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Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc.

Laredo Petroleum Inc. · Dec 8, 2020 · 22 slides

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Slides

  1. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 1
    Capital One Securities 15th Annual Energy Conference December 8, 2020
  2. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 2
    Laredo Petroleum: Executing Strategy to Increase Stakeholder Value Principles Manage Risk No term-debt maturities until 2025 Active hedging strategy supports cash flows Focus on ESG best practices Optimize Assets Peer-leading cash…
  3. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 3
    Actively Managing our Balance Sheet and Debt Ratios Repurchased 61.0 MM face value of unsecured notes for 38.1 MM 62.5% of par, average purchase price 22.9 MM net debt reduction related to repurchase of notes 4.5 MM annualized…
  4. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 4
    Active Derivatives Strategy Manages Price Risk and Supports Cash Flow Net Cash Received from Derivatives FY-21 Hedged Product Volumes2 (MBOE) Settlements1 in 2020 ( MM) 100 10,000 86.9 8,085 80 8,000 7,087 58.2 60 6,000 5,245…
  5. Capital One Securities Energy Conference December 8 2020 – 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. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 6
    Howard County Sand Mine Drives Additional D&C Cost Reductions Operated on Laredo-owned surface acreage LPI Leasehold Mining Area 5+ years supply of sand Estimated savings of 90,0001 per well Protects against…
  7. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 7
    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-20 1 Cash G&A Expense LOE Peer-Leading Controllable…
  8. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 8
    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…
  9. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 9
    Howard County Development Utilizing Conservative Spacing LPI Leasehold Packages 1 and 2 Packages 3 and 4 16 Wells per Section 16 Wells per Section 12 Wells per Section 12 Wells per Section Lower Spraberry Lower Spraberry 1,320…
  10. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 10
    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…
  11. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 11
    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 constraints…
  12. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 12
    Committed to ESG Environment Social Governance 54% 230,000 Reduction in flared/vented gas Pledged & donated by Laredo Board refresh as a percentage of total employees since 2019 55% in last 2 years produced gas vs 2019 185,000…
  13. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 13
    L A R E D O P E T R O L E U M APPENDIX 14
  14. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 14
    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…
  15. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 15
    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)…
  16. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 16
    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…
  17. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 17
    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…
  18. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 18
    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…
  19. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 19
    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…
  20. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 20
    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…
  21. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 21
    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…
  22. Capital One Securities Energy Conference December 8 2020 – Laredo Petroleum Inc. – slide 22
    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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