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Permian E&P Record Production, Increasing Rig Count From 3 To 5
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Laredo Petroleum provided an updated to its Q1 2018 activities.
The company reported a net income of $86.5 million or $0.36 per diluted share. Production was a record for the company coming in at 63,314 Boe/d (43% Oil) which is up +21% from Q1 2017.
The company realized $61.87 per barrel in Q1 2018 vs $46.91 in Q1 2017.
The Company is currently operating three horizontal drilling rigs and is in the process of adding a fourth rig at the beginning of the third quarter. Laredo also expects to add a fifth horizontal rig around the end of 2018 or beginning of 2019 as completion efficiency gains and the current commodity price environment drive increasing operating cash flow.
Based on the chart below, it would seem that the company intends to add the additional rigs back in GlassCock County…
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