Laredo's Peripheral Permian Acreage Has a Relatively High Gas Content, Capping Margins
We have nudged our fair value estimate for Laredo to $8 per share from $7 after a closer look at the firm's second-quarter earnings release. This reflects an increase in operating efficiency (indicated by a net decrease in drilling days) and a decrease in overall well costs (another benefit of shorter cycle times, supported by a switch to locally sourced sand for fracking). These benefits were partially offset by lowering our long-term rig count forecast to four from six to be more consistent wi...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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