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Thursday, November 2, 2017

-=Laredo Petroleum (LPI) reported earnings on Wed 1 Nov 2017 (a/h)

Laredo Petroleum, Inc. is a petroleum and natural gas exploration and production company headquartered in Tulsa, Oklahoma. As of December 31, 2016, Warburg Pincus owned 36.2% of the company.

Laredo Petroleum misses by $0.01, beats on revs 
  • Reports Q3 (Sep) earnings of $0.13 per share, excluding non-recurring items, $0.01 worse thanthe Capital IQ Consensus of $0.14; revenues rose 28.9% year/year to $205.82 mln vs the $178.48 mln Capital IQ Consensus.
  • At September 30, 2017, the Company had cash and cash equivalents of approximately $21 million and undrawn capacity under the senior secured credit facility of $845 million, resulting in total liquidity of approximately $866 million.
  • "Throughout the third quarter, our operations team precisely executed a challenging testing program for both drilling and completions activities while managing through a broad list of issues derived from one of the worst hurricanes to impact the energy industry in decades," said Randy A. Foutch, Chairman and Chief Executive Officer. "As a result, we achieved record production volumes and drove operating costs on a unit basis to the lowest level in Company history while meaningfully advancing our understanding of ultimate development opportunities to maximize the total net asset value of the Company." 

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