LPI - Laredo Petroleum slips as planned capex tops estimates
Laredo Petroleum ( NYSE: LPI ) -3% post-market Tuesday after guiding for Q4 capital spending of $135M-$145M , in line with Q3 2022 levels but higher than Wall Street expectations of ~$125M, according to Bloomberg.
The company also expects Q4 total production of 72.5K-75.5K boe/day, including oil production of 32K-34K boe/day.
Laredo's ( LPI ) Q3 total production was 79.5K boe/day, in line with company guidance of 78.5K-81.5 K boe/day, with oil output of 35K bbl/day, below guidance of 35.5K-37.5K bbl/day, impacted as offset operator completions in Howard County affected more Laredo wells than expected.
Q3 lease operating expenses were ~$6.05/boe, above guidance of $5.70/boe, driven primarily by remediation operations on the Leech package and unplanned workover activity.
Laredo Petroleum ( LPI ) has generated excess cash which has allowed it to invest in capital assets and reduce debt, Jeremy LaKosh writes in an analysis published recently on Seeking Alpha .
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Laredo Petroleum slips as planned capex tops estimates