Laredo Petroleum Announces Jason Pigott to Succeed Randy A. Foutch as Chief Executive Officer on October 1
September 27 2019 - 9:00AM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company")
today announced, as part of the previously discussed comprehensive
succession planning process, that Jason Pigott will succeed Randy
A. Foutch as the Company's Chief Executive Officer, effective
October 1, 2019. Mr. Pigott will continue in his role as President.
Mr. Foutch will remain Chairman of Laredo's Board of Directors
("Board") through the Company's 2020 Annual Meeting, but will not
stand for re-election to the Board. Additionally, the Board has
decided the roles of Chairman and Chief Executive Officer will
remain separate and the future Chairman will be independent.
"Jason's experience managing multi-billion dollar development
budgets is evident as he is putting processes in place that are
improving capital efficiency," commented Mr. Foutch. "Since joining
Laredo as President in May, his focus on increasing oil
productivity and minimizing risk has refocused the Company on the
Cline formation and improved our Wolfcamp development plan. Our
best-in-class operations continue to get better as well costs trend
lower and cycle times shorten, driving free cash flow generation.
Jason has had a positive, profound impact in a short period of
time. I am excited about Laredo's future and look forward to seeing
the Company's progress as Jason and his team implement his
strategic vision."
"I would like to thank Randy for his counsel over the last four
months as I have immersed myself in Laredo's operations and
strategy," stated Mr. Pigott. "As we move the Company forward to
create value for our shareholders, we are focused on leveraging our
core strengths to grow oil production and free cash flow. We will
continue to drive costs out of our already highly competitive cost
structure and will opportunistically add acreage to improve well
economics and margins. Strategy, teamwork and technology will
change the trajectory of Laredo and I look forward to sharing our
successes in the future."
"The Board would like to express its appreciation for Randy’s
principled leadership and guidance since the founding of Laredo in
2006," stated Edmund P. Segner, III, Laredo's lead independent
director. "His unique blend of geologic and engineering expertise,
coupled with business acumen, drove a differentiated view of how to
build an exploration and production company. It is a tribute to his
character that so many people from his past companies joined him at
Laredo. He leaves an outstanding team in place and has ensured a
seamless leadership transition. After a career that spanned over 40
years and included the founding of four successful exploration and
production companies, we wish Randy all the best."
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.
Contacts:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
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