Laredo Petroleum Issues Statement on Glasscock County Operations
July 02 2018 - 4:30PM
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or "the Company") today
provided the following information regarding a fire at a Laredo
tank battery in Glasscock County, Texas.
On June 30, 2018, a fire was reported at a Laredo tank battery
in Glasscock County, Texas. No injuries were reported and the fire
was extinguished the same day. Laredo's operations personnel were
alerted by the Company's SCADA system and were able to quickly
respond and shut-in the producing wells, limiting the amount of oil
consumed by the fire. Additionally, this area is part of Laredo's
Medallion pipeline system acreage dedication, thus the amount of
oil in the storage tanks was minimized as it was directly tied by
gathering pipelines to the Medallion system. The cause of the fire
is currently being investigated, although initial indications are
the fire was caused by a lightning strike. The Company is working
closely with the relevant parties to gather all pertinent
facts.
Laredo operations personnel immediately began assessing the
condition of production facilities and alternatives for
reestablishing production as soon as possible. At the time of the
incident, wells flowing into the battery were producing
approximately 5,100 net barrels of oil per day ("BOPD"). The wells
sustained no damage and the Company expects to restore
approximately 70% of the shut-in production beginning Tuesday, July
3, and approximately 90% by the following week. All remaining
shut-in production is expected to be restored by the end of July.
Current efforts are expected to limit the impact of the shut-in
production to approximately 400 BOPD in the third quarter of 2018,
and the Company is reiterating its previously stated guidance for
oil and total production growth for full-year 2018 of greater than
10% and 12%, respectively.
"We are very thankful that no injuries resulted from this
incident and appreciate the quick response and professionalism of
the first responders," stated Randy A. Foutch, Chairman and Chief
Executive Officer. "While incidents such as these can never be
anticipated, they can be planned for. Our protocols for responding
to alerts in the field accelerated our assessment of the situation
and, combined with past field infrastructure investments, enabled
the return of significant amounts of shut-in production in a short
period of time."
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 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, 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, 2017, and those
set forth from time to time in other filings with the Securities
and 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
18-7
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