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Laredo Seals $715MM Deal for Sabalo Energy's Assets

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   |    Wednesday,July 07,2021

Laredo Petroleum, Inc. has closed two deals.

The company closed its previously announced transaction to acquire the oil-weighted Howard County leasehold of Sabalo Energy LLC, a portfolio company of EnCap Investments, for $715 million ($606 million in cash and 2.507 million shares of Laredo's common stock).

Laredo also closed the sale of certain legacy gas-weighted proved developed producing reserves to an affiliate of Sixth Street Partners LLC. The proceeds were $405 million in cash.

Jason Pigott, President and Chief Executive Officer, said: "The closing of these transformative transactions marks the transition of Laredo into a very different Company than it was two years ago. Our disciplined acquisition strategy has dramatically improved our expected capital efficiency and Free Cash Flow1 generation capability. We remain committed to reducing leverage and maintaining our financial strength as we develop our oil-weighted properties and further transform our asset base."

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