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August 2019 Corporate Presentation – Laredo Petroleum Inc.

Laredo Petroleum Inc. · Aug 12, 2019 · 21 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. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 1
    L A R E D O P E T R O L E U M Corporate Presentation August 2019
  2. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 2
    Laredo Petroleum Overview Laredo Petroleum (LPI) Market Cap: 590 MM1 Operations: Permian Basin (TX), Headquarters: Tulsa, OK 2Q-19 30,400 82,200 260 Barrels of Oil per Day BOE per day Employees 30 Growing Production Oil Total…
  3. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 3
    2019: A Transformational Year 700,000/well savings since YE-18 Optimized operations Moved to wider-spaced development 30 MM/year annualized cash & non-cash expenses & capital Aligned personnel savings expected costs with activity…
  4. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 4
    Wider Spacing Improves Oil Productivity Initial Yellow Rose package results confirm that completed wider spacing shift is improving productivity and returns versus 2018 120 Cumulative Oil Production 100 Per 10,000 (MBO)…
  5. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 5
    Wider Spacing & Reduced Well Costs Improve IRR Per Well Costs & Drilling ROR 8 7.7 35% 7.5 31% 30% Per Well Cost ( MM) Per Well ROR (%) 7.0 25% 7 25% 20% 15% 6 10% 9% 5% 5 0% FY-18A FY-19 Original FY-19E Current FY-18A…
  6. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 6
    Surpassing Guidance on Production & Expenses 2Q-19A Select Results Oil Production Lease Operating Expense Controllable Cash Costs Production 30.4 MBO/d 3.16/BOE 7% Beat vs guidance 4% Beat vs guidance Total Production G&A…
  7. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 7
    Higher FY-19 Oil Guidance, Maintaining Capex & Generating Free Cash 750 30 644 27.9 Oil Production 28 27.9 (MBO/d) 537 27.3 ( MM) 26.5 495 26 500 465 465 465 24 365 365 22 250 20 FY-18A FY-19 Original FY-19…
  8. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 8
    High-Grading Inventory to Reduce Risk & Maximize Returns UWC/MWC Combined Clearfork Wells per DSU Drill Pattern Inventory1 Upper/Middle Spraberry Lower Spraberry 8 - 12 350 - 500 Dean Upper Wolfcamp Middle Wolfcamp Regional…
  9. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 9
    Cline Reintroduced As Primary Target Due to Cost Savings Regional Cline wells exceed near-term UWC/MWC oil productivity 300 300 Cumulative Oil Production Cumulative Oil Production 250 250 200 200 (MBO) (MBO) 150 150…
  10. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 10
    Existing Infrastructure Reduces Operating Costs 345 miles of crude, water & natural gas 12 consecutive quarters with gathering, recycled water distribution & natural gas unit LOE less than 4.00/BOE distribution pipelines 7 6…
  11. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 11
    Infrastructure Protects the Environment & Enhances Economics LPI In-Place Infrastructure 60 Miles 170 miles Crude oil gathering pipelines Natural gas gathering pipelines 110 Miles 54 MBWPD Water gathering & distribution pipelines…
  12. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 12
    Oil Value Enhanced Via Gulf Coast Access Gross Physical Transportation Contracts: Medallion firm transportation secured for all crude oil produced within dedication area 10 MBOPD firm transportation on Bridgetex through 1Q-22, with…
  13. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 13
    2019 Product Hedges Protect Cash Flow 65 3.50 60.42 3.09 HH Price (/MMBtu) 60 WTI Price (/Bbl) 56.68 3.00 55 2.50 2.36 50 2.00 45 40 1.50 Strip LPI Strip LPI % Hedged1 Oil: 95% Natural Gas: 70% 1.50 NGL Price…
  14. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 14
    Stronger than Expected Cash Flow Generation Used to Pay Down Debt 700 1.7x net debt to 600 495 600 Adjusted EBITDA1 500 465 Debt ( MM) 905 MM of 500 available liquidity2 400 ( MM) 400 296 285 300 300 210 200 169 200…
  15. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 15
    Redefined Development Strategy Drives Free Cash Flow Generation High-Grading Free Cash Flow Inventory Optimizing Spacing Controlling Costs Improved Returns Driving Operational Efficiencies Ongoing Financial Measured Oil…
  16. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 16
    L A R E D O P E T R O L E U M APPENDIX
  17. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 17
    3Q-19 Guidance Production Total production (MBOE/d) 79.0 Oil production (MBbl/d) 27.3 Average sales price realizations: (excluding derivatives) Oil (% of WTI) 97% NGL (% of WTI) 15% Natural gas (% of Henry Hub) 20% Operating…
  18. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 18
    Oil, Natural Gas & Natural Gas Liquids Hedges Hedge Product Summary 3Q-19 - 4Q-19 FY-20 FY-21 Oil total floor volume (Bbl) 4,600,000 7,539,600 912,500 Oil wtd-avg floor price (/Bbl) 60.42 58.79 45.00 Oil total floor volume w.…
  19. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 19
    Supplemental Financial Calculations Net debt to Adjusted EBITDA Net debt to Adjusted EBITDA is calculated as net debt as of June 30, 2019 divided by trailing twelve-month Adjusted EBITDA ending June 30, 2019 of 569 million. Net debt as…
  20. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 20
    Supplemental Non-GAAP Financial Measure Adjusted EBITDA (Unaudited) Adjusted EBITDA is a non-GAAP financial measure that we define as net income or loss plus adjustments for income taxes, depletion, depreciation and amortization,…
  21. August 2019 Corporate Presentation – Laredo Petroleum Inc. – slide 21
    Cash Flow and Free Cash Flow Free Cash Flow Historic Free Cash Flow is calculated as estimated cash flows from operating activities before changes in assets and liabilities, less cash and non-cash capital investments made during the…

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