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Laredo Hits Record Production in Q4 at 58.3 MBOEPD; Talks Drilling Activity
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Laredo reported its Q4 2017 results.
Highlights: Produced a Company record 58,273 BOEPD in full-year 2017, resulting in production growth of approximately 17% from full-year 2016 Grew proved developed reserves organically by approximately 36% in 2017 at a proved developed finding and development ("F&D") cost, a non-GAAP financial measure, of $7.90 per BOE Completed 62 horizontal development wells in 2017 at an average anticipated well-level rate of return on invested capital of greater than 30% Realized approximately $830 million in net proceeds from the sale of the Company's interest in the Medallion-Midland Basin pipeline system, enabling the Company to reduce debt by $690 million to a total debt level of $800 million, and net debt to 1.3 times annualized fourth-quarter 2017 Adjusted…- ✓ Full news archive — U.S., Canada & international coverage
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