Laredo's Third-Quarter Production and Financial Results Surprise to the Upside
Laredo Petroleum’s third-quarter production was 51.3 thousand barrels of oil equivalent per day, surpassing guidance, which was 47 mboe/d at the midpoint, and ahead of our 46 mboe/d estimate. The unexpected surge in production was due to better-than-expected well performance across its Permian Basin acreage. In particular, management highlighted that recent wells are, on average, exceeding the respective type curves by more than 30% in the Upper and Middle Wolfcamp and Cline Shale formations. Th...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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