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Permian-Focused Laredo Petroleum Rebranding as Vital Energy Amid ESG Emphasis
Tulsa, OK-based independent Laredo Petroleum Inc. is set to rebrand as Vital Energy Inc. on Jan. 9, management said.
The name change is consistent with the company’s goal “to ensure everyone has access to the reliable, affordable energy resources needed to power their lives,” according to the firm.
The rebrand “reflects our mission and collective commitment to find new and creative ways to add value for all of our stakeholders,” said CEO Jason Pigott upon unveiling the firm’s 2022 environmental, social and governance (ESG) and climate risk report.
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Laredo’s activity is focused on the Permian Basin east of Midland, TX, primarily in Glasscock, Reagan and Howard counties.
Laredo has set a combined Scope 1 and 2 emissions intensity target of below 10 metric tons of carbon dioxide equivalent per thousand boe by 2030.
The company also is aiming to use 50% recycled water in completion operations by 2025, versus 26% in 2021.
The ESG and climate risk report “details the significant progress we have made to advance key ESG initiatives across the business,” Pigott said.
He touted the firm’s “significant emissions reductions since 2019 and our commitment to further improvement through aggressive short and medium-term emissions reduction targets.”
The company reduced its 2021 Scope 1 greenhouse gas emissions intensity by 25% versus 2020 and 34% compared to 2019 baseline levels.
Methane intensity was reduced 46% in 2021 versus 2020 and 63% versus 2019.
Management also highlighted that Laredo was the first Permian operator to receive Project Canary’s TrustWell certification for responsibly sourced oil and gas production.
Laredo is targeting capital expenditures of $135-145 million during the fourth quarter, and to have an average of two rigs and one hydraulic fracturing crew running.
Production is expected to average 72,500-75,500 boe/d, including 32,00-34,000 b/d of oil. Oil production this year has so far averaged about 35,000 b/d.
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