Drilling & Completions | Quarterly / Earnings Reports | Second Quarter (2Q) Update | Forecast - Production | Capital Markets | Capex Increase | Capital Expenditure - 2018 | Completions Increase
Permian Operator Ups Well Plans, Budget, Rig Count for Year; Production Growth Continues
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Laredo Petroleum reported its Q2 2018 results.
Budget, Well Plans Increased; Fourth Rig AddedLaredo is one of the numerous E&Ps who have increased 2018 budgets and well plans.
Laredo has upped its 2018 capex from $585 to $630 million (+8%)Signed a contract for a fourth horizontal rig and expects to begin drilling with the rig in mid-August. Laredo anticipates maintaining four horizontal rigs and two completion crews for the remainder of 2018.
Randy A. Foutch, Chairman and Chief Executive Officer, said: "We now expect to complete 12% more wells than was anticipated in our original 2018 budget as a result of reduced cycle times and we forecast our well costs will decrease in the second half of the year as we implement the utilization of in-basin sand. Our low unit operating costs, the…
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