Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict.

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“We worked with our service partners to lock in 85% of expected drilling, completions, equipment and facilities spend for the remainder of the year,” CEO Jason Pigott told analysts during Laredo’s earnings call for the first quarter of 2022.

Management also said operating costs have increased about $1.00/boe. The company has raised full-year capital spending guidance to $550 million, up 6% from $520 million reported in February.

Capital spending for 1Q2022 totaled $171 million, up year/year from $69.9 million. During 1Q2022, the company...