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Laredo's Oil Production Falls off The Cliff; Ups 2019 Budget, More Wells
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Laredo Petroleum reported its Q1 results and
One thing that something that stuck out was that the company's oil mix continues to fall even though its production keep raising; put another way, the company is getting gassy.
As you can see, the company has gone from 43% oil mix in 1Q 2018 to 37% oil mix is 1Q 2019.
The company full-year production and capex was revised up based on new hedges the company added for the remainder of the year. The company now expects 11% YOY production growth and will operate more rigs for 2019 (see below).
Q1 production was 63,314 boe/day, which is 11% better than 4Q 2018. Oil was also up 5.4% quarter over quarter.
Realized Oil & Gas PricesThe company's average realized price for oil fell to $47.66 in the quarter from $58.53/bbl in the year-ago…
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