Laredo Petroleum Announces 2016 Third-Quarter Financial And Operating Results

TULSA, O.K., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or "the Company") today announced its 2016 third-quarter results, reporting net income attributable to common stockholders of $9.5 million, or $0.04 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the third quarter of 2016 was $28.4 million, or $0.12 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the third quarter of 2016 was $118.0 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.

2016 Third-Quarter Highlights
  • Produced a Company record 51,276 barrels of oil equivalent ("BOE") per day and increased anticipated production growth for full-year 2016 to approximately 10%
  • Completed 10 horizontal development wells with an average completed lateral length of approximately 10,900 feet, including four wells drilled with lateral lengths greater than 13,000 feet
  • Reduced unit lease operating expenses ("LOE") to $3.85 per BOE, down approximately 37% from the third-quarter 2015 rate of $6.09 per BOE and down approximately 13% from the second-quarter 2016 rate of $4.43 per BOE
  • Recognized approximately $6.0 million in cash benefits from Laredo Midstream Services, LLC ("LMS") field infrastructure investments through reduced costs and increased revenue
  • Grew transported volumes on the Medallion-Midland Basin pipeline system (defined below) to 117,862 barrels of oil per day ("BOPD") on average for the quarter, an increase of approximately 114% from 55,164 BOPD in the third quarter of 2015
  • Received approximately $41.6 million of net cash settlements, net of premiums paid, on commodity derivatives that matured during third-quarter 2016, increasing the average sales price for oil by $18.47 per barrel and for natural gas by $0.24 per thousand cubic feet compared to pre-hedged average sales prices

"Third quarter results again demonstrated the benefits of the Company's prior strategic investments in data and infrastructure," commented Randy A. Foutch, Chairman and Chief Executive Officer. "Continued refinement of

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