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LAREDO PETROLEUM ANNOUNCES 2015 FOURTH-QUARTER AND FULL-YEAR FINANCIAL AND OPERATING RESULTS AND YEAR-END RESERVE ESTIMATES
TULSA, OK - February 16, 2016 - Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today announced its 2015 fourth-quarter and full-year results. For the fourth quarter of 2015, the Company reported a net loss attributable to common stockholders of $964.6 million, or $4.57 per diluted share, which includes a pre-tax, non-cash full cost ceiling impairment charge of $975.0 million. Adjusted Net Income, a non-GAAP financial measure, for the fourth quarter of 2015 was $12.9 million, or $0.06 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2015 was $115.9 million. For the year ended December 31, 2015, the Company reported a net loss attributable to common stockholders of $2.2 billion, or $11.10 per diluted share, including a pre-tax, non-cash full cost ceiling impairment charge of $2.4 billion. Adjusted Net Income was $46.1 million, or $0.23 per diluted share, and Adjusted EBITDA was $472.3 million.
Produced a Company record 16.3 million barrels of oil equivalent (“MMBOE”) in 2015, an increase of approximately 18% from 2014
Reduced unit general and administrative expenses to $5.53 per barrel of oil equivalent (“BOE”) in 2015 from $7.67 in 2014, a decrease of approximately 28%, on a three-stream basis
Reduced unit cash costs approximately 23% to $13.03 per BOE in 2015 from $17.01 in 2014, on a three-stream basis
Commenced full operations of the Medallion pipeline system, which is 49%-owned by Laredo Midstream Services, LLC (“LMS”), growing transported volumes on the system to an average of approximately 69,000 barrels of oil per day (“BOPD”) in the fourth quarter of 2015
Expanded the Medallion pipeline system delivery points to Crane and Midland, Texas, which will increase the system’s deliverable capacity to 500,000 BOPD, when completed
Received approximately $255.3 million of cash settlements on commodity derivatives that matured during 2015, increasing the average sales price for oil by $31.14 per barrel and for natural gas by $0.49 per thousand cubic feet compared to pre-hedged average sales prices
Please see supplemental financial information at the end of this news release for reconciliations of the non-GAAP financial measures.
“In January of 2015, Laredo took the steps we felt were necessary at the time for the Company to continue to efficiently operate in an extended low commodity price environment while refining and enhancing the Company’s development plan for its Permian-Garden City acreage,” commented Randy A. Foutch, Laredo Chairman and Chief Executive Officer. “We recognized the potential of a longer duration commodity price downturn and took appropriate measures. Within the first 70 days of 2015, we drastically reduced our capital budget, reduced our workforce by approximately 20% and completely restructured our balance sheet by executing equity and debt offerings with a combined value of more than $1 billion. These measures, coupled with hedges protecting all of our 2015 oil and natural gas production, enabled the Company to essentially operate within cash flow by mid-2015.”
The following information was filed by Laredo Petroleum, Inc. (LPI) on Tuesday, February 16, 2016 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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Ticker: LPI CIK: 1528129 Form Type: 10-K Annual Report Accession Number: 0001528129-16-000186 Submitted to the SEC: Wed Feb 17 2016 4:49:10 PM EST Accepted by the SEC: Wed Feb 17 2016 Period: Thursday, December 31, 2015 Industry: Crude Petroleum And Natural Gas