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Laredo Petroleum Announces 2018 Third-Quarter Financial and Operating Results
TULSA, OK - November 5, 2018 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its 2018 third-quarter results, reporting net income attributable to common stockholders of $55.1 million, or $0.24 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the third quarter of 2018 was $62.4 million, or $0.27 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the third quarter of 2018 was $160.6 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.
2018 Third-Quarter Highlights
Produced a Company record 71,382 barrels of oil equivalent ("BOE") per day, an increase of 19% from third-quarter 2017
Increased cash flows from operations to $145.9 million, balancing operating cash flows with capital expenditures
Increased Adjusted EBITDA to $160.6 million, up 23% from the third quarter of 2017
Improved drilling efficiency approximately 25%, reducing average days to drill a normalized 10,000-foot horizontal well to a Company record of 8.6 days from 11.4 days in third-quarter 2017
"With Laredo balancing operating cash flow and capital expenditures in the third quarter of 2018, as forecasted in our 2018 budget, we similarly plan to manage activity levels in 2019 to minimize any outspend," commented Randy A. Foutch, Chairman and Chief Executive Officer. "We intend to continue exercising this discipline in the future and invest capital with a focus on returns and growth on a debt-adjusted per share basis."
"During the past 18 months, Laredo has worked to implement a development plan that maximizes the long-term value of our leasehold through high-density drilling. We have executed six packages of wells designed to co-develop multiple landing points in our Upper and Middle Wolfcamp formations at a density of 24 to 32 wells per drilling spacing unit and have another three high-density packages in process. The results of these high-density packages have successfully demonstrated that this development plan can increase the total value of our leasehold, albeit at lower per well value than lower-density development. As we seek to balance rate of return and capital efficiency with overall value, while minimizing our outspend, we are beginning to widen our well spacing and develop packages at a lower density."
The following information was filed by Laredo Petroleum, Inc. (LPI) on Monday, November 5, 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: 0001528129-18-000137 Submitted to the SEC: Tue Nov 06 2018 11:40:52 AM EST Accepted by the SEC: Tue Nov 06 2018 Period: Sunday, September 30, 2018 Industry: Crude Petroleum And Natural Gas