Laredo Prioritizing Capital Efficiency With Low-Density Development Plan
Laredo Petroleum's third-quarter financial results were as expected, with adjusted EBITDA and adjusted earnings per share coming in at $161 million and $0.27, respectively (consensus estimates were $159 million and $0.28). Production was 71 thousand barrels of oil equivalent per day in the third quarter, consistent with prior guidance and 18% higher year over year. However, while management ratcheted up full-year growth guidance to 17% from 15%, it now expects only 7.5% year-on-year oil growth (...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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