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Laredo Petroleum Announces 2018 Second-Quarter Financial and Operating Results
TULSA, OK - August 1, 2018 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its 2018 second-quarter results, reporting net income attributable to common stockholders of $33.5 million, or $0.14 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the second quarter of 2018 was $58.9 million, or $0.25 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2018 was $152.5 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.
2018 Second-Quarter Highlights
Produced a Company record 67,206 barrels of oil equivalent ("BOE") per day, an increase of 15% from second-quarter 2017
Increased anticipated production growth for full-year 2018 to greater than 15%
Increased Adjusted EBITDA to $152.5 million, up 33% from the second quarter of 2017
Repurchased 3,150,651 shares of common stock at a weighted-average price of $9.12 per share for $28.7 million under the Company's share repurchase program
"The Company continued its impressive operational performance in the second quarter, with improving efficiencies enabling the Company to complete more wells than projected and exceed production guidance," stated Randy A. Foutch, Chairman and Chief Executive Officer. "We now expect to complete 12% more wells than was anticipated in our original 2018 budget as a result of reduced cycle times and we forecast our well costs will decrease in the second half of the year as we implement the utilization of in-basin sand. Our low unit operating costs, the positive results of our co-development activities and continued focus on cost control are expected to drive further capital-efficient growth and value enhancement as we accelerate our development by adding a fourth rig this month."
In the second quarter of 2018, Laredo completed 20 gross (19.9 net) horizontal wells with an average completed lateral length of approximately 10,700 feet, surpassing Company expectations of 17 gross completions. Laredo produced a Company record 67,206 BOE per day in second-quarter 2018, an increase of 15% from the second quarter of 2017 and higher than Company guidance of 64,000 BOE per day.
The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, August 1, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Laredo Petroleum, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Laredo Petroleum, Inc..
Form Type: 10-Q Quarterly Report Accession Number: 0001528129-18-000105 Submitted to the SEC: Thu Aug 02 2018 4:31:59 PM EST Accepted by the SEC: Thu Aug 02 2018 Period: Saturday, June 30, 2018 Industry: Crude Petroleum And Natural Gas