Laredo Petroleum Schedules Second-Quarter 2019 Earnings Conference Call for August 1 and Provides Commodity Derivatives Updat...
July 16 2019 - 4:30PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") will
host a conference call on Thursday, August 1, 2019 to discuss its
second-quarter 2019 financial and operating results. The Company
also announces preliminary results for its commodity derivatives
and its basic and diluted weighted-average shares outstanding for
second-quarter 2019.
Second-Quarter 2019 Earnings Conference
Call
Laredo plans to release second-quarter 2019 earnings on
Wednesday, July 31, 2019 after the market close and the Company
will host a conference call on Thursday, August 1, 2019 at 7:30
a.m. CT (8:30 a.m. ET) to discuss its second-quarter 2019 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 7258021 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 August 1, 2019 through
Thursday, August 8, 2019. Participants may access this replay by
dialing 855.859.2056, using conference code 7258021.
Commodity Derivatives Update & Weighted-Average
Shares Outstanding
For the three months ended June 30, 2019, Laredo expects to
report a gain on derivatives of approximately $88.4 million,
including approximately $15.8 million net cash received on
settlements of matured derivatives, terminated derivatives and
premiums paid. Basic and diluted weighted-average shares
outstanding for second-quarter 2019 were approximately 231.406
million and 231.557 million, respectively.
Laredo records all derivatives on its consolidated balance sheet
as assets and/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.
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 midstream and marketing services,
primarily in the Permian Basin of 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, including, but not limited
to, the share repurchase program, which may be suspended or
discontinued by the Company at any time, 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, the increase
in service costs, hedging activities, possible impacts of pending
or potential litigation and other factors, including those and
other risks described in its Annual Report on Form 10-K for the
year ended December 31, 2018, and those set forth from time to time
in other filings with the Securities Exchange Commission ("SEC")
including, but not limited to, its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2019. 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
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