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Q3 2020 Earnings Presentation – Laredo Petroleum Inc.

Laredo Petroleum Inc. · Nov 4, 2020 · 20 slides

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Slides

  1. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 1
    Third-Quarter 2020 Earnings Presentation
  2. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 2
    Executing Strategy to Increase Stakeholder Value Principles Manage Optimize Expand Financial Risk Existing Asset High-Margin Inventory Generated 71 MM of Free Lowered unit LOE 18% Initiated completion Cash Flow1 in 3Q-20 and Cash…
  3. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 3
    Actively Managing our Balance Sheet and Debt Ratios 2.3x Net Debt to Adj. EBITDA1,2 (as reported) 2.5x Net Debt to Consolidated EBITDAX1,2 (Credit Agreement calculation) 28 MM Cash Balance3 800 700 505 600 600 500 MM 400…
  4. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 4
    Active Derivatives Strategy Manages Price Risk and Supports Cash Flow Bal-201 Hedged Product Volumes (MBOE) FY-21 Hedged Product Volumes (MBOE) 2,500 10,000 2,108 8,085 1,983 2,000 8,000 7,087 1,500 6,000 1,000 4,000 644 2,203 500…
  5. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 5
    Maintaining Operational & Cost Advantages in Move to Howard County Drilling & Completions Efficiencies 1,600 Feet per Day 1,200 Efficiency gains 800 maintained in move to Howard County 400 0 1Q-17 2Q-17 3Q-17 4Q-17 1Q-18…
  6. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 6
    Cost-Control Focus Improves Margins Demonstrated History of Expense Reduction 12 10.66 10 8 7.60 (/BOE) 6.38 6.07 6 4.65 4 3.71 2 0 FY-15 FY-16 FY-17 FY-18 FY-19 YTD-2020 Cash G&A Expense1 LOE Peer-Leading Controllable…
  7. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 7
    Acquisitions Add Oily, High-Margin Inventory Acquisitions expected to add 3+ Acquired beginning Dec-19 years of high-margin inventory and Howard County Total 1,600 BOE/d of production Net Acres 11,299 Targets LS/UWC/MWC All…
  8. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 8
    Howard County Bolt-On Acquisition Announced October 2020 Acquisition Highlights Acquired 2,758 net acres adjacent to existing Howard County acreage Companys position is now 11,299 net acres Added 12 new 10,000-foot locations, with…
  9. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 9
    Acquired Acreage Driving Future Capital Efficiency 2021 Plan First-Year Cumulative Oil Production vs Well Cost2 600 35 180 60 Well Cost/First-Year Oil Production First-Year Oil Production (MBO) 160 500 50 Oil Production…
  10. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 10
    Committed to Protecting the Environment 1,400 LPI Flared & Vented Natural Gas 5.0% Flared & Vented Gas (MMcf) (% of Total production) LPI flared 1,200 0.14% Basin-wide gas Total Flare & Vent gas in 3Q-20 4.0% takeaway…
  11. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 11
    Committed to Our Communities 230,000 Pledged & donated by Laredo employees since 2019 185,000 Matched by Laredo through the Companys Matching Gifts Program 150,000 Donated to non-profits through community matching…
  12. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 12
    L A R E D O P E T R O L E U M APPENDIX 13
  13. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 13
    Increased Activity Accelerates Development of Howard County DUCs 1Q-20A 2Q-20A 3Q-20A 4Q-20E FY-20E Drilling Rigs 4.0 2.4 1.0 1.0 2.1 Spuds 25 17 7 6 55 Completion Crews 1.7 0.3 0.3 1.0 0.8 Completions 28 5 0 15 48 Total…
  14. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 14
    Guidance Production: 4Q-20 FY-20 Total production (MBOE/d) 82.0 - 84.0 87.6 - 88.1 Oil production (MBO/d) 21.0 - 23.0 26.6 - 27.1 Average sales price realizations: 4Q-20 (excluding derivatives) Oil (% of WTI) 95% NGL (% of WTI)…
  15. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 15
    Commodity Prices Used for 4Q-20 Realization Guidance Oil: WTI NYMEX Brent ICE (/Bbl) (/Bbl) Oct-20 39.56 41.55 Nov-20 36.90 38.99 Dec-20 37.32 39.50 4Q-20 Average 37.94 40.03 Natural Gas Liquids: C2 C3 IC4 NC4 C5+ Composite…
  16. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 16
    Oil, Natural Gas & Natural Gas Liquids Hedges Hedge Product Summary 4Q-20 FY-21 FY-22 Oil total volume (Bbl) 2,107,720 8,084,750 3,759,500 Oil wtd-avg price (/Bbl) - WTI 59.35 Oil wtd-avg price (/Bbl) - Brent 63.07 50.80 47.05 Nat…
  17. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 17
    YE-19 Base Production Decline Expectations 100 Total Production Decline 80 86.5 MBOE/d 60 60.8 40 49.8 42.4 37.1 33.2 20 0 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 30 Oil Production Decline 25 27.5 20 MBO/d…
  18. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 18
    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…
  19. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 19
    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…
  20. Q3 2020 Earnings Presentation – Laredo Petroleum Inc. – slide 20
    Supplemental Non-GAAP Financial Measures Net Debt Net Debt, a non-GAAP financial measure, is calculated as long-term debt less cash. Management believes Net Debt is useful to management and investors in determining the Companys leverage…

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