Type Public company Industry Petroleum industry Revenue 597 million USD (2016) Founded 2006 | Traded as NYSE: LPI Products Natural Gas
Petroleum Number of employees 324 (2016) | |
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Key people Randy Foutch, Chairman & CEO
Richard Buterbaugh, Executive VP & CFO Production output 49 thousand barrels of oil equivalent (300,000 GJ) per day Stock price LPI (NYSE) US$ 13.20 +0.12 (+0.92%)10 Mar, 4:00 PM GMT-5 - Disclaimer Headquarters Tulsa, Oklahoma, United States | ||
Laredo petroleum visits the nyse
Laredo Petroleum, Inc. is an independent energy company focused on the exploration, development and acquisition of petroleum and natural gas. The company is based in Tulsa, Oklahoma.
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As of December 31, 2016, Warburg Pincus owned 36.2% of the company.
Laredo petroleum inc
Current operations
As of December 31, 2016, the company had 167 million barrels of oil equivalent (1.02×109 GJ) of estimated proved reserves, of which 38% was oil and 62% was natural gas. All of these reserves were in the Permian Basin. The company controlled 127,847 net acres in the Permian Basin, where it had 1,088 net producing wells. The company had average daily production in 2016 of 49 thousand barrels of oil equivalent (300,000 GJ).
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.
History
The company was founded in October 2006 by Randy Foutch, the current chairman and chief executive officer.
In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin. Broad Oak was founded in May 2006 by David B. Braddock and Warburg Pincus Private Equity IX with funding of a $150MM equity commitment which was subsequently increased to $200MM. Broad Oak Energy is credited with the discovery of the play by its drilling of the first Wolfcamp Shale well, the Sugg A159 AH well, in July 2009.
On December 20, 2011, the company became a public company via an initial public offering.
In May 2013, Laredo sold its assets in the Anadarko Basin in western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.
As of September 2013, Laredo had drilled over 75 horizontal wells targeting four horizons: the Upper Wolfcamp, the Middle Wolfcamp, the Lower Wolfcamp, and the Cline Shale.