Laredo Petroleum Schedules Third-Quarter 2015 Earnings Conference Call For November 5 and Provides Commodity Derivatives Update
October 14 2015 - 6:45AM
Third-Quarter 2015
Conference Call
Thursday, November 5, 2015
7:30 a.m. CT (8:30 a.m. ET)
Dial-in number: 877.930.8286
International dial-in number:
253.336.8309
Conference Code: 60961127
TULSA, OK - October 14, 2015
- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company")
will host a conference call on Thursday, November 5, 2015 at 7:30
a.m. CT (8:30 a.m. ET) to discuss its third-quarter 2015 financial
and operating results. Laredo plans to release earnings the same
day before market open. The Company also announces preliminary
results for its commodity derivatives for the third quarter of 2015
and its updated basic and diluted weighted-average shares
outstanding.
Conference Call
Laredo invites interested parties to listen to the call via the
Company's website at www.laredopetro.com, under the tab for
"Investor Relations." Individuals who would like to participate on
the call should dial the applicable dial-in number approximately 10
minutes prior to the scheduled conference time, and enter the
conference code listed above. A telephonic replay will be available
approximately two hours after the call on November 5, 2015 through
Thursday, November 12, 2015. Participants may access this replay by
dialing 855.859.2056, using conference code 60961127.
Commodity
Derivatives
For the three months ended September 30, 2015, Laredo expects to
report a gain on derivatives of approximately $142.6 million,
including approximately $66.1 million net cash received on
settlements of matured derivatives. For the nine months ended
September 30, 2015, the Company expects to report a gain on
derivatives of approximately $141.8 million, including
approximately $175.9 million net cash received on settlements of
matured derivatives. Although management does not expect these
numbers to change, they are preliminary and unaudited.
Laredo maintains an active hedging program to
reduce the variability in its anticipated cash flow due to
fluctuations in commodity prices. At September 30, 2015, the
Company had hedges in place for the remaining quarter of 2015 for
1,923,880 barrels of oil at a weighted-average floor price of
$80.99 per barrel, representing approximately 100% of anticipated
oil production for the last three months of 2015. The Company has
also hedged 7,192,000 million British thermal units ("MMBtu") of
natural gas for the remaining three months of 2015 at a
weighted-average floor price of $3.00 per MMBtu, representing
approximately 60% of anticipated natural gas and natural gas
liquids production for the last quarter of 2015. Additionally, the
Company has basis swaps for the remaining three months of 2015
totaling 920,000 barrels of oil to hedge the Midland-West Texas
Intermediate ("WTI") basis differential at WTI less $1.95 per
barrel.
For 2016, the Company has hedged 5,227,800 barrels
of oil at a weighted-average floor price of $77.25 per barrel and
18,666,000 MMBtu of natural gas at a weighted-average floor price
of $3.00 per MMBtu. Additionally, for 2017, the Company has hedged
2,628,000 barrels of oil at a weighted-average floor price of
$77.22 per barrel and 5,475,000 MMBtu of natural gas at a
weighted-average floor price of $3.00 per MMBtu.
Laredo records all derivatives on its balance
sheet as either assets or liabilities measured at their estimated
fair value. Laredo has not designated any derivatives as hedges for
accounting purposes and Laredo does not enter into such instruments
for speculative trading purposes. Gain (loss) on derivatives is
reported under "Non-operating income (expense)" in Laredo's
consolidated statements of operations.
Weighted-Average Shares
Outstanding
For the three months ended September 30, 2015, basic and diluted
weighted-average shares outstanding were approximately 211.204
million and 214.382 million, respectively, and for the nine months
ended September 30, 2015, basic and diluted weighted-average shares
outstanding were approximately 195.081 million and 198.069 million,
respectively.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is
focused on the exploration, development and acquisition of oil and
natural gas properties primarily in the Permian Basin of West
Texas.
Additional information about Laredo may be found
on its website at www.laredopetro.com.
# # #
Contacts:
Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
15-15
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Laredo Petroleum, Inc via Globenewswire
HUG#1958686
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