Laredo Petroleum, Inc.

Company type	Public company
Traded as	NYSE: LPI S&P 600 component Russell 2000 Index component
Industry	Petroleum industry
Founded	2006; 18 years ago (2006)
Founder	Randy A. Foutch
Headquarters	Tulsa, Oklahoma, U.S.
Key people	Randy A. Foutch, Chairman & CEO Richard C. Buterbaugh, CFO
Products	Natural gas Petroleum
Production output	87 thousand barrels of oil equivalent (530,000 GJ) per day (2020)
Revenue	$677 million (2020)
Net income	-$874 million (2020)
Total assets	$1.442 billion (2020)
Total equity	-$21 million (2020)
Owner	Warburg Pincus (21.6%)
Number of employees	257 (2020)
Website	laredopetro.com
Footnotes / references [1]

Laredo Petroleum, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

Laredo Petroleum has no connection or association with Laredo Oil, a penny stock promotion traded on the pink sheet over-the-counter market.

As of December 31, 2020, the company had 278 million barrels of oil equivalent (1.70×10⁹ GJ) of estimated proved reserves, of which 24% was petroleum, 36% was natural-gas condensates and 39% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,199 net acres.^[1]

The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.^[2]

History

The company was founded in October 2006 by Randy A. Foutch.^[1]

In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin and the Cline Shale.^[3][4]

On December 20, 2011, the company became a public company via an initial public offering.^[1]

In May 2013, the company sold its assets in the Anadarko Basin in western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.^[5][6]

In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.^[7][8]

In 2017, the company sold its interest in the Medallion Pipeline.^[9]