Laredo Petroleum Names Bryan Lemmerman as Senior Vice President and Chief Financial Officer
June 17 2020 - 3:10PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company"),
today named Bryan Lemmerman as Senior Vice President and Chief
Financial Officer, effective June 30, 2020. Michael Beyer will be
leaving the Company effective June 17, 2020.
Mr. Lemmerman has more than 15 years of experience in the energy
exploration and production industry, including an extensive
background in strategic planning and business development. He
previously spent 10 years with Chesapeake Energy Corporation
("Chesapeake"), serving in financial roles with increasing
responsibility, most recently as Vice President – Business
Development and Treasurer. Prior to joining Chesapeake, Mr.
Lemmerman was a portfolio manager at Highview Capital Management
and Ritchie Capital Management, overseeing investments in public
and private energy companies. He began his career as a tax
consultant with Deloitte & Touche. Mr. Lemmerman holds a
Bachelor of Business Administration in Accounting and Master of
Science in Accounting from Texas A&M University and a Master of
Business Administration from the University of Texas.
"I am excited to welcome Bryan to the Laredo team," stated Jason
Pigott, President and Chief Executive Officer. "His strong
financial background and leadership role in numerous acquisition
and divestiture projects fit perfectly with the strategy we are
planning to execute to build the Company’s scale and increase
margins. I would also like to thank Michael for his many
contributions to Laredo during his 13 years with the Company and
his integral role in leading the Company through our recent debt
issuance and credit facility redetermination. We wish him well in
his future endeavors."
Separately, the Company has taken additional actions to further
reduce personnel expenses. Through a combination of reductions in
headcount and director and officer compensation, personnel costs
for full-year 2020 are expected to be reduced by approximately 10%
from full-year 2019 levels.
"Although oil prices have rebounded from the historic lows
reached just six weeks ago, we remain committed to maintaining our
competitive cost structure and have taken decisive action to
support corporate-level returns," explained Mr. Pigott. "Decisions
to cut personnel costs are never easy, but we have focused
compensation reductions primarily at the officer and director
level. We regard our low cost structure as a competitive advantage
and are continually focused on making the necessary adjustments in
this challenging price environment."
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, primarily in the Permian Basin of West
Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking StatementsThis 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,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future 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. Such
statements are not guarantees of future performance and involve
risks, assumptions and uncertainties, including, but not limited
to, the ability of Laredo to manage its cost structure and execute
its strategy.
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, oil
production quotas or other actions that might be imposed by the
Organization of Petroleum Exporting Countries and other producing
countries ("OPEC+"), the outbreak of disease, such as the
coronavirus ("COVID-19") pandemic, and any related government
policies and actions, changes in domestic and global production,
supply and demand for commodities, including as a result of the
COVID-19 pandemic and actions by OPEC+, long-term performance of
wells, drilling and operating risks, the increase in service and
supply costs, tariffs on steel, pipeline transportation and storage
constraints in the Permian Basin, production curtailment, hedging
activities, possible impacts of litigation and regulations, the
impact of repurchases, if any, of securities from time to time, the
impact of the recently implemented reverse stock split and other
factors, including those and other risks described in its Annual
Report on Form 10-K for the year ended December 31, 2019, its
Quarterly Report on Form 10-Q for the period ended March 31, 2020
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. Any forward-looking statement speaks only as
of the date on which such statement is made and the Company does
not intend to, and disclaims any obligation to correct or update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Contact:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
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