Laredo Shifts Focus to Downspacing Trials Following Medallion Sale
Laredo stayed within guidance in the third quarter with production averaging 60 mboe/d (2% higher sequentially and 17% higher year over year). But its financial results were slightly better than expected, with adjusted EBITDA and adjusted earnings per share coming in at $131 million and $0.13 respectively (consensus estimates were $116 million and $0.14). Management also highlighted that its lease operating expense fell to a record low of $3.55, 8% lower than the year-ago quarter and 57% lower t...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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