacity of recycling 30,000 barrels of water per day and has a storage capacity of 1.4 million barrels, as of December 31, 2016. As of December 31, 2016, the Company built and maintained more than 40 miles of crude oil gathering pipelines to connect Laredo-operated wells in its Permian-Garden City asset. As of December 31, 2016, the Company had also installed and maintained 170 miles of natural gas gathering pipelines across its Permian-Garden City acreage.

Company Address

Laredo Petroleum Inc

15 W 6th St Ste 900
TULSA   OK   74119-5415
P: +1918.5134570
F: +1302.6555049

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