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Laredo Petroleum Announces 2019 First-Quarter Financial and Operating Results and Updates Full-Year 2019 Operating Plan
TULSA, OK - May 1, 2019 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its 2019 first-quarter results, reporting a net loss attributable to common stockholders of $9.5 million, or $0.04 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the first quarter of 2019 was $27.9 million, or $0.12 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the first quarter of 2019 was $122.9 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.
2019 First-Quarter Highlights
Produced a Company record 75,276 barrels of oil equivalent ("BOE") per day, driven by continued operational efficiency improvements that resulted in 20 completions during the quarter, 33% more than originally anticipated
Reduced combined unit lease operating expenses ("LOE") and unit cash general and administrative expense ("G&A") to $5.42 per BOE in the first quarter of 2019, an approximately 11% decrease from full-year 2018 of $6.07 per BOE, as the Company continued to focus on controllable cash costs in both field operations and corporate-level personnel expenses
Drove down completion costs at the end of the first quarter of 2019, as the Company realized lower prices for in-basin sand and completion services, reducing per well capital costs by approximately $500,000 from originally budgeted amounts and decreasing the Company's per well capital cost to approximately $7 million per well for a 10,000-foot horizontal
Efficiently managed capital expenditures during first-quarter 2019, resulting in a net debt to Adjusted EBITDA ratio of 1.8 times1, which is expected to hold constant throughout 2019 as Laredo begins to generate free cash flow in the second quarter of 2019
"The strategy transition that Laredo committed to late last year is well underway," stated Randy A. Foutch, Chairman and Chief Executive Officer. "During the first quarter, we completed the two remaining packages of tightly-spaced wells and are currently wrapping up completion operations on the first package of wells developed on wider spacing sooner than expected. We have also delivered on our pledge to align personnel costs with activity levels by a recent reduction in force, which cut combined cash, non-cash and capitalized general and administrative costs by approximately 25% on an annualized basis. Most importantly, we have already improved on the plan to


The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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