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2018 Annual Report 2018 Annual 2018 ANNUAL REPORT 2018 ANNUAL LAREDO PETROLEUM | 2018 ANNUAL REPORT Corporate Profile Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, and midstream and marketing services, primarily in the Permian Basin of West Texas. Areas of Operation Our activities are primarily focused on the multi-target stacked horizontal development of our Permian Basin acreage position located in West Texas. These plays are characterized by high oil and liquids-rich natural gas content, multiple target horizons, long-lived reserves, high drilling success rate and significant resource potential. PERMIAN BASIN TULSA (SPRABERRY/WOLFCAMP/CLINE) Oil and liquids-rich natural gas Extensive horizontal drilling program PERMIAN BASIN 3/18/19 9:01 PM Dear Stockholders: In 2018, Laredo again realized the benefits of our past strategic decisions to build a contiguous acreage base, invest in field infrastructure and structure the Company to maximize flexibility in our development approach. These past decisions drove operational efficiencies that enabled the Company to increase gross drilled lateral feet per rig by approximately 19% in 2018 and take advantage of our field infrastructure investments that produced approximately $32 million of net benefits during the year. Our acreage is 88% held by production and we can meet annual drilling commitments with one drilling rig operating for about six months. We avoid long-term service contracts so that we can adjust operating activity quickly without paying early termination penalties. Additionally, we book only proven undeveloped locations that we plan to drill within six months to one year, thus giving us the flexibility to moderate our activity without having to reduce proved undeveloped reserves. The energy industry and the Company faced numerous challenges in 2018 and we believe the operational benefits of our field infrastructure helped us weather them. Early in 2018, Permian Basin commodity prices experienced substantial volatility as continued production growth in the basin filled existing long-haul pipeline infrastructure. Coincident with this volatility, Laredo’s largest crude oil buyer cancelled a crude purchase contract with us that had enabled us to sell a majority of our crude oil in the Gulf Coast market and avoid in-basin pricing disruptions. Despite these challenges, Laredo did not have any significant operational disruptions, in large part due to our Company-owned infrastructure combined with our in-basin transportation commitments, which gave us numerous options for moving our produced oil to long-haul connections. Additionally, we have signed an agreement with a long-haul pipeline out of the basin that, when operational in late 2019, will move all of our oil production to Gulf Coast pricing instead of Permian Basin pricing. A core tenet of the Company’s operating strategy is managing controllable cash costs. We have held unit lease operating expenses under $4.00 per barrel of oil equivalent for ten consecutive quarters, driven by savings realized from our prior field infrastructure investments. In 2018, we held total cash general and administrative expenses flat and reduced unit cash general and administrative expenses by approximately 16%. Throughout much of 2018, Laredo continued to test tighter spacing in our high-return Upper and Middle Wolfcamp 934866.indd 2 Dear Stockholders: formations. The Company’s goal was to maximize net asset value hedge position that supports our expected cash flows. For 2019, Corporate Information by increasing inventory and resource recovery in these formations. we have hedged more than 90% of our anticipated oil production, In 2018, Laredo again realized the benefits of our past strategic Although we were able to successfully develop packages of wells at predominately with puts, thus retaining upside benefit from an decisions to build a contiguous acreage base, invest in field tighter spacing and identify additional inventory in these increase in oil prices. We have no term-debt maturities until 2022 infrastructure and structure the Company to maximize flexibility Senior Officers formations, ultimately the productivity and economics of tighter and our reserve-based lending facility matures in 2023. in our development approach. These past decisions drove spacing in the current commodity and service cost environment operational efficiencies that enabled the Company to increase The last year has been characterized by a substantial shift in how did not match wider-spaced wells. In the latter part of 2018, the gross drilled lateral feet per rig by approximately 19% in 2018 and investors view the oil and gas exploration and production industry Company began a shift in strategy to operate within cash flow on take advantage of our field infrastructure investments that and Laredo. The traditional focus on production growth and net an annual basis and widened development spacing to focus on our produced approximately $32 million of net benefits during the asset value accretion has been replaced by an emphasis on projects with the best economics to achieve this goal. year. Our acreage is 88% held by production and we can meet moderated growth and operating within free cash flow. As Laredo annual drilling commitments with one drilling rig operating for We expect 2019 to be a transitional year for Laredo as we execute embraces this paradigm, we are thankful for our employees’ Randy A. Foutch Richard C. T. Karen Chandler Daniel C. Schooley Kenneth E. about six months. We avoid long-term service contracts so that our strategy shift. As we focus on returns instead of production flexibility and resourcefulness in a changing environment. Chairman & Chief Buterbaugh Senior Vice Senior Vice Dornblaser Executive Officer Executive Vice President & Chief President Senior Vice we can adjust operating activity quickly without paying early growth and moderate our development pace, we expect our Their commitment to Laredo’s guiding principles of integrity, President & Chief Operating Officer Midstream, President Legal & termination penalties. Additionally, we book only proven corporate decline rate to flatten. As we put more widely-spaced stewardship, respect, teamwork and success and to our Financial Officer Marketing & Administrative Subsurface undeveloped locations that we plan to drill within six months to wells on production, we expect capital efficiency to improve, stockholders is truly impressive. Our Board of Directors has one year, thus giving us the flexibility to moderate our activity which paired with a moderated corporate decline rate should provided sage advice and perspective as we have modified the Independent Directors Senior Officers Stock Transfer Agent without having to reduce proved undeveloped reserves. further the Company’s goal of increasing future corporate level Company’s focus, but remained anchored on the core strategies on returns. In 2019, commensurate with our reduced capital budget, which the Company was built. We also thank our long-term Frances Powell Hawes Randy A. Foutch American Stock Transfer and The energy industry and the Company faced numerous challenges Grant Prideco, Inc., Former Chief Chairman & Chief Executive Officer Trust Company we expect to further reduce general and administrative expenses stockholders for their consistent support as they entrust us with Financial Officer 6201 15th Avenue in 2018 and we believe the operational benefits of our field Richard C. Buterbaugh and cash expenses as we align our staffing levels with our their capital in these challenging times. Brooklyn, NY 11219 Peter R. Kagan Executive Vice President & infrastructure helped us weather them. Early in 2018, Permian (800) 937-5449 operating activity levels. Warburg Pincus, Managing Director Chief Financial Officer Basin commodity prices experienced substantial volatility as James R. Levy T. Karen Chandler continued production growth in the basin filled existing long-haul A key component of executing our strategy shift is the Company’s Independent Auditors Randy A. Foutch Warburg Pincus, Managing Director Senior Vice President & Grant Thornton LLP pipeline infrastructure. Coincident with this volatility, Laredo’s strong balance sheet, our approximately $1 billion of available Chief Operating Officer Chairman & Chief Executive Officer B.Z. (Bill) Parker 2431 East 61st Street, Suite 500 largest crude oil buyer cancelled a crude purchase contract with us capacity on our reserve-based lending facility and our substantial Phillips Petroleum Company, Tulsa, OK 74136 Daniel C. Schooley that had enabled us to sell a majority of our crude oil in the Gulf Former Executive Vice President (918) 877-0800 Senior Vice President Coast market and avoid in-basin pricing disruptions. Despite Pamela S. Pierce Midstream, Marketing & Subsurface Third-Party Reserve Engineers Ztown Investments, Inc., Partner these challenges, Laredo did not have any significant operational Kenneth E. Dornblaser Ryder Scott Company, L.P. Dr. Myles W. Scoggins Senior Vice President disruptions, in large part due to our Company-owned Petroleum Consultants Colorado School of Mines, Legal & Administrative infrastructure combined with our in-basin transportation TBPE Registered Engineering President Emeritus commitments, which gave us numerous options for moving our Firm F-1580 Edmund P. Segner, III 1100 Louisiana, Suite 4600 produced oil to long-haul
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