EXHIBIT 99.1

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15 West 6th Street, Suite 900 · Tulsa, Oklahoma 74119 · (918) 513-4570 · Fax: (918) 513-4571
www.laredopetro.com
Laredo Petroleum Announces Fourth-Quarter and Full-Year 2019 Financial and Operating Results
TULSA, OK - February 12, 2020
- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its fourth-quarter and full-year 2019 results. For the fourth quarter of 2019, the Company reported a net loss attributable to common stockholders of $241.7 million, or $1.04 per diluted share, which includes a non-cash full cost ceiling impairment charge of $222.7 million. Adjusted Net Income, a non-GAAP financial measure, for the fourth quarter of 2019 was $39.7 million, or $0.17 per adjusted diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2019 was $137.9 million.
For full-year 2019, the Company reported a net loss attributable to common stockholders of $342.5 million, or $1.48 per diluted share, which includes a non-cash full cost ceiling impairment charge of $620.6 million. Adjusted Net Income for full-year 2019 was $172.0 million, or $0.74 per adjusted diluted share and Adjusted EBITDA was $560.2 million.
Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures, including a calculation of Adjusted EBITDA, Adjusted Net Income and Free Cash Flow.
2019 Full-Year Highlights
Generated $475.1 million of net cash provided by operating activities and $59.7 million of Free Cash Flow in 2019 as the Company reduced capital expenditures by 25% from full-year 2018
Executed two accretive acquisitions of high-margin, oily inventory at valuations significantly below historic averages while maintaining a competitive leverage ratio
Produced 28,429 barrels of oil per day ("BOPD") and 80,883 barrels of oil equivalent ("BOE") per day, increases of 2% and 19%, respectively, from full-year 2018
Grew total proved reserves by 55 million BOE and proved oil reserves by 17 million barrels, increases of 23% and 27%, respectively, versus year-end 2018
Drove well costs down to $6.6 million for a 10,000-foot lateral with the Company's standard completion design, a decrease from $7.7 million at year-end 2018
Reduced controllable cash costs of combined unit lease operating expenses ("LOE") and unit cash general and administrative expenses ("G&A") to $4.65 per BOE, a 23% decrease from full-year 2018 results of $6.07 per BOE

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The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, February 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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