Laredo Petroleum (LPI) Tops Q1 EPS by 4c, Revenues Beat

Laredo Petroleum (NYSE: LPI) reported Q1 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $208.95 million versus the consensus estimate of $175.6 million.

"The strategy transition that Laredo committed to late last year is well underway," stated Randy A. Foutch, Chairman and Chief Executive Officer. "During the first quarter, we completed the two remaining packages of tightly-spaced wells and are currently wrapping up completion operations on the first package of wells developed on wider spacing sooner than expected. We have also delivered on our pledge to align personnel costs with activity levels by a recent reduction in force, which cut combined cash, non-cash and capitalized general and administrative costs by approximately 25% on an annualized basis. Most importantly, we have already improved on the plan to operate within cash flow that we put forth a little over two months ago by restructuring our oil hedges, securing additional cash flow to increase activity and substantially accelerating the time frame in which we expect to generate free cash flow while growing oil production."

"Institutional investors have fundamentally changed how they measure success for exploration and production companies over the last few years and we endeavor to listen to all of our shareholder's input on how we can better operate the Company," continued Mr. Foutch. "We have made substantial progress transitioning Laredo from a net asset value accretion philosophy to one focused on measured growth with free cash flow generation and expect to be cash flow neutral for full-year 2019, but recognize there is more work to do. We look forward to continuing our communication with all of our investors as we work together to realize our common goals."

For earnings history and earnings-related data on Laredo Petroleum (LPI) click here.

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