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LAREDO PETROLEUM HOLDINGS, INC. ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL AND OPERATING RESULTS
Production Increases by 66% over 2010,
Revenues Up By 111% Due to Higher Production and Higher Realized Prices
Total Estimated Proved Reserves Grow 15%,
Proved Developed Reserves Grow 41% Year-over-Year,
Replacing 328% of Production
TULSA, OK March 20, 2012 Laredo Petroleum Holdings, Inc. (NYSE: LPI) (Laredo or the Company) today announced fourth quarter and year-end financial and operating results, including an update of its estimated proved reserves as of December 31, 2011. The announcement marked the first reported earnings period following the Companys initial public offering (IPO) in December 2011.
The Company announced average daily production in 2011 of 23,709 barrels of oil equivalent per day (Boe/d), a 66% increase over the 2010 average daily production of 14,278 Boe/d. Production was 39% crude oil and condensate and 61% natural gas, including natural gas liquids (NGL). Production during the fourth quarter of 2011 averaged 26,270 Boe/d, an increase of approximately 8% over third quarter 2011 and a 45% increase over fourth quarter 2010. Laredos production is reported on a two-stream basis, with natural gas liquids production reported within natural gas production figures.
Laredo replaced 328% of production and reported a net increase in estimated proved reserves of 28.5 million barrels of oil equivalent (MMBoe) over year-end 2010, a growth rate of 15% year-over-year(1). Proved developed reserves were 63.2 MMBoe, which represents a 41% increase over proved developed reserves at year-end 2010. At December 31, 2011, 40% of the Companys proved reserves were proved developed compared to 33% at year-end 2010. Proved developed oil reserves accounted for 91% of the year-over-year growth in total proved reserves.
The Company generated revenues of $139.0 million for the quarter ended December 31, 2011, a 64% increase over the fourth quarter of 2010. Revenues for the year ended December 31, 2011 were $510.3 million, representing an increase of 111% over the prior year.
The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, March 21, 2012 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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