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September 2020 Investor Presentation – Laredo Petroleum Inc.

Laredo Petroleum Inc. · Sep 1, 2020 · 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. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 1
    September 2020 Investor Presentation
  2. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 2
    Successfully Operating in a Turbulent Macro Environment Current Costs vs YE-191 Well Costs LOE G&A 550 per foot 2.40/BOE 1.24/BOE 19% reduction 15% reduction 28% reduction Financial & Operational Highlights Successfully…
  3. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 3
    Strategy to Increase Stakeholder Value Foundation Manage Optimize Financial Risk Existing Assets Expand High- Consolidate to Margin Inventory Increase Scale Objectives Improve Reduce Expand Target Free oil cut leverage…
  4. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 4
    Acquisitions Added Oily, High-Margin Inventory Acquired beginning Nov-19 Howard County Total Est. Acreage Total Net Acres 8,594 Net Acres 118,047 Targets LS/UWC/MWC Targets UWC/MWC/Cline Locations 130 Locations 440 - 610 W. Glasscock…
  5. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 5
    Howard County Oil Productivity Drives Returns 100% 80% ROR1 (%) 60% 40% 8,594 net acres 20% LPI Leasehold 0% 35 40 45 50 WTI (/Bbl) LPI Howard County Budget Howard County Budget Cumulative Oil Production Compared to…
  6. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 6
    Maintaining Operational & Cost Advantages in Move to Howard County Drilling & Completions Efficiencies 1,600 Drive Continued Well Cost Reductions Feet per Day 1,200 Inefficiencies due to 800 suspension of completions…
  7. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 7
    Cost-Control Focus Drives Expense Improvements 12 Demonstrated History of Expense Reduction (/BOE) 10.66 10 8 7.60 /BOE 6.38 6.07 6 4.65 4.13 4 3.42 2 0 FY-15 FY-16 FY-17 FY-18 FY-19 1Q-20 2Q-20 Cash G&A Expense 1…
  8. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 8
    Optimized Development Supports Consistent Oil Outperformance Optimized / Wider-Spaced Packages Deliver Oil Outperformance Exceeding Type Curve by 13%1,2 180 160 Cumulative Oil Production (MBO) 140 120 100 80 60 40…
  9. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 9
    Active Derivatives Strategy Manages Price Risk and Supports Cash Flow Bal-201 Hedged Product Volumes (MBOE) FY-21 Hedged Product Volumes (MBOE) 5,000 10,000 4,413 8,085 4,000 8,000 7,087 3,465 3,000 6,000 2,000 4,000 1,288…
  10. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 10
    Executing on Core Strategies Transforms Development Plans Plan as of May-20 Current Plan 700 70035 35 33 600 600 31 Oil Production (MBO/d) 30 500 50029 28.4 29.0 28.4 Capital ( MM) 26.8 26.6 27 27.0 400 400 26.2…
  11. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 11
    Long-Term Focus on Minimizing Flaring Protects the Environment LPI Flared & Vented Natural Gas Flared & Vented Natural Gas 1,400 5% Flared & Vented Gas (MMcf) (% of Gas Production) LPI flared gas 1,200 1,000 0.3% May-20 -…
  12. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 12
    Actively Managing our Balance Sheet and Debt Ratios 2.4x Net Debt to Adj. EBITDA1,2 (as reported) 2.6x Net Debt to Consolidated EBITDAX1 (Credit Agreement calculation) 800 700 450 600 Debt ( MM) 600 500 400 400 300 275…
  13. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 13
    L A R E D O P E T R O L E U M APPENDIX
  14. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 14
    Increased Activity Accelerates Development of Howard County DUCs 1Q-20A 2Q-20A 3Q-20E 4Q-20E FY-20E Drilling Rigs 4.0 2.4 1.0 1.0 2.1 Spuds 25 17 7 6 55 Accelerated Activity Completion Crews 1.7 0.3 0.3 1.0 0.8 Completions 28 5 0…
  15. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 15
    Guidance Production: 3Q-20 4Q-20 FY-20 Total production (MBOE/d) 83.5 - 85.5 78.0 - 80.0 85.5 - 86.5 Oil production (MBO/d) 24.2 - 25.2 20.5 - 21.5 26.2 - 26.8 Average sales price realizations: 3Q-20 (excluding derivatives) Oil (%…
  16. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 16
    Commodity Prices Used for 3Q-20 Realization Guidance Oil: WTI NYMEX Brent ICE (/Bbl) (/Bbl) Jul-20 40.77 43.24 Aug-20 41.42 44.15 Sep-20 41.79 44.53 3Q-20 Average 41.32 43.96 Natural Gas Liquids: C2 C3 IC4 NC4 C5+ Composite…
  17. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 17
    Strip Pricing WTI Brent HH (/Bbl) (/Bbl) (/MMBtu) Bal-20 41.45 44.60 2.45 FY-21 43.40 46.90 2.75 FY-22 44.80 48.85 2.55 18 Note: Utilizing 8-3-20 strip pricing
  18. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 18
    Oil, Natural Gas & Natural Gas Liquids Hedges Hedge Product Summary Bal-20 FY-21 FY-22 Oil total volume (Bbl) 4,413,220 8,084,750 3,759,500 Oil wtd-avg price (/Bbl) - WTI 59.40 Oil wtd-avg price (/Bbl) - Brent 63.07 50.80 47.05 Nat…
  19. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 19
    Supplemental Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that we define as net income or loss plus adjustments for share-settled equity-based compensation, depletion, depreciation and…
  20. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 20
    Supplemental Non-GAAP Financial Measures Consolidated EBITDAX (Credit Agreement Calculation) Consolidated EBITDAX means, for any Person for any period, the Consolidated Net Income of such Person for such period, plus each of the…
  21. September 2020 Investor Presentation – Laredo Petroleum Inc. – slide 21
    Supplemental Non-GAAP Financial Measures Net debt to TTM Adjusted EBITDA Net Debt to TTM Adjusted EBITDA is calculated as net debt divided by trailing twelve-month Adjusted EBITDA. Net debt is calculated as the face value of debt,…

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