Laredo Petroleum Schedules First-Quarter 2019 Earnings Conference Call for May 2 and Provides Commodity Derivatives Update
April 16 2019 - 4:30PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") will
host a conference call on Thursday, May 2, 2019 to discuss its
first-quarter 2019 financial and operating results. The Company
also announces preliminary results for its commodity derivatives
for first-quarter 2019 and its basic and diluted weighted-average
shares outstanding.
First-Quarter 2019 Earnings Conference Call
Laredo plans to release first-quarter 2019 earnings on
Wednesday, May 1, 2019 after the market close and the Company will
host a conference call on Thursday, May 2, 2019 at 7:30 a.m. CT
(8:30 a.m. ET) to discuss its first-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 8489007 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 2, 2019 through
Thursday, May 9, 2019. Participants may access this replay by
dialing 855.859.2056, using conference code 8489007.
Commodity Derivatives Update & Weighted-Average
Shares Outstanding
For the three months ended March 31, 2019, Laredo expects to
report a loss on derivatives of approximately $48.4 million,
including approximately $3.9 million net cash paid on settlements
of matured derivatives and premiums paid. Basic and diluted
weighted-average shares outstanding for first-quarter 2019 were
approximately 230.476 million and 231.531 million,
respectively.
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.
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 gathering of oil and liquids-rich
natural gas from such properties, 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").
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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