Laredo Petroleum, Inc. (NYSE: VTLE) reported Q1 EPS of $1.91, $0.02 worse than the analyst estimate of $1.93. Revenue for the quarter came in at $482.34 million versus the consensus estimate of $465.37 million.

2024 Outlook

Production. The Company reiterated its full-year 2024 total and oil production guidance of 116.5 - 121.5 MBOE/d and 55.0 - 59.0 MBO/d, respectively. Production is expected to be weighted to the first half of the year as approximately 60% of expected TIL's are scheduled for the first half of 2024.

Capital Investments. Full-year 2024 capital investments guidance is unchanged at $750 - $850 million, with development activity moderating in the second-half of the year.

Operating Expenses. LOE for full-year 2024 is expected to average $8.85 per BOE, benefiting, beginning in the second-quarter 2024, from lower chemical and water disposal costs on recently acquired properties. LOE is expected to average $8.50 per BOE in the second half of 2024 through improved chemical management across both basins, further centralizing surface investments and increased use of a Vital Energy-owned water system.

For earnings history and earnings-related data on Laredo Petroleum, Inc. (VTLE) click here.