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Laredo Petroleum Announces 2018 Fourth-Quarter and Full-Year Financial and Operating Results
TULSA, OK - February 13, 2019 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") today announced its 2018 fourth-quarter and full-year results. For the fourth quarter of 2018, the Company reported net income attributable to common stockholders of $149.6 million, or $0.65 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the fourth quarter of 2018 was $37.5 million, or $0.16 per adjusted diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2018, was $132.4 million.
For the year ended December 31, 2018, the Company reported net income attributable to common stockholders of $324.6 million, or $1.39 per diluted share. Adjusted Net Income for the year ended December 31, 2018 was $216.4 million, or $0.93 per adjusted diluted share, and Adjusted EBITDA was $588.9 million. Please see supplemental financial information at the end of this news release for reconciliation of the non-GAAP financial measures.
Produced a Company record average of 68,168 barrels of oil equivalent ("BOE") per day in full-year 2018, resulting in production growth of approximately 17% from full-year 2017
Grew the value of the Company's proved reserves by 19% from year-end 2017
Increased cash margin per BOE, a non-GAAP financial measure, to $23.85 in full-year 2018, an increase of 14% from full-year 2017
Reduced unit cash general and administrative ("G&A") expense by approximately 16% in full-year 2018
Recognized approximately $31.9 million of net cash benefits from Laredo Midstream Services, LLC ("LMS") field infrastructure investments through reduced capital and operating costs and increased revenue
"The Company's 2018 drilling program generated significant data on well spacing, furthering our subsurface understanding and driving a key strategic shift in our development plan," stated Randy A. Foutch, Chairman and Chief Executive Officer. "The resulting 2019 capital program is expected to produce a returns and capital efficiency inflection point for the Company, while also generating high-single digit production growth within operating cash flow. We have already begun to pivot our development plan to emphasize returns by moving to wider well spacing and expect a commensurate long-term improvement in well productivity. This strategic transition, coupled with our focus on controlling cash costs, is expected to position Laredo to take advantage of numerous opportunities to enhance value for our shareholders."
The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, February 13, 2019 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: 0001528129-19-000012 Submitted to the SEC: Thu Feb 14 2019 5:14:10 PM EST Accepted by the SEC: Thu Feb 14 2019 Period: Monday, December 31, 2018 Industry: Crude Petroleum And Natural Gas