Laredo Petroleum Holdings, Inc. Announces 2012 Fourth-quarter and
Full-year Financial and Operating Results
TULSA, OK - March 12, 2013 - Laredo Petroleum Holdings, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today announced 2012 fourth-quarter results, reporting net income attributable to common stockholders of $11.8 million, or $0.09 per diluted share. Adjusted net income, a non-GAAP financial measure, for the quarter was $13.5 million, or $0.11 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2012 was $113.9 million. For the year ended December 31, 2012, Laredo reported net income attributable to common stockholders of $61.7 million, or $0.48 per diluted share, adjusted net income attributable to common stockholders of $72.4 million, or $0.57 per diluted share, and adjusted EBITDA of $452.6 million. (Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.)
2012 Full-year Highlights
Increased oil production 42% to 4.8 million barrels, representing 42% of total production
Increased total production volumes 31% to a record 11.3 million barrels of oil equivalent (MMBOE)
Increased total revenue to $588.1 million in 2012, an increase of 15% from 2011
Increased operating cash flow to $376.8 million for 2012 compared to $344.1 million in 2011
Confirmed commercial viability of all four zones initially targeted for horizontal development on the Permian-Garden City acreage
Replaced 385% of annual production
Grew reserves 21% to a record 188.6 MMBOE, 52% of which are oil
“At Laredo, we set challenging goals and we plan for success, but even we didn't realize how big the prize was that we had captured in our Permian-Garden City asset,” said Randy A. Foutch, Laredo Chairman and Chief Executive Officer. “In 2012, we set out to grow reserves, production and operating cash flow and we did just that. Reserves and production each grew to record levels, up 21% and 31%, respectively, as we continued our focus on delineation activities in the oil-rich Permian Basin, and operating cash flows increased 10%. We believe our 2012 drilling activities, which achieved a success rate of greater than 99%, confirmed the commercial horizontal development viability of approximately
The following information was filed by Laredo Petroleum, Inc. (LPI) on Tuesday, March 12, 2013 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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Form Type: 10-K Annual Report Accession Number: 0001528129-13-000056 Submitted to the SEC: Tue Mar 12 2013 6:33:08 AM EST Accepted by the SEC: Tue Mar 12 2013 Period: Monday, December 31, 2012 Industry: Crude Petroleum And Natural Gas