0001528129-15-000095.txt : 20150714 0001528129-15-000095.hdr.sgml : 20150714 20150714090106 ACCESSION NUMBER: 0001528129-15-000095 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150714 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150714 DATE AS OF CHANGE: 20150714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laredo Petroleum, Inc. CENTRAL INDEX KEY: 0001528129 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 453007926 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35380 FILM NUMBER: 15986544 BUSINESS ADDRESS: STREET 1: 15 W. SIXTH STREET STREET 2: SUITE 1800 CITY: TULSA STATE: OK ZIP: 74119 BUSINESS PHONE: 918-513-4570 MAIL ADDRESS: STREET 1: 15 W. SIXTH STREET STREET 2: SUITE 1800 CITY: TULSA STATE: OK ZIP: 74119 FORMER COMPANY: FORMER CONFORMED NAME: Laredo Petroleum Holdings, Inc. DATE OF NAME CHANGE: 20110816 8-K 1 a2q15071420158-k.htm 8-K 2Q15 Reserves PR 8-K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): July 14, 2015
 
LAREDO PETROLEUM, INC.
(Exact Name of Registrant as Specified in Charter)
 
Delaware
 
001-35380
 
45-3007926
(State or Other Jurisdiction of Incorporation or
Organization)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
15 W. Sixth Street, Suite 900, Tulsa, Oklahoma
 
74119
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (918) 513-4570
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 7.01. Regulation FD Disclosure.
On July 14, 2015, Laredo Petroleum, Inc. (the "Company") issued a press release (i) announcing its scheduled second-quarter 2015 earnings call, (ii) providing its preliminary results for its commodity derivatives for the second quarter of 2015 and (iii) updating its basic and diluted weighted-average shares outstanding. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this report (including Exhibit 99.1) is deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information and Exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

(d)  Exhibits.
 
Exhibit Number
 
Description
 99.1
 
Press release dated July 14, 2015.







SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
LAREDO PETROLEUM, INC.
 
 
 
 
 
 
Dated: July 14, 2015
By:
/s/ RICHARD C. BUTERBAUGH
 
 
Richard C. Buterbaugh
 
 
Executive Vice President and Chief Financial Officer






EXHIBIT INDEX
Exhibit Number
 
Description
 99.1
 
Press release dated July 14, 2015.



EX-99.1 2 ex991-07142015.htm EXHIBIT 99.1 Ex99.1 - Share-Derivative PR
EXHIBIT 99.1


15 West 6th Street, Suite 900 · Tulsa, Oklahoma 74119 · (918) 513-4570 · Fax: (918) 513-4571
www.laredopetro.com

LAREDO PETROLEUM SCHEDULES SECOND-QUARTER 2015 EARNINGS CONFERENCE CALL FOR AUGUST 6 AND PROVIDES COMMODITY DERIVATIVES UPDATE

Second-Quarter 2015 Conference Call
Thursday, August 6, 2015
9:00 a.m. CT (10:00 a.m. ET)
Dial-in number: 877.930.8286
International dial-in number: 253.336.8309
Conference Code: 78876918

TULSA, OK - July 14, 2015 - Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) will host a conference call on Thursday, August 6, 2015 at 9:00 a.m. CT (10:00 a.m. ET) to discuss its second-quarter 2015 financial and operating results. Laredo plans to release earnings the same day before market open. The Company also announces preliminary results for its commodity derivatives for the second quarter of 2015 and its updated basic and diluted weighted-average shares outstanding.

Conference Call
Laredo invites interested parties to listen to the call via the Company’s website at www.laredopetro.com, under the tab for “Investor Relations.” Individuals who would like to participate on the call should dial the applicable dial-in number approximately 10 minutes prior to the scheduled conference time, and enter the conference code listed above. A telephonic replay will be available approximately two hours after the call on August 6, 2015 through Thursday, August 13, 2015. Participants may access this replay by dialing 855.859.2056, using conference code 78876918.

Commodity Derivatives
For the three months ended June 30, 2015, Laredo expects to report a loss on derivatives of approximately $63.9 million, including approximately $46.6 million net cash received on settlements of matured derivatives. Although management does not expect these numbers to change, they are preliminary and unaudited.
Laredo maintains an active hedging program to reduce the variability in its anticipated cash flow due to fluctuations in commodity prices. At June 30, 2015, the Company had hedges in place for the remaining two quarters of 2015 for 3,847,760 barrels of oil at a weighted-average floor price of $80.99 per barrel,






representing approximately 100% of anticipated oil production for the last six months of 2015. The Company has also hedged 14,384,000 million British thermal units (“MMBtu”) of natural gas for the remaining six months of 2015 at a weighted-average floor price of $3.00 per MMBtu, representing approximately 60% of anticipated natural gas and natural gas liquids production for the last two quarters of 2015. Additionally, the Company has basis swaps for the remaining six months of 2015 totaling 1,840,000 barrels of oil to hedge the Midland-West Texas Intermediate (“WTI”) basis differential at WTI less $1.95 per barrel.
For 2016, the Company has hedged 5,227,800 barrels of oil at a weighted-average floor price of $77.25 per barrel and 18,666,000 MMBtu of natural gas at a weighted-average floor price of $3.00 per MMBtu. Additionally, for 2017, the Company has hedged 2,628,000 barrels of oil at a weighted-average floor price of $77.22 per barrel.
Laredo records all derivatives on its balance sheet as either assets or liabilities measured at their estimated fair value. Laredo has not designated any derivatives as hedges for accounting purposes and Laredo does not enter into such instruments for speculative trading purposes. Gain (loss) on derivatives is reported under “Non-operating income (expense)” in Laredo’s consolidated statements of operations.

Weighted-Average Shares Outstanding
For the three months ended June 30, 2015, basic and diluted weighted-average shares outstanding were approximately 211.078 million and 215.109 million, respectively, and for the six months ended June 30, 2015, basic and diluted weighted-average shares outstanding were approximately 186.886 million and 190.248 million, respectively.

About Laredo
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo's business strategy is focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian Basin of West Texas.
Additional information about Laredo may be found on its website at www.laredopetro.com.
# # #
Contacts:
Ron Hagood: (918) 858-5504 - RHagood@laredopetro.com         

15-13

2
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