Laredo Petroleum, Company Intelligence Report

 Published On: Feb, 2015 |    No of Pages: 141 |  Published By: GlobalData | Format: PDF
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Summary

Laredo Petroleum, Inc. (Laredo) is an independent energy company in the US. It focuses on the exploration, development and acquisition of oil and liquids-rich natural gas in the US Permian Basin. The Permian Basin is one of the most prolific oil and liquids-rich natural gas regions of the US. The company is currently drilling locations in the Upper Wolfcamp, Middle Wolfcamp, Lower Wolfcamp and Cline Shales. Besides the Permian Basin, Laredo also undertakes operations in other areas within its core operating regions.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 6
1.1 List of Tables 10
1.2 List of Figures 12
2 Laredo Petroleum, Company Overview 17
3 Laredo Petroleum, Key Highlights 21
3.1 Significant Development and Drilling Activities along with Substantial Acquisitions to Strengthen Resource Base and Drive Growth 21
3.2 Focus on Production Corridor Building for Long-Term Value Creation 25
4 Laredo Petroleum, SWOT Analysis 27
4.1 Strengths 27
4.1.1 Low-Risk Multi-Year Drilling Inventory in the Permian Basin 27
4.1.2 Well-Established Infrastructure to Support its Operational Development 28
4.1.3 Increasing Revenue Base and Adequate Cash Flows 28
4.2 Weaknesses 30
4.2.1 Limited Geographical Presence 30
4.2.2 Dependence on Third-Party Service Providers for Short-Term Drilling Contracts 30
4.3 Opportunities 30
4.3.1 Substantial Business Acquisition to Expand Reserve Base 30
4.4 Threats 31
4.4.1 Volatility in Commodity Prices Could Adversely Affect Future Growth Plans 31
4.4.2 Threat of Intense Competition from Industry Rivals 31
4.4.3 Risks and Regulations Related to Hydraulic Fracturing 32
5 Laredo Petroleum, Exploration, Development and Production Overview 33
5.1 Production Overview 34
5.2 Exploration and Development Overview 37
5.3 Asset Profile 41
5.3.1 Permian Basin 41
5.3.2 Others 45
6 Laredo Petroleum, Capital Expenditure 46
6.1 Costs Incurred 50
7 Laredo Petroleum, Forecast Production and Financial Statements 52
7.1 Income Statement (2011-2018) 53
7.2 Balance Sheet (2011-2018) 55
7.3 Cash Flow Statement (2011-2018) 57
8 Laredo Petroleum, Valuation 58
8.1 Net Asset Value Methodology 58
9 Laredo Petroleum, Peer Comparison 59
9.1 Share Price Performance 59
9.2 Operational and Financial Performance 60
9.3 Key Financial and Operational Ratio 66
10 Laredo Petroleum, Production and Reserves Trends 69
10.1 Total Oil and Gas, Reserves and Production 69
10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 69
10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 71
10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 73
10.2 Crude Oil/Liquids Production and Reserve 74
10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 74
10.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 75
10.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 77
10.3 Natural Gas Production and Reserve 78
10.3.1 Natural Gas Production and Reserve Trend, 2009-2013 78
10.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 79
10.3.3 Natural Gas Reserve Changes, 2009-2013 81
10.4 Total Crude Oil and Natural Gas Reserves Life Index 82
10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 82
10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 83
11 Laredo Petroleum, E&P Costs Trends 86
11.1 Allocation of the Upstream Capital Expenditure 86
11.1.1 Upstream Capital Expenditure, 2009-2013 86
11.1.2 Acquisition Costs By Country/Region, 2009-2013 87
11.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 89
11.2 Oil and Gas Cost Per boe, US$/boe 91
11.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 91
11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 93
12 Laredo Petroleum, Reserve Replacement Ratio 96
12.1 Oil and Gas Production Replacement Ratio 96
12.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 96
12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 98
13 Laredo Petroleum, Results of Oil & Gas Operations Trend 105
13.1 Oil and Gas Revenue and Expenses 105
13.1.1 Oil and Gas Revenue and Expenses, 2009-2013 105
13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 107
13.2 Oil and Gas Revenue and Expenses, Per boe 115
13.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 115
13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 116
13.3 Oil and Gas Performance Metrics 123
14 Laredo Petroleum, Land Holdings and Well Data 124
14.1 Developed and Undeveloped Acreage 124
14.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013 124
14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 125
14.2 Well Statistics 129
14.2.1 Producible Oil and Gas Well, 2009-2013 129
14.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013 130
14.2.3 Exploration and Development Wells Drilled, 2009-2013 133
14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013 135
15 Appendix 136
15.1 Abbreviations 136
15.2 Sources 138
15.3 Research Methodology 139
15.3.1 Coverage 139
15.3.2 Secondary Research 140
15.3.3 Primary Research 140
15.4 Disclaimer 140

1.1 List of Tables
Table 1: Laredo Petroleum, Prospective and De-risked Acreage Distribution, Permian Basin, 2014 27
Table 2: Laredo Petroleum, Total Oil and Gas Production, 2010-2014 34
Table 3: Laredo Petroleum, Historical and Estimated Production, 2011-2018 35
Table 4: Laredo Petroleum, Net Productive and Dry Exploratory and Development Wells, 2009-2013 38
Table 5: Laredo Petroleum, Acreage (Net) Position, 2014 44
Table 6: Laredo Petroleum, Total Capex (US$ mil), 2009-2015 46
Table 7: Laredo Petroleum, Costs Incurred (US$ mil), 2009-2013 50
Table 8: Laredo Petroleum, Historical and Forecast Production, 2011-2018 52
Table 9: GlobalData, Price Forecasts, 2014-2018 52
Table 10: Laredo Petroleum, Income Statement (US$ mil), 2011-2018 53
Table 11: Laredo Petroleum, Balance Sheet (US$ mil), 2011-2018 55
Table 12: Laredo Petroleum, Cash Flow Statement (US$ mil), 2011-2018 57
Table 13: Laredo Petroleum, Net Asset Value, 2014 58
Table 14: Laredo Petroleum, Peer Group Comparison, Operational and Financial Performance, 2013 60
Table 15: Laredo Petroleum, Peer Group Comparison, Total Reserves and Production (mmboe), 2013 64
Table 16: Laredo Petroleum, Peer Group Comparison, Financial and Operational Ratios, 2013 66
Table 17: Laredo Petroleum, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 70
Table 18: Laredo Petroleum, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 72
Table 19: Laredo Petroleum, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 73
Table 20: Laredo Petroleum, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 74
Table 21: Laredo Petroleum, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 76
Table 22: Laredo Petroleum, Crude Oil Reserve Changes, mmbbl, 2009-2013 77
Table 23: Laredo Petroleum, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 78
Table 24: Laredo Petroleum, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 80
Table 25: Laredo Petroleum, Natural Gas Reserve Changes, bcf, 2009-2013 81
Table 26: Laredo Petroleum, Oil and Gas Reserves Life Index, Years, 2009-2013 82
Table 27: Laredo Petroleum, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 85
Table 28: Laredo Petroleum, Upstream Capital Expenditure, US$ mil, 2009-2013 87
Table 29: Laredo Petroleum, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 88
Table 30: Laredo Petroleum, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 90
Table 31: Laredo Petroleum, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 92
Table 32: Laredo Petroleum, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 95
Table 33: Laredo Petroleum, Oil and Gas Production Replacement Ratio, %, 2009-2013 97
Table 34: Laredo Petroleum, 3-Year Wt. Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 104
Table 35: Laredo Petroleum, Revenue and Expenses, US$ mil, 2009-2013 106
Table 36: Laredo Petroleum, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 114
Table 37: Laredo Petroleum, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 115
Table 38: Laredo Petroleum, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 122
Table 39: Laredo Petroleum, Oil and Gas Performance Metrics, 2009-2013 123
Table 40: Laredo Petroleum, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 124
Table 41: Laredo Petroleum, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 128
Table 42: Laredo Petroleum, Producible Oil and Gas Wells, 2009-2013 129
Table 43: Laredo Petroleum, Producible Oil and Gas Wells, By Country/Region, 2009-2013 132
Table 44: Laredo Petroleum, Exploratory and Developed Wells, 2009-2013 134
Table 45: Laredo Petroleum, Exploratory and Developed Wells, By Country/Region, 2009-2013 135

1.2 List of Figures
Figure 1: Laredo Petroleum, Permian Basin, 2014 18
Figure 2: Laredo Petroleum, Financial and Operational Overview, 2010-2013 19
Figure 3: Laredo Petroleum, Share Price Movement, February 2014 - January 2015 20
Figure 4: Laredo Petroleum, Approximate Prospective and De-risked Acreage Distribution, Permian Basin, 2014 22
Figure 5: Laredo Petroleum, Multi-Zone Stacked Horizontal Development, Permian Basin, 2014 23
Figure 6: Laredo Petroleum, Acreage Acquisitions, 2014 24
Figure 7: Laredo Petroleum, Production Corridor, 2014 26
Figure 8: Laredo Petroleum, Total Revenue (US$ mil), 2009-2013 29
Figure 9: Laredo Petroleum, Operational Map, 2013 33
Figure 10: Laredo Petroleum, Historical and Estimated Production, 2011-2018 35
Figure 11: Laredo Petroleum, Production Mix (%), 2011-2018 36
Figure 12: Laredo Petroleum, Net Productive and Dry Exploratory and Development Wells, 2009-2013 39
Figure 13: Laredo Petroleum, Exploration and Development Well Drilling Success Ratio (%), 2009-2013 40
Figure 14: Laredo Petroleum, Finding and Development Cost per Net Exploration and Development Well Drilled (US$ mil), 2009-2013 41
Figure 15: Laredo Petroleum, Operational Map, Permian Basin, 2014 42
Figure 16: Laredo Petroleum, Permian Reserves, 2014 43
Figure 17: Laredo Petroleum, Total Capex, including Acquisitions (US$ mil), 2009-2013 47
Figure 18: Laredo Petroleum, Approved Capital Budget (US$ mil), 2014 48
Figure 19: Laredo Petroleum, Approved Capital Budget (US$ mil), 2015 49
Figure 20: Laredo Petroleum, Costs Incurred (US$ mil), 2009-2013 51
Figure 21: Laredo Petroleum and Peers, Relative Share Price Performance Index (%), February 2014 - January 2015 59
Figure 22: Laredo Petroleum and Peers, Operational and Financial Parameter Comparison (US$/boe), 2013 61
Figure 23: Laredo Petroleum and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2013 62
Figure 24: Laredo Petroleum and Peer Group, Total Reserves and Production (mmboe), 2013 63
Figure 25: Laredo Petroleum and Peer Group, Reserve Life Index (Years), 2013 65
Figure 26: Laredo Petroleum and Peer Group, Valuation Ratios, 2013 68
Figure 27: Laredo Petroleum, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 69
Figure 28: Laredo Petroleum, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 71
Figure 29: Laredo Petroleum, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 72
Figure 30: Laredo Petroleum, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 73
Figure 31: Laredo Petroleum, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 74
Figure 32: Laredo Petroleum, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 75
Figure 33: Laredo Petroleum, Oil Production, By Country/Region, mmbbl, 2009-2013 76
Figure 34: Laredo Petroleum, Crude Oil Reserve Changes, mmbbl, 2013 77
Figure 35: Laredo Petroleum, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 78
Figure 36: Laredo Petroleum, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 79
Figure 37: Laredo Petroleum, Gas Production, By Country/Region, bcf, 2009-2013 80
Figure 38: Laredo Petroleum, Natural Gas Reserve Changes, bcf, 2013 81
Figure 39: Laredo Petroleum, Oil and Gas Reserves Life Index, Years, 2009-2013 82
Figure 40: Laredo Petroleum, Gas Reserve Life Index, By Country/Region, Years, 2009-2013 83
Figure 41: Laredo Petroleum, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 84
Figure 42: Laredo Petroleum, Oil Reserve Life Index, By Country/Region, Years, 2009-2013 85
Figure 43: Laredo Petroleum, Upstream Capital Expenditure, US$ mil, 2009-2013 86
Figure 44: Laredo Petroleum, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 87
Figure 45: Laredo Petroleum, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 88
Figure 46: Laredo Petroleum, Development Costs, By Country/Region, US$ mil, 2009-2013 89
Figure 47: Laredo Petroleum, Exploration Costs, By Country/Region, US$ mil, 2009-2013 90
Figure 48: Laredo Petroleum, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 91
Figure 49: Laredo Petroleum, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 93
Figure 50: Laredo Petroleum, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 94
Figure 51: Laredo Petroleum, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 95
Figure 52: Laredo Petroleum, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 96
Figure 53: Laredo Petroleum, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 98
Figure 54: Laredo Petroleum, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 99
Figure 55: Laredo Petroleum, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 100
Figure 56: Laredo Petroleum, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 101
Figure 57: Laredo Petroleum, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 102
Figure 58: Laredo Petroleum, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 103
Figure 59: Laredo Petroleum, Revenue and Expenses, US$ mil, 2009-2013 105
Figure 60: Laredo Petroleum, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 107
Figure 61: Laredo Petroleum, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 108
Figure 62: Laredo Petroleum, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 109
Figure 63: Laredo Petroleum, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 110
Figure 64: Laredo Petroleum, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 111
Figure 65: Laredo Petroleum, Production Costs, By Country/Region, US$ mil, 2009-2013 112
Figure 66: Laredo Petroleum, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 113
Figure 67: Laredo Petroleum, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 115
Figure 68: Laredo Petroleum, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 116
Figure 69: Laredo Petroleum, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 117
Figure 70: Laredo Petroleum, Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 118
Figure 71: Laredo Petroleum, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 119
Figure 72: Laredo Petroleum, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 120
Figure 73: Laredo Petroleum, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 121
Figure 74: Laredo Petroleum, Oil and Gas Performance Metrics, 2009-2013 123
Figure 75: Laredo Petroleum, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 124
Figure 76: Laredo Petroleum, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 125
Figure 77: Laredo Petroleum, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 126
Figure 78: Laredo Petroleum, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 127
Figure 79: Laredo Petroleum, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 128
Figure 80: Laredo Petroleum, Producible Oil and Gas Wells, 2009-2013 129
Figure 81: Laredo Petroleum, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 130
Figure 82: Laredo Petroleum, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 131
Figure 83: Laredo Petroleum, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 132
Figure 84: Laredo Petroleum, Exploratory and Developed Wells, 2009-2013 133


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