Laredo Petroleum Announces "At-the-Market" Equity Program
February 23 2021 - 4:39PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company")
announced today that it has filed a prospectus supplement with the
Securities and Exchange Commission (the "SEC") under which it may
offer and sell from time to time and at its discretion shares of
its common stock having an aggregate gross sales price of up to
$75.0 million pursuant to an "at-the-market" offering program (the
"ATM Program").
Laredo has entered into an equity distribution
agreement with Wells Fargo Securities, LLC in its capacity as a
sales agent (the "sales agent"). Pursuant to this agreement, sales
of shares of the Company’s common stock may be made in transactions
that are deemed to be "at-the-market" offerings, including sales
made by means of ordinary brokers’ transactions on the New York
Stock Exchange, to or through a market maker or as otherwise agreed
to with the sales agent.
The Company intends to use the net proceeds from
any sales of shares under the ATM Program for general corporate
purposes, including, but not limited to, financing of capital
expenditures, repayment or refinancing of outstanding debt,
financing acquisitions or investments, financing other business
opportunities, and general working capital purposes.
This offering is being made pursuant to an
effective automatic shelf registration statement, including a base
prospectus, previously filed by the Company with the SEC, and a
prospectus supplement related to the offering. Copies of the base
prospectus and the prospectus supplement may be obtained by
visiting the SEC website at www.sec.gov. Alternatively, copies of
the base prospectus and the prospectus supplement may be obtained
from the sales agent at: Wells Fargo Securities, LLC, Attention:
Equity Syndicate Department, 500 West 33rd Street, New York, New
York, 10001, at (800) 326-5897 or emailing a request to
cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer or
sale of these securities will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the related registration statement.
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,
primarily in the Permian Basin in West Texas.
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, indicates, enables, transforms, 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. Such statements are not guarantees of future
performance and involve risks, assumptions and uncertainties,
including, but not limited to, the proposed terms of the ATM
Program, the completion, timing and size of the ATM Program, the
Company’s ability to raise capital through the ATM Program, that
the Company’s business plans may change as circumstances warrant
and that the securities may not ultimately be offered to the public
because of general market conditions or other factors. 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, oil production
quotas or other actions that might be imposed by the Organization
of Petroleum Exporting Countries and other producing countries
("OPEC+"), the outbreak of disease, such as the coronavirus
("COVID-19") pandemic, and any related government policies and
actions, changes in domestic and global production, supply and
demand for commodities, including as a result of the COVID-19
pandemic and actions by OPEC+, long-term performance of wells,
drilling and operating risks, the increase in service and supply
costs, tariffs on steel, pipeline transportation and storage
constraints in the Permian Basin, production curtailment, hedging
activities, possible impacts of litigation and regulations, the
impact of repurchases, if any, of securities from time to time, the
impact of a reverse stock split, if any, and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2020 , the prospectus
supplement and those set forth from time to time in other filings
with the SEC. These documents are available 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. Any forward-looking statement speaks
only as of the date on which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
Investor Contact: Ron Hagood
918.858.5504 rhagood@laredopetro.com
Laredo Petroleum (NYSE:LPI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Laredo Petroleum (NYSE:LPI)
Historical Stock Chart
From Sep 2023 to Sep 2024