Laredo

Permian Basin independent Laredo Petroleum Inc. is aiming to maintain oil and total hydrocarbon output levels and achieve higher free cash flow (FCF) in 2020 compared to 2019, according to CEO Jason Pigott.

Tulsa-based independent Laredo Petroleum Inc. has added 4,475 contiguous net acres in West Texas for $65 million, helping to build its oily footprint in the Permian Basin.

Laredo Petroleum Inc. continues to look for more Permian Basin opportunities after recently bolting on 7,360 net acres in West Texas, the management team said.

Laredo Petroleum Inc. said its Permian Basin-driven output was above guidance in the third quarter, while efficiencies reduced completion costs.

With oil prices on the rebound, Permian Basin pure-plays Laredo Petroleum Inc. and Parsley Energy Inc. reported taking different approaches toward getting into free cash flow (FCF) sooner rather than later.

Two big West Texas explorers have shuffled their Permian Basin operations, with Callon Petroleum Co. selling some acreage and Laredo Petroleum Inc. sharply reducing the executive ranks.

Calling 2019 “a transitional year” and an opportunity to become cash flow neutral, Permian Basin pure-play Laredo Petroleum Inc. slashed its capital budget by more than one-third and said it would continue wider well spacing to address reduced oil productivity.

Permian pure-player Laredo Petroleum Inc. reported record production in 3Q2018, but moving forward the company expects to drill infill wells on wider spacing and may consider spending less in 2019.

Permian Basin pure-play Laredo Petroleum Inc. has promoted T. Karen Chandler to COO and senior vice president. Chandler joined Laredo in 2012 and has served as vice president of operations since 2016. “Karen has been instrumental in improving the efficiency of our operational activities during the last two years, which has been a challenging task as we have worked to optimize our development plan,” CEO Randy A. Foutch said. Before joining Laredo, Chandler worked for ExxonMobil Corp. for 15 years. She holds a bachelor of science in chemical engineering from the University of Kentucky, as well as a master of science and doctorate in chemical engineering from Georgia Institute of Technology.