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Q4 2015 and FY Operating Results – Laredo Petroleum Inc.

Laredo Petroleum Inc. · Feb 17, 2016 · 18 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 1
    2015 Fourth-Quarter and Full-Year Financial and Operating Results and Year-End Reserve Estimates February 2016
  2. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 2
    Improving Laredo Regardless of Price Environment Earth Model and enhanced completions drive well performance 2016 drilling program focuses on highest rate of return wells, capitalizing on Laredos contiguous acreage base and…
  3. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 3
    Managing Capital 1,600 1,400 1,398 1,200 Capital Investment1 ( MM) 1,000 800 737 600 631 562 562 400 345 200 0 2011 2012 2013 2014 2015 2016E Reducing capital 39% YoY enables the Company to self-fund a larger…
  4. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 4
    Financial Flexibility Benefits Stakeholder Value Borrowing Base ( MM) 800+ million of liquidity1 1,200 1,000 950 million of notes callable at 800 Laredos option in 2017 600 400 Borrowing Base does not include LPIs 200 49%…
  5. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 5
    FY-16 Budget Expectations Drilling 36 - 38 Hz Wells 345 MM FY-16E Capital Budget 35 95% targeting the UWC & MWC 65% 10,000 laterals 17 96% average working interest 13 80% on multi-well pads 55% on existing production corridors…
  6. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 6
    Maintaining Production 50 41.8 - 42.9 MBOE/d 40 4Q-15 Average Daily Production1,2 (MBOE/d) Exit Rate 30 20 10 0 3 2011 2012 2013 2014 2015 FY16E Expecting 6% exit-to-exit production growth in 2016 1…
  7. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 7
    Peer-Leading Oil Hedge Position1 Oil Production Hedged 120% 280 MM of mark-to-market value, as of 1/31/16 Oil Production Hedged 100% 70.84 % of Estimated Floor 80% 60% 77.22 40% Floor 20% 0% 2016 2017 Hedging…
  8. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 8
    Further Improved Drilling and Completions Efficiencies Hz Drilling Performance Hz Completions Performance 900 5.5 800 Average Frac Stages per Day Average Drilling Feet per Day 700 5.0 600 4.5 500 400 4.0 300 200…
  9. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 9
    Further Improved Drilling and Completions Capital Savings UWC/MWC Multi-Well Pad D&C Capital 8 7,500 Lateral 10,000 Lateral 7 D&C Capital Per Well ( MM) 6.8 6 5.9 5.9 5.2 10% 5 11% 4 53% 49% 3 2 1 40% 37% 0 1 1…
  10. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 10
    Enhanced Completions Benefit 500 Actual, 130% of Oil Type Curve 400 Cumulative Oil Production (MBO) Earth Model Estimate, 115% of Oil Type Curve Oil Type Curve 300 200 100 0 0 30 60 90 120 150 180 Producing…
  11. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 11
    Enhancing Well Returns1 60% Well Returns (% Rate of Return) 50% 40% 30% 20% 10% 0% 35 45 55 Crude Oil (/Bbl) MWC UWC Jan. 16 WTI Fwd Efficiency gains and cost savings generate positive returns in this commodity…
  12. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 12
    Rig Cadence Drives Oil Percentage Number of Gross Hz Completions per Quarter vs. % Oil Production 30 60% Number of Gross Hz Completions per Quarter 55% 20 % Oil Production 50% 48% 10 45% 0 40% 1Q14 2Q14 3Q14 4Q14…
  13. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 13
    PUD Booking Approach Laredo has changed its approach to booking PUD locations in our YE-15 SEC reserve report to maximize optionality and flexibility 1,100 identified inventory locations capable of generating a ROR higher than 12%…
  14. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 14
    YE-15 Total Proved Reserves by Product YE-15 Total Proved Reserves (MMBOE) YE-15 Total Proved Reserves Well Count % Oil PD (Hz) 235 42% PD (Vt) 471 36% 20% 80% Total PD 706 41% PUD (Hz) 38 46% PUD (Vt) 0 - Total PUD 38 46%…
  15. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 15
    Continuing to Diligently Cut Cash Costs 20 18 17.01 16 14.07 14 13.52 12.15 12.26 Cash Costs (/BOE) 12 10 8 6 4 2 0 FY14 1 1Q15 2Q15 3Q15 4Q15 LOE Cash G&A Prod & Ad Val Tax Midstream Demonstrable track…
  16. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 16
    Medallion Crude Oil System1 500 miles with 290,000 net acres dedicated to system 2 million acres either under AMI or supporting firm commitments Total delivery point capacity expected to exceed 500,000 BOPD Medallion Pipelines…
  17. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 17
    First-Quarter 2016 Guidance 1Q-2016 Production (MMBOE).... 3.7 - 4.0 Product % of total production: Crude oil... 48% Natural gas liquids.... 26% Natural gas.. 26% Price Realizations (pre-hedge): Crude oil (% of WTI)..... 80%…
  18. Q4 2015 and FY Operating Results – Laredo Petroleum Inc. – slide 18
    Oil & Natural Gas Hedges Open Positions as of January 31, 20161 2016 2017 2018 Total OIL2 Puts: Hedged volume (Bbls) 1,296,000 1,296,000 Weighted average price (/Bbl) 45.00 45.00 Swaps: Hedged volume (Bbls) 1,573,800 1,573,800…

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