Laredo Petroleum Announces $200 Million Share Repurchase Program
February 14 2018 - 4:35PM
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo"
or the "Company") today announced that its board of directors has
authorized a $200 million share repurchase program. The Company may
purchase shares in accordance with applicable securities laws from
time to time in open market or privately negotiated transactions.
The timing, number and value of shares repurchased under the
program will be at the discretion of management and the board of
directors and will depend on a number of factors, including market
conditions, business conditions, the trading price of the Company's
common stock and the nature of other investment opportunities
available to the Company. The authorization extends through
February 16, 2020.
"At current market prices, this program will enable the Company
to repurchase approximately 10% of our outstanding shares at, what
we believe, is a substantial discount to the true value of the
Company," stated Randy A. Foutch, Chairman and Chief Executive
Officer. "Our balance sheet strength after the divestment of our
interest in the Medallion-Midland Basin pipeline system offers
several avenues to accelerate value recognition for our current
shareholders. We believe this repurchase program is the most
compelling and accretive avenue at this time."
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties, and the transportation of oil and natural
gas from such properties, primarily in the Permian Basin in West
Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any oral statements made regarding the
subject of this release contain forward-looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
that address activities that Laredo assumes, plans, expects,
believes, intends, projects, estimates or anticipates (and other
similar expressions) will, should or may occur in the future,
including, but not limited to, the share repurchase program, are
forward-looking statements. The forward-looking statements are
based on management's current belief, based on currently available
information, as to the outcome and timing of future events.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, natural gas liquids and natural
gas and the related impact to financial statements as a result of
asset impairments and revisions to reserve estimates, and other
factors, including those and other risks described in its Annual
Report on Form 10-K for the year ended December 31, 2016, and those
set forth from time to time in other filings with the Securities
Exchange Commission ("SEC") including, but not limited to, its
Annual Report on Form 10-K for the year ended December 31, 2017, to
be filed with the SEC. These documents are available through
Laredo's website at www.laredopetro.com under the tab "Investor
Relations" or through the SEC's Electronic Data Gathering and
Analysis Retrieval System at www.sec.gov. Any of these factors
could cause Laredo's actual results and plans to differ materially
from those in the forward-looking statements.
Statements in this press release regarding share repurchases
that are forward-looking are based on management's estimates,
assumptions and projections, and are subject to significant
uncertainties and other factors, many of which are beyond our
control. Important risk factors could cause future events to differ
materially from those currently estimated by management, including,
but not limited to the following:
- Significant disruptions in the equity or debt markets could
negatively impact our ability to repurchase shares.
- Share repurchases may be suspended or discontinued by the
Company at any time.
Therefore, Laredo can give no assurance that its future results
will be as estimated. Laredo does not intend to, and disclaims any
obligation to, update or revise any forward-looking statement.
Contact:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
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