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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2019
 or
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                             to                            
Commission File Number: 001-35380
 Laredo Petroleum, Inc.
(Exact name of registrant as specified in its charter)
Delaware
45-3007926
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
15 W. Sixth Street
Suite 900
 
Tulsa
Oklahoma
74119
(Address of principal executive offices)
(Zip code)
(918513-4570
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common stock, $0.01 par value
LPI
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý  No o
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): 
Large accelerated filer
Accelerated filer 
 
 
 
 
Non-accelerated filer 
Smaller reporting company 
 
 
 
 
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No ý 
Number of shares of registrant's common stock outstanding as of November 4, 2019: 237,133,539



LAREDO PETROLEUM, INC.
TABLE OF CONTENTS
 
Page
 

ii

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Quarterly Report") are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include statements, projections and estimates concerning our operations, performance, business strategy, oil, natural gas liquids ("NGL") and natural gas reserves, drilling program capital expenditures, liquidity and capital resources, the timing and success of specific projects, outcomes and effects of litigation, claims and disputes, derivative activities and potential financing. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "could," "may," "will," "foresee," "plan," "goal," "should," "intend," "pursue," "target," "continue," "suggest" or the negative thereof or other variations thereof or other words that convey the uncertainty of future events or outcomes. Forward-looking statements are not guarantees of performance. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Among the factors that significantly impact our business and could impact our business in the future are:
the volatility of oil, NGL and natural gas prices, including in our area of operation in the Permian Basin;
our ability to discover, estimate, develop and replace oil, NGL and natural gas reserves and inventory;
changes in domestic and global production, supply and demand for oil, NGL and natural gas;
revisions to our reserve estimates as a result of changes in commodity prices, decline curves and other uncertainties;
the long-term performance of wells that were completed using different technologies;
the ongoing instability and uncertainty in the United States and international financial and consumer markets that could adversely affect the liquidity available to us and our customers and the demand for commodities, including oil, NGL and natural gas;
the potential impact of tighter spacing of our wells on production of oil, NGL and natural gas from our wells;
capital requirements for our operations and projects;
impacts of impairment write-downs on our financial statements;
the availability and costs of drilling and production equipment, supplies, labor and oil and natural gas processing and other services;
the availability and costs of sufficient pipeline and transportation facilities and gathering and processing capacity;
our ability to maintain the borrowing capacity under our Fifth Amended and Restated     Senior Secured Credit Facility (as amended, the "Senior Secured Credit Facility") or access other means of obtaining capital and liquidity, especially during periods of sustained low commodity prices;
our ability to successfully identify and consummate strategic acquisitions, including the pending Acquisition (as defined below), at purchase prices that are accretive to our financial results and to successfully integrate acquired businesses, assets and properties;
our ability to generate sufficient cash to service our indebtedness, fund our capital requirements and generate future profits;
restrictions contained in our debt agreements, including our Senior Secured Credit Facility and the indentures governing our senior unsecured notes, as well as debt that could be incurred in the future;
our ability to recruit and retain the qualified personnel necessary to operate our business;
the potentially insufficient refining capacity in the United States Gulf Coast to refine all of the light sweet crude oil being produced in the United States, which could result in widening price discounts to world crude prices and potential shut-in of production due to lack of sufficient markets;
risks related to the geographic concentration of our assets;
our ability to hedge and regulations that affect our ability to hedge;

iii

Table of Contents

changes in the regulatory environment and changes in United States or international legal, tax, political, administrative or economic conditions, including regulations that prohibit or restrict our ability to apply hydraulic fracturing to our oil and natural gas wells and to access and dispose of water used in these operations;
legislation or regulations that prohibit or restrict our ability to drill new allocation wells;
our ability to execute our strategies;
competition in the oil and natural gas industry;
drilling and operating risks, including risks related to hydraulic fracturing activities; and
our ability to comply with federal, state and local regulatory requirements.
These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report, under "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 Annual Report") and those set forth from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). These documents are available through our website or through the SEC's Electronic Data Gathering and Analysis Retrieval system at http://www.sec.gov. In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities law.

iv

Table of Contents

Part I

Item 1.    Consolidated Financial Statements (Unaudited)


Laredo Petroleum, Inc.
Consolidated balance sheets
(in thousands, except share data)
(Unaudited)
 
 
September 30, 2019

December 31, 2018
Assets
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
31,693

 
$
45,151

Accounts receivable, net
 
82,369

 
94,321

Derivatives
 
97,844

 
39,835

Other current assets
 
12,826

 
13,445

Total current assets
 
224,732

 
192,752

Property and equipment:
 
 
 
 

Oil and natural gas properties, full cost method:
 
 
 
 

Evaluated properties
 
7,186,899

 
6,752,631

Unevaluated properties not being depleted
 
65,408

 
130,957

Less accumulated depletion and impairment
 
(5,438,308
)
 
(4,854,017
)
Oil and natural gas properties, net
 
1,813,999

 
2,029,571

Midstream service assets, net
 
130,195

 
130,245

Other fixed assets, net
 
33,077

 
39,819

Property and equipment, net
 
1,977,271

 
2,199,635

Derivatives
 
46,605

 
11,030

Operating lease right-of-use assets
 
16,400

 

Other noncurrent assets, net
 
12,643

 
16,888

Total assets
 
$
2,277,651

 
$
2,420,305

Liabilities and stockholders' equity
 
 
 
 

Current liabilities:
 
 
 
 

Accounts payable and accrued liabilities
 
$
53,608

 
$
69,504

Accrued capital expenditures
 
24,260

 
29,975

Undistributed revenue and royalties
 
29,963

 
48,841

Derivatives
 
118

 
7,359

Operating lease liabilities
 
7,995

 

Other current liabilities
 
29,873

 
44,786

Total current liabilities
 
145,817

 
200,465

Long-term debt, net
 
979,972

 
983,636

Asset retirement obligations
 
56,013

 
53,387

Operating lease liabilities
 
11,420

 

Other noncurrent liabilities
 
5,177

 
8,587

Total liabilities
 
1,198,399

 
1,246,075

Commitments and contingencies
 


 


Stockholders' equity:
 
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of September 30, 2019 and December 31, 2018
 

 

Common stock, $0.01 par value, 450,000,000 shares authorized and 237,673,895 and 233,936,358 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
 
2,377

 
2,339

Additional paid-in capital
 
2,381,008

 
2,375,286

Accumulated deficit
 
(1,304,133
)
 
(1,203,395
)
Total stockholders' equity
 
1,079,252

 
1,174,230

Total liabilities and stockholders' equity
 
$
2,277,651

 
$
2,420,305


The accompanying notes are an integral part of these unaudited consolidated financial statements.

1

Table of Contents

Laredo Petroleum, Inc.
Consolidated statements of operations
(in thousands, except per share data)
(Unaudited)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:






 
 

 
 

Oil sales

$
141,709


$
160,007


$
430,910


$
469,972

NGL sales
 
20,522

 
50,814

 
74,954

 
115,979

Natural gas sales
 
7,520

 
15,043

 
21,126

 
45,908

Midstream service revenues

3,079


2,255


8,572


6,590

Sales of purchased oil
 
20,739

 
51,627

 
83,597

 
252,039

Total revenues

193,569


279,746


619,159


890,488

Costs and expenses:

 
 
 
 
 
 
 
Lease operating expenses

22,597


23,873


68,838


68,466

Production and ad valorem taxes
 
11,085

 
14,015

 
29,632

 
38,232

Transportation and marketing expenses
 
5,583

 
5,036

 
15,233

 
6,570

Midstream service expenses
 
1,191

 
728

 
3,401

 
1,824

Costs of purchased oil
 
20,741

 
51,210

 
83,604

 
252,452

General and administrative

8,852


23,397

 
41,427

 
74,956

Restructuring expenses
 
5,965

 

 
16,371

 

Depletion, depreciation and amortization

69,099


55,963


197,900


152,278

Impairment expense

397,890




397,890



Other operating expenses
 
1,005

 
1,114

 
3,077

 
3,341

Total costs and expenses

544,008


175,336


857,373


598,119

Operating income (loss)

(350,439
)

104,410


(238,214
)

292,369

Non-operating income (expense):




 
 
 
 
 
Gain (loss) on derivatives, net

96,684


(32,245
)

136,713


(69,211
)
Interest expense

(15,191
)

(14,845
)

(46,503
)

(42,787
)
Litigation settlement
 

 

 
42,500

 

Gain (loss) on disposal of assets, net
 
1,294

 
(616
)
 
(315
)
 
(4,591
)
Other income (expense), net

556


(267
)

4,269


629

Total non-operating income (expense), net

83,343


(47,973
)

136,664


(115,960
)
Income (loss) before income taxes

(267,096
)

56,437


(101,550
)

176,409

Income tax benefit (expense):




 






Current
 

 
381

 

 
381

Deferred

2,467


(1,768
)

812


(1,768
)
Total income tax benefit (expense)

2,467


(1,387
)

812


(1,387
)
Net income (loss)

$
(264,629
)
 
$
55,050


$
(100,738
)

$
175,022

Net income (loss) per common share:




 

 




Basic

$
(1.14
)

$
0.24


$
(0.44
)

$
0.75

Diluted

$
(1.14
)
 
$
0.24


$
(0.44
)

$
0.75

Weighted-average common shares outstanding:







 

 
 

Basic

231,562


230,605


231,152


233,228

Diluted

231,562


231,639


231,152


234,207

 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

Table of Contents

Laredo Petroleum, Inc.
Consolidated statements of stockholders' equity
(in thousands)
(Unaudited) 
 
 
Common stock
 
Additional
paid-in capital
 
Treasury stock
(at cost)
 
Accumulated deficit
 
 
 
 
Shares
 
Amount
 
 
Shares
 
Amount
 
 
Total
Balance, December 31, 2018
 
233,936

 
$
2,339

 
$
2,375,286

 

 
$

 
$
(1,203,395
)
 
$
1,174,230

Restricted stock awards
 
5,986

 
60

 
(60
)
 

 

 

 

Restricted stock forfeitures
 
(48
)
 

 

 

 

 

 

Stock exchanged for tax withholding
 

 

 

 
683

 
(2,612
)
 

 
(2,612
)
Stock exchanged for cost of exercise of stock options
 

 

 

 
18

 
(76
)
 

 
(76
)
Retirement of treasury stock
 
(701
)
 
(7
)
 
(2,681
)
 
(701
)
 
2,688

 

 

Exercise of stock options
 
18

 

 
76

 

 

 

 
76

Stock-based compensation (See Note 6.c)
 

 

 
9,305

 

 

 

 
9,305

Net loss
 

 

 

 

 

 
(9,491
)
 
(9,491
)
Balance, March 31, 2019
 
239,191

 
2,392

 
2,381,926

 

 

 
(1,212,886
)
 
1,171,432

Restricted stock awards
 
1,064

 
11

 
(11
)
 

 

 

 

Restricted stock forfeitures
 
(2,763
)
 
(28
)
 
28

 

 

 

 

Stock exchanged for tax withholding
 

 

 

 
12

 
(34
)
 

 
(34
)
Retirement of treasury stock
 
(12
)
 

 
(34
)
 
(12
)
 
34

 

 

Stock-based compensation (See Note 6.c)
 

 

 
(459
)
 

 

 

 
(459
)
Net income
 

 

 

 

 

 
173,382

 
173,382

Balance, June 30, 2019
 
237,480

 
2,375

 
2,381,450

 

 

 
(1,039,504
)
 
1,344,321

Restricted stock awards
 
288

 
2

 
(2
)
 

 

 

 

Restricted stock forfeitures
 
(93
)
 

 

 

 

 

 

Stock exchanged for tax withholding
 

 

 

 
1

 
(4
)
 

 
(4
)
Retirement of treasury stock
 
(1
)
 

 
(4
)
 
(1
)
 
4

 

 

Stock-based compensation (See Note 6.c)
 

 

 
(436
)
 

 

 

 
(436
)
Net loss
 

 

 

 

 

 
(264,629
)
 
(264,629
)
Balance, September 30, 2019
 
237,674

 
$
2,377

 
$
2,381,008

 

 
$

 
$
(1,304,133
)
 
$
1,079,252


The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3

Table of Contents

 
 
Common stock
 
Additional
paid-in capital
 
Treasury stock
(at cost)
 
Accumulated deficit
 
 
 
 
Shares
 
Amount
 
 
Shares
 
Amount
 
 
Total
Balance, December 31, 2017
 
242,521

 
$
2,425

 
$
2,432,262

 

 
$

 
$
(1,669,108
)
 
$
765,579

Adjustment to the beginning balance of accumulated deficit upon adoption of ASC 606 (see Note 13.a)
 

 

 

 

 

 
141,118

 
141,118

Restricted stock awards
 
3,052

 
30

 
(30
)
 

 

 

 

Restricted stock forfeitures
 
(13
)
 

 

 

 

 

 

Share repurchases
 

 

 

 
6,728

 
(58,475
)
 

 
(58,475
)
Stock exchanged for tax withholding
 

 

 

 
512

 
(4,353
)
 

 
(4,353
)
Retirement of treasury stock
 
(7,240
)
 
(72
)
 
(62,756
)
 
(7,240
)
 
62,828

 

 

Stock-based compensation
 

 

 
11,441

 

 

 

 
11,441

Net income
 

 

 

 

 

 
86,520

 
86,520

Balance, March 31, 2018
 
238,320


2,383


2,380,917






(1,441,470
)

941,830

Restricted stock awards
 
141

 
2

 
(2
)
 

 

 

 

Restricted stock forfeitures
 
(113
)
 
(1
)
 
1

 

 

 

 

Share repurchases
 

 

 

 
3,151

 
(28,743
)
 

 
(28,743
)
Stock exchanged for tax withholding
 

 

 

 
3

 
(44
)
 

 
(44
)
Retirement of treasury stock
 
(3,154
)
 
(32
)
 
(28,755
)
 
(3,154
)
 
28,787

 

 

Stock-based compensation
 

 

 
12,672

 

 

 

 
12,672

Net income
 

 

 

 

 

 
33,452

 
33,452

Balance, June 30, 2018
 
235,194


2,352


2,364,833






(1,408,018
)

959,167

Restricted stock awards
 
55

 
1

 
(1
)
 

 

 

 

Restricted stock forfeitures
 
(140
)
 
(2
)
 
2

 

 

 

 

Share repurchases
 

 

 

 
1,170

 
(9,837
)
 

 
(9,837
)
Stock exchanged for tax withholding
 

 

 

 
2

 
(14
)
 

 
(14
)
Retirement of treasury stock
 
(1,172
)
 
(11
)
 
(9,840
)
 
(1,172
)
 
9,851

 

 

Exercise of stock options
 
21

 

 
86

 

 

 

 
86

Stock-based compensation
 

 

 
10,660

 

 

 

 
10,660

Net income
 

 

 

 

 

 
55,050

 
55,050

Balance, September 30, 2018
 
233,958

 
$
2,340

 
$
2,365,740

 

 
$

 
$
(1,352,968
)
 
$
1,015,112


The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Table of Contents

Laredo Petroleum, Inc.
Consolidated statements of cash flows
(in thousands)
(Unaudited)
 
 
Nine months ended September 30,
 
 
2019
 
2018
Cash flows from operating activities:

 


 

Net income (loss)

$
(100,738
)

$
175,022

Adjustments to reconcile net income (loss) to net cash provided by operating activities:






Deferred income tax (benefit) expense

(812
)

1,768

Depletion, depreciation and amortization

197,900


152,278

Impairment expense
 
397,890

 

Non-cash stock-based compensation, net
 
5,244

 
28,748

Mark-to-market on derivatives:






(Gain) loss on derivatives, net

(136,713
)

69,211

Settlements received (paid) for matured derivatives, net

48,827


(5,943
)
Settlements paid for early terminations of derivatives, net

(5,409
)


Change in net present value of derivative deferred premiums

133


564

Premiums paid for derivatives

(7,664
)

(14,930
)
Amortization of debt issuance costs

2,539


2,484

Amortization of operating lease right-of-use assets
 
9,583

 

Other, net

2,540


9,290

Decrease (increase) in accounts receivable, net
 
11,778

 
(18,591
)
Increase in other current assets
 
(4,088
)
 
(6,479
)
Decrease in other noncurrent assets, net
 
2,988

 
346

(Decrease) increase in accounts payable and accrued liabilities