Laredo Petroleum


Laredo Petroleum, Inc. is a company engaged in hydrocarbon exploration organized in Delaware and headquartered in Tulsa, Oklahoma.
Laredo Petroleum has no connection or association with Laredo Oil, traded on the over-the-counter market.
As of December 31, 2019, the company had of estimated proved reserves, of which 27% was petroleum, 35% was natural-gas condensates and 38% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,512 net acres.
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.

History

The company was founded in October 2006 by Randy A. Foutch.
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.
On December 20, 2011, the company became a public company via an initial public offering.
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.
In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.
In 2017, the company sold its interest in the Medallion Pipeline.