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Laredo Touts New Model in the Permian; Cuts Well Costs 20% YOY
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Laredo Petroleum, Inc. has updated current operations due to the successful application of the Earth Model to the Company's drilling program and the positive impact of infrastructure investments on operating expenses.
Update Highlights: Increased production guidance for second-quarter 2016 from a range of 3.8 - 4.1 million barrels of oil equivalent to 4.1 - 4.3 MMBOE, an increase of 6% at the midpoint of the rangeReduced unit lease operating expense guidance for the second quarter of 2016 from $4.75 - $5.75 per BOE to $4.50 - $5.25 per BOE, a decrease of 7% at the midpoint of the range
Reduced well cost estimates for 10,000' Upper and Middle Wolfcamp horizontal wells drilled on multi-well pads by more than 20% from year-end 2015 estimates, to $5.4 million for a standard completion…
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