Laredo Petroleum Schedules First-Quarter 2017 Earnings Conference Call for May 4 and Provides Commodity Derivatives Update
April 17 2017 - 4:42PM
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or the "Company") will
host a conference call on Thursday, May 4, 2017 to discuss its
first-quarter 2017 financial and operating results. The Company
also announces preliminary results for its commodity derivatives
for first-quarter 2017 and its basic and diluted weighted-average
shares outstanding.
First-Quarter 2017 Earnings Conference Call
Laredo plans to release first-quarter 2017 earnings on
Wednesday, May 3, 2017 after the market close and the Company will
host a conference call on Thursday, May 4, 2017 at 7:30 a.m. CT
(8:30 a.m. ET) to discuss its first-quarter 2017 financial and
operating results. Individuals who would like to participate on the
call should dial 877.930.8286 (international dial-in 253.336.8309),
using conference code 8986853 or listen to the call via the
Company's website at www.laredopetro.com, under the tab for
"Investor Relations." A telephonic replay will be available
approximately two hours after the call on May 4, 2017 through
Thursday, May 11, 2017. Participants may access this replay by
dialing 855.859.2056, using conference code 8986853.
Commodity Derivatives Update
For the three months ended March 31, 2017, Laredo expects to
report a gain on derivatives of approximately $36.7 million,
including approximately $5.3 million net cash received on
settlements of matured derivatives, net of deferred premiums paid.
Although management does not expect these numbers to change, they
are preliminary and unaudited.
Laredo maintains a disciplined hedging program to reduce the
variability in its anticipated cash flow due to fluctuations in
commodity prices. At March 31, 2017, the Company had hedges in
place for the remaining three quarters of 2017 for 5,163,125
barrels of oil at a weighted-average floor price of $55.82 per
barrel. A substantial portion of Laredo's remaining 2017 oil hedges
retain the benefit of an increase in the price of oil with hedges
covering 2,860,000 barrels structured as collars with a
weighted-average ceiling price of $86.00 per barrel and hedges
covering 790,625 barrels in the form of puts and thus do not have a
ceiling.
The Company also had hedges in place for the remaining three
quarters of 2017 for 20,357,500 million British thermal units
("MMBtu") of natural gas at a weighted-average floor price of $2.75
per MMBtu. All natural gas hedges the Company has in place are
priced at the WAHA hub. Additionally, Laredo had hedged 333,000
barrels of ethane at $11.24 per barrel and 281,250 barrels of
propane at $22.26 per barrel.
At March 31, 2017, for 2018, the Company had hedged 3,458,375
barrels of oil at a weighted-average floor price of $53.71 per
barrel and 12,855,500 MMBtu of natural gas at a weighted-average
floor price of $2.50 per MMBtu, priced at the WAHA hub.
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 statement of operations.
Weighted-Average Shares Outstanding
For the three months ended March 31, 2017, basic and diluted
weighted-average shares outstanding were approximately 238.505
million and 244.379 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 acquisition, exploration and development of oil and
natural gas properties, and the transportation of oil and natural
gas from such 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 StatementsThis press release
contains 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, natural gas liquids 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, 2016, and those
set forth from time to time in other filings with the Securities
Exchange Commission (“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.
Contacts:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
17-4
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