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2.22.21 Laredo Petroleum Announces Fourth-Quarter 2020 Financial and Operating Results
15 West 6th Street, Suite 900 · Tulsa, Oklahoma 74119 · (918) 513-4570 · Fax: (918) 513-4571 www.laredopetro.com Laredo Petroleum Announces Fourth-Quarter and Full-Year 2020 Financial and Operating Results Provides 2021 Capital Budget and Production Expectations TULSA, OK - February 22, 2021 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") today announced its fourth-quarter and full-year 2020 financial and operating results. Full-Year 2020 Highlights • Fully transitioned development operations to Howard County acreage and successfully completed the Company's first well package • Added 4,000 net acres in Howard County at an average price of $7,200 per net undeveloped acre • Produced an average of 87,750 barrels of oil equivalent ("BOE") per day and 26,849 barrels of oil per day ("BOPD"), an increase of 8% and a decrease of 6%, respectively, from full-year 2019, while reducing capital expenditures by 27% over the same period • Reduced drilling and completions costs during the year by 21%, to $540 per foot from $680 per foot • Reduced unit lease operating expenses ("LOE") by 17% from full-year 2019 • Reduced unit general and administrative expenses ("G&A"), excluding long-term incentive plan expenses ("LTIP"), by 21% from full-year 2019 • Reduced volume of flared/vented natural gas by 58% from full-year 2019, flaring/venting only 0.71% of the Company's produced natural gas during full-year 2020 • Received $234.1 million from settlements of matured/terminated derivatives • Extended all term-debt maturities to 2025 and 2028 and repurchased $61 million of term-debt in open market purchases for 62.5% of par "Despite the unprecedented challenges of COVID and the resulting energy demand and commodity price weakness during 2020, the Laredo team adapted to working remotely and executed on the transformational strategy we communicated in November 2019," stated Jason Pigott, President and Chief Executive Officer. -
Borderless, Boundless
Borderless, boundless. 2011 Greater China outbound M&A spotlight Chinese Services Group Contents 1 Foreword 2 Executive summary 4 Methodology 5 Greater China outbound M&A activity 12 Consumer Business & Transportation M&A activity 18 Energy & Resources M&A activity 25 Global Financial Services Industry M&A activity 30 Life Science & Health Care M&A activity 34 Manufacturing M&A activity 40 Technology, Media & Telecommunications M&A activity 46 Private equity M&A activity 54 A view from the other side - a target's perspective of a cross-border M&A deal 57 The impact of the 12th Five Year Plan on outbound M&A opportunities 60 The regulatory roundup 64 Introducing the Chinese Services Group 65 Expanding around the globe… 66 Deloitte's CSG network 67 Contacts 68 Notes Foreword Barclays, IBM, Sony, Tommy Hilfiger and Volvo - all renowned, market-leading champions in their particular fields - and all owned, or partly owned, by a business headquartered in Greater China. As the list goes on, individual names become unimportant. What is of importance is the irrefutable fact that cross-border acquisitions emanating from Greater China have grown of late, not only in stature, as the above can attest to, but also in scope and breadth. The stature of deal-making in this particular market has certainly increased over time. In 2005, less than one-out-of-five (19 percent) transactions were valued at more than US$250m. Over the first six months of 2011, this proportion rose to 27 percent, with the market's growing maturity also evident from a global standpoint. -
Clean Energy Investing: Global Comparison of Investment Returns
Clean Energy Investing: Global Comparison of Investment Returns March 2021 A Joint Report by the International Energy Agency and the Centre for Climate Finance & Investment Table of Contents 03 Executive Summary 05 Introduction 08 Analytical Methods 11 Key Investment Characteristics 14 Results 14 Global Markets 18 Advanced Economies 19 Emerging Market and Developing Economies 20 China 21 Transition Companies 22 The Covid Market Shock 24 Irrational Exuberance? 26 Conclusions 29 Acknowledgments 30 Annex A – Definition of Key Terms 32 Annex B – IEA Scenarios 33 Annex C – Fama-French Five-Factor Model 34 Annex D – Fossil Fuel Portfolio 48 Annex E – Renewable Power Portfolio 2 Executive Summary To shed light on the long-term prospects for clean energy, we investigate the historical financial performance of energy companies around the world in search of broad structural trends. This is the second in a series of joint reports by the International Energy Agency and Imperial College Business School examining the risk and return proposition in energy transitions. In this paper, we extend our coverage of publicly-traded renewable power and fossil fuel companies to the following: 1) global markets, 2) advanced economies, 3) emerging market and developing economies, and 4) China. We calculate the total return and annualized volatility of these portfolios over 5 and 10-year periods. Table 1 shows the 5 and 10-year results, up to December 31, 2020. Table 1 – Summary of Key Findings Global Markets Portfolios Advanced Economies Portfolios Fossil Fuel Renewable -
Form 8-K Laredo Petroleum, Inc
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): January 6, 2020 LAREDO PETROLEUM, INC. (Exact Name of Registrant as Specified in Charter) Delaware 001-35380 45-3007926 (State or Other Jurisdiction of Incorporation or (Commission File Number) (I.R.S. Employer Identification No.) Organization) 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: ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value LPI New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). -
Laredo Petroleum Announces William Albrecht to Succeed Randy Foutch As Chairman of the Board of Directors
Laredo Petroleum Announces William Albrecht to Succeed Randy Foutch as Chairman of the Board of Directors May 18, 2020 TULSA, OK, May 18, 2020 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company"), today announced the appointment of William Albrecht as independent Chairman of the Board of Directors (the "Board"), succeeding Randy Foutch upon the expiration of Mr. Foutch's term on May 14, 2020. Mr. Albrecht, currently an independent member of the Board, will continue to serve on the Compensation Committee and Nominating and Corporate Governance Committee. "Bill's appointment as Chairman fulfills Laredo's prior commitment to separate the roles of Chairman and Chief Executive Officer and name an independent Chairman," stated Dr. Bill Scoggins, Chair of the Nominating and Corporate Governance Committee. "His extensive energy industry background and leadership experience will be instrumental in providing guidance to Laredo's leadership team in these unprecedented times." "Since joining our Board in February, Bill's insight and perspective have been crucial to shaping our strategy," commented Jason Pigott, President and Chief Executive Officer. "I look forward to continuing to work closely with him as we position Laredo for long-term, sustainable growth." Mr. Albrecht has served on Laredo's Board since February 2020. Additionally, he currently serves as Chairman of the Board of California Resources Corporation (NYSE: CRC) and as a member of the Boards of Halliburton (NYSE: HAL) and Valaris (NYSE: VAL). "Speaking on behalf of the entire Board, I would like to thank Randy for his tireless commitment to building Laredo Petroleum," continued Mr. Pigott. -
Significant Energy Assets on the Market (SEAM) Database on IHS
Significant Energy Assets on the Market (SEAM) Database on IHS Connect IHS Energy has launched a new database tool that actively tracks all known energy assets on the market and independently values them in a transparent manner utilizing more than 40,000 comparable transactions from IHS’s M&A database dating back to 1988. Assets on the Market database features include: • Searchable and exportable database covering all global and regional • Source documents including offering memos, prospectuses, and locations and all resource segments, detailing valuations and full press releases. operational data including reserves, production and acreage. • Full opportunity set currently totals approximately $250 billion • Contact information for sellers and advisors. Canada $25 B+ Europe $30 B+ Sellers Key Assets for Sale (or JV) Sellers Key Assets for Sale (or JV) Apache Corp. 1 million acres in Provost region of east-central Alberta Antrim Energy Skellig Block in Porcupine Basin Athabasca Oil Corp. 350,000 net prospective acres in Duvernay BNK Petroleum Joint venture partner sought for Polish shale gas play Canadian Oil Sands Rejects Suncor offer; reviewing strategic alternatives BP 16% stake in Culzean gas field in UK North Sea Centrica plc Offering 6,346 boe/d (86% gas) ConocoPhillips 24% stake in UK’s Clair oil field. Considering sale of Norwegian Cequence Energy Montney-focused E&P undergoing strategic review North Sea fields ConocoPhillips Western Canada gas properties Endeavour Int’l. Bankrupt; to sell Alba and Rochelle fields in the UK North -
Earth Model Assists Permian Asset Valuation Patrick J
TECHNOLOGY Earth model assists Permian asset valuation Patrick J. Curth Rick Mauro James R. Courtier Scot Evans Gary B. Smallwood Halliburton Co. Laredo Petroleum Inc. Houston Tulsa Laredo Petroleum Inc.’s Permian-Garden City as- basin’s multi-stacked horizontal targets available set is an unconventional resource play with more for development. than four potential stacked zones covering a 1,700 square-mile fairway in five counties in the Midland Garden City basin, Texas. Early in the play’s evolution, Tulsa- Laredo has developed extensive acreage on the east based Laredo recognized the need to develop a side of the Midland basin with interest in more DRILLING & proprietary database along with a process to char- PRODUCTION than 350 sections representing 178,000 gross and acterize each targeted reservoir. 148,000 net acres with most concentrated in Glass- This article describes a multi-domain model cock and Reagan counties. Producing intervals to that Laredo, assisted by Halliburton Co., used to date include the vertical Wolfberry interval and define the potential for the Permian-Garden City acreage. the horizontal Wolfcamp shale (Upper, Middle, Lower), the The model represents an integrated workflow combining Cline shale, and Canyon formations. Additional horizontal geoscience and engineering data with multivariate statistics. targets include the shallower Spraberry, the Strawn, and the The process began with acquisition of high-quality data deeper Atoka-Bend-Woodford (ABW) zones. including 3D seismic, microseismic, cores, well completion With an average combined thickness of more than 5,000 and production histories, and petrophysical information. vertical ft for all of the targeted zones, the Midland basin is The data were then analyzed, processed, and incorporated unique among US shale plays. -
FTSE Publications
2 FTSE Russell Publications FTSE Developed Asia Pacific ex 19 August 2021 Japan ex Controversies ex CW Index Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) a2 Milk 0.1 NEW CJ Cheiljedang 0.1 KOREA GPT Group 0.22 AUSTRALIA ZEALAND CJ CheilJedang Pfd. 0.01 KOREA Green Cross 0.05 KOREA AAC Technologies Holdings 0.16 HONG KONG CJ Corp 0.04 KOREA GS Engineering & Construction 0.07 KOREA ADBRI 0.04 AUSTRALIA CJ ENM 0.05 KOREA GS Holdings 0.06 KOREA Afterpay Touch Group 0.61 AUSTRALIA CJ Logistics 0.04 KOREA GS Retail 0.04 KOREA AGL Energy 0.12 AUSTRALIA CK Asset Holdings 0.5 HONG KONG Guotai Junan International Holdings 0.01 HONG KONG AIA Group Ltd. 4.6 HONG KONG CK Hutchison Holdings 0.64 HONG KONG Haitong International Securities Group 0.02 HONG KONG Air New Zealand 0.02 NEW CK Infrastructure Holdings 0.11 HONG KONG Hana Financial Group 0.36 KOREA ZEALAND Cleanaway Waste Management 0.08 AUSTRALIA Hang Lung Group 0.07 HONG KONG ALS 0.14 AUSTRALIA CLP Holdings 0.5 HONG KONG Hang Lung Properties 0.15 HONG KONG Alteogen 0.06 KOREA Cochlear 0.37 AUSTRALIA Hang Seng Bank 0.44 HONG KONG Altium 0.09 AUSTRALIA Coles Group 0.5 AUSTRALIA Hanjin KAL 0.04 KOREA Alumina 0.1 AUSTRALIA ComfortDelGro 0.08 SINGAPORE Hankook Technology Group 0.1 KOREA Amcor CDI 0.54 AUSTRALIA Commonwealth Bank of Australia 4.07 AUSTRALIA Hanmi Pharmaceutical 0.06 KOREA AmoreG 0.05 KOREA Computershare 0.21 AUSTRALIA Hanmi Science 0.03 KOREA Amorepacific Corp 0.21 KOREA Contact Energy 0.14 NEW Hanon Systems 0.07 KOREA Amorepacific Pfd. -
Depleted Oil Field Is Window Into China's Corruption Crackdown
CHINA An $85 million deal involving three blocks in southern Sumatra and a Chinese oil giant is under investigation. Depleted oil field is window into China’s corruption crackdown BY CHARLIE ZHU, DAVID LAGUE AND FERGUS JENSEN SPECIAL REPORT 1 CHINA CORRUPTION CRACKDOWN LIMAU, INDONESIA, DECEMBER 19, 2014 n a muddy clearing in southern Sumatra, a portable diesel power plant hammers Iaway alongside a wellhead, struggling to extract crude from a depleted reservoir that lies below farmland and rubber plantations. It was much easier to extract cash from a state-owned Chinese oil giant. A subsidiary of China National Petroleum Corporation (CNPC), PetroChina Daqing Oilfield, paid $85 million to pump from three blocks in the ageing Limau field un- der a 2013 contract with Indonesia’s state- owned oil company, Pertamina, according to senior Chinese oil industry officials with knowledge of the transaction. Today, the three Limau blocks squeeze PETRO PURGE: At least a dozen former top managers at China National Petroleum Corporation have out less than three percent of the oil been arrested as part of President Xi Jinping’s anti-corruption drive. Zhou Yongkang (below), a former pumped when output peaked in the 1960s. CNPC boss and rival to Xi, faces charges of corruption and leaking state secrets. A wellhead atop the When PetroChina Daqing announced the depleted Limau field in Indonesia (cover). REUTERS/BOGDAN CRISTEL/JASON LEE/FERGUS JENSEN deal, it didn’t disclose the seller, the price or any other financial details. “We all know it is a ridiculous invest- ment, but I have no idea where the mon- ey has actually ended up,” says a senior billion Chinese oil industry official who has seen $25 The amount that CNPC spent on budget figures for the Limau wells. -
Laredo Petroleum Announces Closing of Acquisition of Sabalo Energy Assets and Divestiture of Proved Developed Producing
15 West 6th Street, Suite 900 · Tulsa, Oklahoma 74119 · (918) 513-4570 · Fax: (918) 513-4571 www.laredopetro.com Laredo Petroleum Announces Closing of Acquisition of Sabalo Energy Assets and Divestiture of Proved Developed Producing Reserves Schedules Second-Quarter 2021 Earnings Release and Conference Call TULSA, OK - July 1, 2021 - Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") announced today that it has closed its previously announced transactions to acquire the oil-weighted Howard County leasehold of Sabalo Energy, LLC ("Sabalo"), a portfolio company of EnCap Investments L.P., and a non-operating partner, and to partially divest of certain legacy gas-weighted proved developed producing reserves to an affiliate of Sixth Street Partners, LLC ("Sixth Street"). Additionally, the Company announced the results of its "at-the-market" offering program (the "ATM Program"), described in a prospectus supplement filed with the Securities and Exchange Commission (the "SEC") on February 23, 2021, and scheduled its second-quarter 2021 earnings release and conference call. On July 1, 2021, Laredo closed two previously announced transformative transactions. For the acquisition of Sabalo’s assets, after closing price adjustments, the Company paid the sellers aggregate consideration of $606 million in cash and 2.507 million shares of Laredo’s common stock. For the sale of proved developed reserves to Sixth Street, Laredo received $405 million in cash, subject to customary adjustments, and may receive additional potential cash flow based earn-out payments over the next six years. Subsequent to the announcement of the transactions, the Company sold 714,526 shares through its ATM Program at an average price of $65.70 for net proceeds of $45.8 million. -
Greater China Oil & Gas M&A and Greenfield FDI Investment Spotlight
Greater China Oil & Gas M&A and greenfield FDI investment spotlight 2013 edition M&A Services 1 Contents Introduction .............................................................................................................................................................. 3 Methodology ............................................................................................................................................................. 4 Global Oil & Gas M&A and greenfield investment activity .................................................................................. 5 Greenfield Oil & Gas investment increasingly giving way to M&A activity across the globe ................................... 6 Where is this investment going? .............................................................................................................................. 6 The Greater China angle .......................................................................................................................................... 8 Foreign investments into China's Oil & Gas sector ................................................................................................. 9 Domestic investment activity in China's Oil & Gas sector ..................................................................................... 11 Greater China's Oil & Gas investments overseas ................................................................................................. 13 Looking forward – Potential deal opportunities and investment themes ....................................................... -
Asia Infrastructure, Energy and Natural Resources (IEN)
Asia Infrastructure, Energy and Natural Resources (IEN) Slaughter and May is a leading international firm with a worldwide corporate, commercial and financing practice. We provide clients with a professional service of the highest quality combining technical excellence and commercial awareness and a practical, constructive approach to legal services. We advise on the full range of matters for infrastructure, energy and natural resources clients in Asia, including projects, mergers and acquisitions, all forms of financing, competition and regulatory, tax, commercial, trading, construction, operation and maintenance contracts as well as general commercial and corporate advice. Our practice is divided into three key practice areas: – Infrastructure – rail and road; ports and airports; logistics; water and waste management. – Energy – power and renewables; oil and gas. – Mining and Minerals – coal, metals and minerals. For each regional project we draw on long‑standing relationships with leading independent law firms in Asia. This brings together individuals from the relevant countries to provide the optimum legal expertise for that particular transaction. This allows us to deliver a first class pan‑Asian and global seamless legal service of the highest quality. Recommended by clients for project agreements and ‘interfacing with government bodies’, Slaughter and May’s team is best-known for its longstanding advice to MTR on some of Hong Kong’s key infrastructure mandates. Projects and Energy – Legal 500 Asia Pacific Infrastructure – rail MTR Corporation Limited – we have advised the • Tseung Kwan O Line: The 11.9‑kilometre MTR Corporation Limited (MTR), a long‑standing Tseung Kwan O Line has 8 stations and links client of the firm and one of the Hong Kong office’s the eastern part of Hong Kong Island with the first clients, on many of its infrastructure and eastern part of Kowloon other projects, some of which are considered to be amongst the most significant projects to be • Disney Resort Line: The 3.3‑kilometre Disney undertaken in Hong Kong.