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Laredo's Leech wells have underperformed, with early oil production results tracking 70% below its other recent Central Howard wells. This contributed to Laredo reducing its oil production guidance for 2022 by approximately 6% and its FCF guidance by $70 million.
Laredo Petroleum, Inc. (NYSE:LPI ) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Ron Hagood - Vice President, Investor Relations Jason Pigott - President & Chief Executive Officer Karen Chandler - Senior Vice President & Chief Operating Officer Bryan Lemmerman - Senior Vice President & Chief Financial Officer Conference Call Participants Derrick Whitfield - Stifel Operator Good day, everyone. My name is Kelly and I'll be your conference operator for today.
Laredo Petroleum (LPI) delivered earnings and revenue surprises of 0.13% and 29.88%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?
TULSA, OK, July 13, 2022 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") will report second-quarter 2022 financial and operating results after the market close on Wednesday, August 3, 2022, and will host a conference call on Thursday, August 4, 2022, at 7:30 a.m. CT to discuss the results.
The company reported adjusted earnings of more than $5 per share. The oil percentage of production has improved and will continue to improve.
Laredo Petroleum is a $1.32 billion market cap oil and gas company in the Midland sub-basin of the Texas Permian. It does not pay a dividend but has a share repurchase program and has increased its debt repayment target. However, its debt outweighs its market capitalization.
Investors need to pay close attention to Laredo Petroleum (LPI) stock based on the movements in the options market lately.
When the operating income margin continues to grow, it means a company is becoming more efficient in generating profits from its operating activities.
Management increased the free cash flow projection and initiated a share repurchase program. The hedging program remains a concern. But management has promised a riskier program in the future as financial strength improves.
The higher oil producing acreage is about to show superior results on the quarterly reports. Legacy acreage provides exposure to natural gas pricing improvements as well.