Laredo Plunges After Shell Dispute Adds Midland Pricing Exposure in 2018
Laredo delivered production of 63 mboe/d in the first quarter, which was 2% higher sequentially and 21% higher year over year. This compares with our forecast of 61 mboe/d, and is slightly above guidance. Management now expects full-year growth of 12% versus 10% previously (though its oil growth estimate is still 10%, indicating that the upside volumes are mainly gas). The budget was increased by $30 million (0.5%) due to expectations for longer laterals than originally planned, and a higher wor...Laredo Petroleum is an independent energy company 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. The Permian Basin is comprised of several distinct geological provinces, including the Midland Basin to the east, the Delaware Basin to the west and the Central Platform in the middle. The company's primary development and production fairway is located on the east side of the Midland Basin, 35 miles east of Midland, TX. The company's acreage is contiguous in the neighboring Texas counties of Howard, Glasscock, Reagan, Sterling and Irion.
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