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Laredo Breaks Own Production Record in Q2 with 58.6 MBOEPD
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Laredo reported its Q2 results. Highlights include:
Laredo broke its own production record in Q2, producing ~58,600 boe/d. This is an increase of 12% from Q1 and 23% from Q2 2016. Additionally, oil production grew 16% from Q1 to 27,275 bbl/d. As a result of the increased production results, the company increased its growth guidance to between 16% and 19%. Laredo also spent $123 million in Q2.
Laredo's favorable production results were attributed to successful wells that came online earlier in the year. The nine-well JL McMaster-Bodine, which was completed in Q1 2017 and used a new flowback procedure, outperformed the Upper/Middle Wolfcamp type curve by 45%. Additionally, in Q2, the company completed the last 6 wells of a 9 well package using tighter spacing between landing points and a…
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