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Laredo Petroleum Schedules Third-Quarter 2016 Earnings Conference Call for November 3 and Provides Commodity Derivatives Update

TULSA, OK, Oct. 12, 2016 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE:LPI) (“Laredo” or the “Company”) will host a conference call on Thursday, November 3, 2016 to discuss its third-quarter 2016 financial and operating results. The Company also announces preliminary results for its commodity derivatives for third-quarter 2016 and its basic and diluted weighted-average shares outstanding.

Third-Quarter 2016 Earnings Conference Call

Laredo plans to release third-quarter 2016 earnings on Wednesday, November 2, 2016 after the market close and the Company will host a conference call on Thursday, November 3, 2016 at 7:30 a.m. CT (8:30 a.m. ET) to discuss its third-quarter 2016 financial and operating results. Individuals who would like to participate on the call should dial 877.930.8286 (international dial-in 253.336.8309), using conference code 99103479 or listen to the call via the Company's website at www.laredopetro.com, under the tab for "Investor Relations." A telephonic replay will be available approximately two hours after the call on November 3, 2016 through Thursday, November 10, 2016. Participants may access this replay by dialing 855.859.2056, using conference code 99103479.

Commodity Derivatives Update

For the three months ended September 30, 2016, Laredo expects to report a gain on derivatives of approximately $6.9 million, including approximately $41.6 million net cash received on settlements of matured derivatives, net of deferred premiums paid. Although management does not expect these numbers to change, they are preliminary and unaudited.

Laredo maintains an active hedging program to reduce the variability in its anticipated cash flow due to fluctuations in commodity prices. At September 30, 2016, the Company had hedges in place for the fourth quarter of 2016 for 1,861,350 barrels of oil at a weighted-average floor price of $67.13 per barrel and 4,692,000 million British thermal units ("MMBtu") of natural gas at a weighted-average floor price of $3.00 per MMBtu.

At September 30, 2016, for 2017, the Company had hedged 5,684,875 barrels of oil at a weighted-average floor price of $57.01 per barrel, 18,771,000 MMBtu of natural gas at a weighted-average floor price of $2.65 per MMBtu, 444,000 barrels of ethane at $11.24 per barrel and 375,000 barrels of propane at $22.26 per barrel. Subsequently, the Company hedged an additional 1,168,000 barrels of oil for 2017 and currently has 6,852,875 barrels of oil hedged for 2017 at a weighted-average floor price of $55.82 per barrel. A large portion of the Company's 2017 oil hedges retain the benefit of an increase in the price of oil with 3,796,000 barrels structured as collars with a weighted-average ceiling price of $86.00 per barrel and 1,049,375 barrels are puts and do not have a ceiling.

At September 30, 2016, for 2018, the Company had hedged 2,144,375 barrels of oil at a weighted-average floor price of $55.98 per barrel and 12,855,500 MMBtu of natural gas at a weighted-average floor price of $2.50 per MMBtu.

Laredo records all derivatives on its balance sheet as either assets or liabilities measured at their estimated fair value. Laredo has not designated any derivatives as hedges for accounting purposes and Laredo does not enter into such instruments for speculative trading purposes. Gain (loss) on derivatives is reported under "Non-operating income (expense)" in Laredo's consolidated statement of operations.

Weighted-Average Shares Outstanding

For the three months ended September 30, 2016, basic and diluted weighted-average shares outstanding were approximately 234.639 million and 238.108 million, respectively. For the nine months ended September 30, 2016, basic and diluted weighted-average shares outstanding were approximately 221.303 million and 223.197 million, respectively.

About Laredo

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 the transportation of oil and natural gas from such properties, primarily in the Permian Basin in West Texas.

Additional information about Laredo may be found on its website at www.laredopetro.com.

Forward-Looking Statements
This press release contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.

General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2015, and those set forth from time to time in other filings with the Securities Exchange Commission (“SEC”). These documents are available through Laredo’s website at www.laredopetro.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Laredo does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

Contacts:
Ron Hagood: (918) 858-5504 - RHagood@laredopetro.com

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Source:Laredo Petroleum, Inc