Vital Energy, Inc. (formerly Laredo Petroleum, Inc.) is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.
Laredo Petroleum has no connection or association with Laredo Oil, a penny stock promotion traded on the pink sheet over-the-counter market.
As of December 31, 2020, the company had 278 million barrels of oil equivalent (1.70×109 GJ) of estimated proved reserves, of which 24% was petroleum, 36% was natural-gas condensates and 39% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,199 net acres.[1]
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.[2]
History
The company was founded in October 2006 by Randy A. Foutch.[1]
In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin and the Cline Shale.[3][4]
On December 20, 2011, the company became a public company via an initial public offering.[1]
In May 2013, the company sold its assets in the Anadarko Basin in western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.[5][6]
In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.[7][8]
In 2017, the company sold its interest in the Medallion Pipeline.[9]
In 2023, Laredo Petroleum rebranded to Vital Energy, Inc.[10]
See also
References
- ^ a b c d "Laredo Petroleum, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Earth model assists Permian asset valuation". Oil and Gas Journal. July 6, 2015.
- ^ "Laredo Petroleum Completes Broad Oak Energy Acquisition" (Press release). PR Newswire. July 6, 2011.
- ^ Joyce, Matt (July 6, 2011). "Broad Oak Energy bought for $1 billion". American City Business Journals.
- ^ MARKS, JAY F. (May 22, 2013). "Laredo selling Anadarko Basin acreage in $438M deal". The Oklahoman.
- ^ "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale". Reuters. May 21, 2013.
- ^ "Laredo Petroleum Acquires Bolt-On Midland Basin Acreage" (Press release). GlobeNewswire. July 14, 2016.
- ^ "Laredo to increase Midland basin holdings". Oil and Gas Journal. July 14, 2016.
- ^ "Laredo Petroleum Announces Agreement to Sell Interest in Medallion Pipeline" (Press release). GlobeNewswire. October 2, 2017.
- ^ "Vital Energy Completes Rebranding, Formerly Laredo Petroleum". Yahoo Finance. 2023-01-09. Retrieved 2024-02-26.
External links
- Business data for Laredo Petroleum, Inc.:
