0001528129-16-000205.txt : 20160419 0001528129-16-000205.hdr.sgml : 20160419 20160419165233 ACCESSION NUMBER: 0001528129-16-000205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160419 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160419 DATE AS OF CHANGE: 20160419 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: 161579565 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 a1q1641920168k.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): April 19, 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 April 19, 2016, Laredo Petroleum, Inc. issued a press release (i) announcing its scheduled first-quarter 2016 earnings call, (ii) providing its preliminary results for its commodity derivatives for the first quarter of 2016, (iii) updating its basic and diluted weighted-average shares outstanding and (iv) announcing it will host a field tour and investor meeting on June 13-14, 2016 in Midland, Texas. 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 April 19, 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: April 19, 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 April 19, 2016.



EX-99.1 2 a4-19x16pr.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 FIRST-QUARTER 2016 EARNINGS CONFERENCE CALL FOR MAY 5 AND PROVIDES COMMODITY DERIVATIVES UPDATE

SCHEDULES FIELD TOUR AND INVESTOR MEETING FOR JUNE 13-14 IN MIDLAND, TX

First-Quarter 2016 Conference Call
Thursday, May 5, 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: 94358441

TULSA, OK - April 19, 2016 - Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) will host a conference call on Thursday, May 5, 2016 at 7:00 a.m. CT (8:00 a.m. ET) to discuss its first-quarter 2016 financial and operating results. Laredo plans to release earnings on Wednesday, May 4, 2016 after market close. The Company also announces preliminary results for its commodity derivatives for first-quarter 2016 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 May 5, 2016 through Thursday, May 12, 2016. Participants may access this replay by dialing 855.859.2056, using conference code 94358441.

Field Tour and Investor Meeting
The Company will host a field tour and investor meeting on June 13-14, 2016 in Midland, TX. The investor meeting will be held on Monday, June 13 at 4:00 p.m. CT. On Tuesday, June 14 the Company will provide a tour of key infrastructure projects within its Permian-Garden City operations. Participants may register via the Company’s website at www.laredopetro.com on the home page link “Field Tour/Investor Meeting Registration.”







Commodity Derivatives
For the three months ended March 31, 2016, Laredo expects to report a gain on derivatives of approximately $17.9 million, including approximately $64.1 million net cash received on settlements of matured derivatives, net of deferred premiums paid. Additionally, as a result of restructuring certain derivative contracts, $80.0 million net cash received on early settlements of derivative contracts was offset by $80.0 million of premiums paid on new contracts. 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 March 31, 2016, the Company had hedges in place for the remaining three quarters of 2016 for 4,898,250 barrels of oil at a weighted-average floor price of $70.85 per barrel, representing approximately 90% of anticipated oil production for 2016. The Company had also hedged 14,025,000 million British thermal units (“MMBtu”) of natural gas for 2016 at a weighted-average floor price of $3.00 per MMBtu, representing approximately 75% of anticipated natural gas production for 2016.
At March 31, 2016, for 2017, the Company had hedged 3,677,375 barrels of oil at a weighted-average floor price of $60.00 per barrel and 13,515,000 MMBtu of natural gas at a weighted-average floor price of $2.70 per MMBtu. Subsequently, the Company hedged an additional 5,256,000 MMBtu of natural gas for 2017 and currently has 18,771,000 MMBtu of natural gas hedged at a weighted-average floor price of $2.65 per MMBtu for 2017.
At March 31, 2016, for 2018, the Company had hedged 1,049,375 barrels of oil at a weighted-average floor price of $60.00 per barrel and 8,220,000 MMBtu of natural gas at a weighted-average floor price of $2.50 per MMBtu. Subsequently, the Company hedged an additional 4,635,500 MMBtu of natural gas for 2018 and currently has 12,855,500 MMBtu of natural gas hedged at a weighted-average floor price of $2.50 per MMBtu for 2018.
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 March 31, 2016, basic and diluted weighted-average shares outstanding were approximately 211.560 million and 213.995 million, respectively.

2



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 and any oral statements made regarding the subject of this release, including in the conference call referenced herein, 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, 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, natural gas liquids 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, 2015, and those set forth from time to time in other filings with the Securities Exchange Commission (“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         

16-5


3
GRAPHIC 3 g201a09alha02.jpg GRAPHIC begin 644 g201a09alha02.jpg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