Laredo Petroleum Schedules First-Quarter 2018 Earnings Conference Call for May 3 and Provides Commodity Derivatives Update
April 18 2018 - 7:36AM
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or the "Company") will
host a conference call on Thursday, May 3, 2018 to discuss its
first-quarter 2018 financial and operating results. The Company
also announces preliminary results for its commodity derivatives
for first-quarter 2018 and its basic and diluted weighted-average
shares outstanding.
First-Quarter 2018 Earnings Conference Call
Laredo plans to release first-quarter 2018 earnings on
Wednesday, May 2, 2018 after the market close and the Company will
host a conference call on Thursday, May 3, 2018 at 7:30 a.m. CT
(8:30 a.m. ET) to discuss its first-quarter 2018 financial and
operating results. Individuals who would like to participate on the
call should dial 877.930.8286 (international dial-in 253.336.8309),
using conference code 3698623 or listen to the call via the
Company's website at www.laredopetro.com, under the tab for
"Investor Relations." A telephonic replay will be available
approximately two hours after the call on May 3, 2018 through
Thursday, May 10, 2018. Participants may access this replay by
dialing 855.859.2056, using conference code 3698623.
Commodity Derivatives Update
For the three months ended March 31, 2018, Laredo expects to
report a gain on derivatives of approximately $9.0 million,
including approximately $6.3 million net cash paid on settlements
of matured derivatives and premiums paid.
Laredo records all derivatives on its balance sheet as either
assets or liabilities measured at their estimated fair value.
Laredo has not designated any derivatives as hedges for accounting
purposes and Laredo does not enter into such instruments for
speculative trading purposes. Gain (loss) on derivatives is
reported under "Non-operating income (expense)" in Laredo's
consolidated statement of operations.
Laredo maintains a disciplined hedging program to reduce the
variability in its anticipated cash flow due to fluctuations in
commodity prices or their relationship to the markets in which the
Company's products are sold. The Company evaluates its hedging
needs on an ongoing basis and regularly increases hedge positions
based on future production expectations.
Weighted-Average Shares Outstanding
For the three months ended March 31, 2018, basic and diluted
weighted-average shares outstanding were approximately 238.228
million and 239.319 million, respectively.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties, and the transportation of oil and natural
gas from such properties, primarily in the Permian Basin in West
Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any oral statements made regarding the
subject of this release contain forward-looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
that address activities that Laredo assumes, plans, expects,
believes, intends, projects, estimates or anticipates (and other
similar expressions) will, should or may occur in the future,
including, but not limited to, the share repurchase program, are
forward-looking statements. The forward-looking statements are
based on management's current belief, based on currently available
information, as to the outcome and timing of future events.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, natural gas liquids and natural
gas and the related impact to financial statements as a result of
asset impairments and revisions to reserve estimates, and other
factors, including those and other risks described in its Annual
Report on Form 10-K for the year ended December 31, 2017, and those
set forth from time to time in other filings with the Securities
and Exchange Commission ("SEC"). These documents are available
through Laredo's website at www.laredopetro.com under the tab
"Investor Relations" or through the SEC's Electronic Data Gathering
and Analysis Retrieval System at www.sec.gov. Any of these factors
could cause Laredo's actual results and plans to differ materially
from those in the forward-looking statements. Therefore, Laredo can
give no assurance that its future results will be as estimated.
Laredo does not intend to, and disclaims any obligation to, update
or revise any forward-looking statement.
Contacts:
Ron Hagood: (918) 858-5504 - RHagood@laredopetro.com
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