0001528129-16-000162.txt : 20160126 0001528129-16-000162.hdr.sgml : 20160126 20160126085446 ACCESSION NUMBER: 0001528129-16-000162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160126 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160126 DATE AS OF CHANGE: 20160126 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: 161360240 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 a8k20160125.htm 8-K 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): January 26, 2016 (January 25, 2016 )
 
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 January 25, 2016, Laredo Petroleum, Inc. issued a press release (i) announcing its scheduled fourth-quarter and full-year 2015 earnings call, (ii) providing its preliminary results for its commodity derivatives for the fourth quarter and full year 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 furnished under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto 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 exhibit 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 January 25, 2016.







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: January 26, 2016
By:
/s/ Richard C. Buterbaugh
 
 
Richard C. Buterbaugh
 
 
Executive Vice President & Chief Financial Officer







EXHIBIT INDEX
Exhibit Number
 
Description
 99.1
 
Press release dated January 25, 2016.



EX-99.1 2 a4qerex991.htm EXHIBIT 99.1 Exhibit
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 FOURTH-QUARTER AND FULL-YEAR 2015 EARNINGS CONFERENCE CALL FOR FEBRUARY 17

PROVIDES PRELIMINARY COMMODITY DERIVATIVES AND WEIGHTED-AVERAGE SHARE DETAILS

Fourth-Quarter and Full-Year 2015 Conference Call
Wednesday, February 17, 2016
7:00 a.m. CT (8:00 a.m. ET)
Dial-in number: 877.930.8286
International dial-in number: 253.336.8309
Conference Code: 36181178

TULSA, OK - January 25, 2016 - Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) will host a conference call on Wednesday, February 17, 2016 at 7:00 a.m. CT (8:00 a.m. ET) to discuss its fourth-quarter and full-year 2015 financial and operating results. Laredo plans to release earnings on Tuesday, February 16, 2016 after market close. The Company also announces preliminary results for its commodity derivatives for fourth-quarter and full-year 2015 and its 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 February 17, 2016 through Wednesday, February 24, 2016. Participants may access this replay by dialing 855.859.2056, using conference code 36181178.

Commodity Derivatives
For the three months ended December 31, 2015, Laredo expects to report a gain on derivatives of approximately $72.5 million, including approximately $79.4 million net cash received on settlements of matured derivatives. For the 12 months ended December 31, 2015, the Company expects to report a gain on derivatives of approximately $214.3 million, including approximately $255.3 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 December 31, 2015, the Company had hedges in place for 2016 for 6,523,800 barrels of oil at a weighted-average floor price of $70.84 per barrel, representing approximately 85% to 90% of anticipated oil production for 2016. The Company had also hedged 18,666,000 million British thermal units (“MMBtu”) of natural gas for 2016 at a weighted-average floor price of $3.00 per MMBtu, representing approximately 70% to 75% of anticipated natural gas production for 2016.
At December 31, 2015, for 2017, the Company had hedged 2,628,000 barrels of oil at a weighted-average floor price of $77.22 per barrel and 5,475,000 MMBtu of natural gas at a weighted-average floor price of $3.00 per MMBtu. Subsequently, the Company hedged an additional 8,040,000 MMBtu of natural gas for 2017 and currently has 13,515,000 MMBtu of natural gas hedged at a weighted-average floor price of $2.70 per MMBtu for 2017.
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 December 31, 2015, basic and diluted weighted-average shares outstanding were approximately 211.255 million and 214.359 million, respectively, and for the 12 months ended December 31, 2015, basic and diluted weighted-average shares outstanding were approximately 199.158 million and 202.216 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.




Forward-Looking Statements    

This press release contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans,

2



expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.

General risks relating to Laredo include, but are not limited to, the decline in prices of oil, NGL and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2014, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 and those set forth from time to time in other filings with the SEC. These documents are available through Laredo’s website at www.laredopetro.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Laredo does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

# # #
Contacts:
Ron Hagood: (918) 858-5504 - RHagood@laredopetro.com         

16-2


3
GRAPHIC 3 g201a09alha01.jpg GRAPHIC begin 644 g201a09alha01.jpg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