Subsidiary guarantees (Tables)

6 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of condensed consolidating balance sheet

Condensed consolidating balance sheet

June 30, 2014

(Unaudited)

(in thousands)	Laredo		Laredo Midstream		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	95,604	$	116	$	—		$	95,720
Other current assets	434,888		13		—			434,901
Total oil and natural gas properties, net	2,475,094		—		—			2,475,094
Total midstream service assets, net	—		74,258		—			74,258
Total other fixed assets, net	28,574		290		—			28,864
Investment in subsidiaries and equity method investee	88,330		40,871		(88,330		)	40,871
Total other long-term assets	31,330		—		—			31,330
Total assets	$	3,153,820	$	115,548	$	(88,330	)	$	3,181,038
Accounts payable	$	18,017	$	370	$	—		$	18,387
Other current liabilities	289,433		26,848		—			316,281
Other long-term liabilities	80,642		—		—			80,642
Long-term debt	1,501,419		—		—			1,501,419
Stockholders’ equity	1,264,309		88,330		(88,330		)	1,264,309
Total liabilities and stockholders’ equity	$	3,153,820	$	115,548	$	(88,330	)	$	3,181,038

Condensed consolidating balance sheet

December 31, 2013

(Unaudited)

(in thousands)	Laredo		Laredo Midstream		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	77,318	$	—	$	—		$	77,318
Other current assets	230,291		—		—			230,291
Total oil and natural gas properties, net	2,135,348		—		—			2,135,348
Total midstream service assets, net	5,802		41,498		—			47,300
Total other fixed assets, net	21,676		—		—			21,676
Investment in subsidiaries and equity method investee	36,666		5,913		(36,666		)	5,913
Total other long-term assets	105,914		—		—			105,914
Total assets	$	2,613,015	$	47,411	$	(36,666	)	$	2,623,760
Accounts payable	$	12,216	$	3,786	$	—		$	16,002
Other current liabilities	231,008		6,959		—			237,967
Other long-term liabilities	45,997		—		—			45,997
Long-term debt	1,051,538		—		—			1,051,538
Stockholders’ equity	1,272,256		36,666		(36,666		)	1,272,256
Total liabilities and stockholders’ equity	$	2,613,015	$	47,411	$	(36,666	)	$	2,623,760

Schedule of condensed consolidating statement of operations

Condensed consolidating statement of operations

For the three months ended June 30, 2014

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Total operating revenues	$	182,872		$	1,542		$	(1,370	)	$	183,044
Total operating costs and expenses	116,596			3,257			(1,370		)	118,483
Income (loss) from operations	66,276			(1,715		)	—			64,561
Interest expense, net	(30,463		)	—			—			(30,463		)
Other, net	(65,086		)	(44		)	1,759			(63,371		)
Loss from continuing operations before income tax	(29,273		)	(1,759		)	1,759			(29,273		)
Deferred income tax benefit	10,374			—			—			10,374
Loss from continuing operations	(18,899		)	(1,759		)	1,759			(18,899		)
Net loss	$	(18,899	)	$	(1,759	)	$	1,759		$	(18,899	)

Condensed consolidating statement of operations

For the three months ended June 30, 2013

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Total operating revenues	$	177,296		$	2,718		$	(2,718	)	$	177,296
Total operating costs and expenses	122,028			572			(2,718		)	119,882
Income from operations	55,268			2,146			—			57,414
Interest expense, net	(25,931		)	—			—			(25,931		)
Other, net	27,049			(49		)	(3,142		)	23,858
Income from continuing operations before income tax	56,386			2,097			(3,142		)	55,341
Deferred income tax expense	(20,047		)	—			—			(20,047		)
Income from continuing operations	36,339			2,097			(3,142		)	35,294
Income (loss) from discontinued operations, net of tax	(527		)	1,045			—			518
Net income	$	35,812		$	3,142		$	(3,142	)	$	35,812

Condensed consolidating statement of operations

For the six months ended June 30, 2014

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Total operating revenues	$	356,086		$	2,572		$	(2,304	)	$	356,354
Total operating costs and expenses	229,106			4,953			(2,304		)	231,755
Income (loss) from operations	126,980			(2,381		)	—			124,599
Interest expense, net	(59,366		)	—			—			(59,366		)
Other, net	(96,993		)	(77		)	2,458			(94,612		)
Loss from continuing operations before income tax	(29,379		)	(2,458		)	2,458			(29,379		)
Deferred income tax benefit	10,267			—			—			10,267
Loss from continuing operations	(19,112		)	(2,458		)	2,458			(19,112		)
Net loss	$	(19,112	)	$	(2,458	)	$	2,458		$	(19,112	)

Condensed consolidating statement of operations

For the six months ended June 30, 2013

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Total operating revenues	$	340,965		$	5,364		$	(5,328	)	$	341,001
Total operating costs and expenses	242,859			1,551			(5,328		)	239,082
Income from operations	98,106			3,813			—			101,919
Interest expense, net	(51,265		)	—			—			(51,265		)
Other, net	13,089			(113		)	(6,042		)	6,934
Income from continuing operations before income tax	59,930			3,700			(6,042		)	57,588
Deferred income tax expense	(21,157		)	—			—			(21,157		)
Income from continuing operations	38,773			3,700			(6,042		)	36,431
Income (loss) from discontinued operations, net of tax	(1,552		)	2,342			—			790
Net income	$	37,221		$	6,042		$	(6,042	)	$	37,221

Schedule of condensed consolidating statement of cash flows

Condensed consolidating statement of cash flows

For the six months ended June 30, 2014

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Net cash flows provided by (used in) operating activities	$	240,880		$	(3,239	)	$	2,458		$	240,099
Change in investments between affiliates	(44,202		)	46,660			(2,458		)	—
Capital expenditures and other	(435,807		)	(43,421		)	—			(479,228		)
Net cash flows provided by financing activities	440,482			—			—			440,482
Net increase in cash and cash equivalents	201,353			—			—			201,353
Cash and cash equivalents at beginning of period	198,153			—			—			198,153
Cash and cash equivalents at end of period	$	399,506		$	—		$	—		$	399,506

Condensed consolidating statement of cash flows

For the six months ended June 30, 2013

(Unaudited)

(in thousands)	Laredo			Laredo Midstream			Intercompany eliminations			Consolidated company
Net cash flows provided by operating activities	$	177,967		$	6,365		$	(6,042	)	$	178,290
Change in investments between affiliates	(11,266		)	5,224			6,042			—
Capital expenditures and other	(384,704		)	(11,589		)	—			(396,293		)
Net cash flows provided by financing activities	228,367			—			—			228,367
Net increase in cash and cash equivalents	10,364			—			—			10,364
Cash and cash equivalents at beginning of period	33,224			—			—			33,224
Cash and cash equivalents at end of period	$	43,588		$	—		$	—		$	43,588