Laredo Petroleum Comments on Legislation Ending the Crude Oil Export Ban
December 21 2015 - 6:25PM
Laredo Petroleum, Inc. (NYSE:LPI) (“Laredo” or “the Company”) today
made comments supporting legislation ending the ban on crude oil
exports. The Company has been actively involved in the effort by
Producers for American Crude Oil Exports (PACE) to educate law
makers on the benefits to Americans of an export ban repeal.
Significant independent research and analysis demonstrated that
lifting the export ban would protect and create jobs, support
economic growth and benefit consumers.
“Forty years ago, in the throes of the OPEC oil embargo and
declining domestic production, a ban on the export of crude oil was
imposed by United States lawmakers,” stated Randy A. Foutch, Laredo
Chairman and Chief Executive Officer. “The shale revolution,
powered by technological gains in horizontal drilling and
completions, has reversed the steady decline in domestic oil
production and increased proved oil reserves to levels not seen
since the early 1970’s. Legislation lifting the ban on crude oil
exports will enable Americans to better benefit from this energy
renaissance through a strengthened economy and energy supply
chain.”
Laredo’s ability to benefit from the lifting of the export ban
is enhanced by the Company’s core strategy of investing in
infrastructure that enables to Company to deliver oil to multiple
markets. It is expected our crude oil infrastructure and firm
capacity on the Medallion pipeline system will facilitate the
delivery of a majority of Laredo’s oil production to Colorado City,
providing access to pipelines delivering to the U.S. Gulf Coast for
export when economically advantageous.
About LaredoLaredo Petroleum, Inc. is an
independent energy company with headquarters in Tulsa, Oklahoma.
Laredo's business strategy is focused on the acquisition,
exploration and development of oil and natural gas properties
primarily in the Permian Basin in West Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any oral statements made regarding the
subject of this release, including in the conference call
referenced herein, contain forward-looking statements as defined
under Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, that address
activities that Laredo assumes, plans, expects, believes, intends,
projects, estimates or anticipates (and other similar expressions)
will, should or may occur in the future are forward-looking
statements. The forward-looking statements are based on
management's current belief, based on currently available
information, as to the outcome and timing of future events.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, NGL and natural gas and the
related impact to financial statements as a result of asset
impairments and revisions to reserve estimates, and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2014, its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2015, its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2015 and those set forth from time to time in other filings with
the SEC. These documents are available through Laredo’s website at
www.laredopetro.com under the tab “Investor Relations” or through
the SEC’s Electronic Data Gathering and Analysis Retrieval System
at www.sec.gov. Any of these factors could cause Laredo's actual
results and plans to differ materially from those in the
forward-looking statements. Therefore, Laredo can give no assurance
that its future results will be as estimated. Laredo does not
intend to, and disclaims any obligation to, update or revise any
forward-looking statement.
Contact:
Ron Hagood: (918) 858-5504 – RHagood@laredopetro.com
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