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Mar 31, 2020
Vital Energy Q1 2020 Earnings Report
Laredo Petroleum's financial and operating results were announced for Q1 2020.
Key Takeaways
Laredo Petroleum reported a net income of $235.1 million, or $1.01 per diluted share for the first quarter of 2020. The company's average daily oil equivalent sales volumes were 86,532 BOE per day, including oil production of 29,178 BOPD. They have reduced their planned capital expenditures by more than 40% versus their original budget and continue to focus on Free Cash Flow generation.
Issued $1 billion of new debt to refinance $800 million of outstanding notes, extending maturities to 2025 and 2028, repay $100 million of the senior secured credit facility and for general corporate purposes
Received net cash of $47.2 million on settlements of commodity derivatives, resulting in an average hedged sales price of $23.21 per barrel of oil equivalent, a 34% increase versus an average unhedged sales price of $17.26 per BOE
Produced an average of 29,178 barrels of oil per day, an increase of 7% from fourth-quarter 2019
Reduced unit lease operating expenses (LOE) to $2.80 per BOE, a 1% decrease from fourth-quarter 2019
Revenue by Segment
Forward Guidance
Laredo is reiterating previously-announced guidance for total production in 2020 to remain approximately flat versus 2019 and for oil production to decline approximately 8%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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