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LAREDO PETROLEUM Laredo Petroleum Announces Second - Quarter 2021 Financial and Operating Results August 4 , 2021 TULSA , OK , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- Laredo Petroleum , Inc. ( NYSE : LPI ) ( " Laredo " or the " Company " ) today announced its second- quarter 2021 financial and operating results . Second - Quarter 2021 Highlights • Announced agreements to purchase the assets of Sabalo Energy , LLC ( " Sabalo " ) and divest of 37.5 % of the Company's legacy proved developed producing reserves , transforming Laredo's expected future production mix and Free Cash Flow¹ trajectory • Incurred capital expenditures of $ 95 million , excluding non - budgeted acquisitions and leasehold expenditures , and completed 16 wells during second - quarter 2021 • Completed and began flowing back the 13 - well Davis package in Howard County , the Company's third Howard County development package and first developed on wider spacing • Produced an average of 85,924 barrels of oil equivalent ( " BOE " ) per day and 26,440 barrels of oil per day ( " BOPD " ) , both increases of 9 % from the first quarter of 2021 • Held flaring / venting to just 0.29 % of produced gas , despite delayed third - party connections to tank batteries and downtime at third - party facilities • Sold 714,526 shares for net proceeds of $ 45.6 million through the Company's at - the - market equity program ( " ATM program " ) , completing the program Subsequent Highlights • Closed Sabalo acquisition and divestment of legacy proved developed producing reserves on July 1 , 2021 • Issued $ 400 million of senior unsecured notes due 2029 and utilized proceeds to reduce the balance on the Company's senior secured credit facility • Extended the maturity of the Company's senior secured credit facility until 2025 , with the borrowing base reaffirmed at $ 725 million " During 2021 , we have significantly accelerated Laredo's transformation , " stated Jason Pigott , President and Chief Executive Officer . " The combined Sabalo purchase and sale of legacy proved developed reserves increased our oil cut and added additional oil - weighted inventory . We continued to optimize our development in Howard County by increasing operational efficiency and completing our first wider - spaced development package . We improved our financial flexibility by completing a $ 75 million ATM program , extending the maturity of our senior secured credit facility and issuing $ 400 million of unsecured notes to reduce the balance on our credit facility . These actions , and our talented workforce , position us well to continue driving a rapid rate of change as we focus on our principles of adding high - margin inventory , risk management and continuous improvement to create long - term value for our investors . " Second - Quarter 2021 Financial Results For the second quarter of 2021 , the Company reported a net loss attributable to common stockholders of $ 132.7 million , or $ 10.47 per diluted share , which included a $ 159.3 million non - cash loss on derivatives . Adjusted Net Income 1 for the second quarter of 2021 was $ 22.0 million , or $ 1.71 per adjusted diluted share . Adjusted EBITDA 1 for the second quarter of 2021 was $ 97.0 million . 1Non - GAAP financial measure ; please see supplemental reconciliations of GAAP to non - GAAP financial measures at the end of this release . Operations Summary In the second quarter of 2021 , Laredo's total production averaged 85,924 BOE per day , including oil production of 26,440 BOPD . As previously announced , in mid - to - late June , the Company's production operations in Howard County were impacted by a combination of delayed third - party connections to tank batteries , downtime at third - party facilities due to weather - related events and lost power in the field . Laredo estimates that the curtailments and shut - ins reduced second - quarter 2021 total production by approximately 900 BOE per day , including approximately 700 BOPD of oil production . Absent these interruptions , the Company's oil production would have been above the midpoint of its oil production guidance range for second - quarter 2021 . Laredo maintained its commitment to reducing the flaring / venting of produced gas during the second quarter of 2021. Despite the challenges associated with the third - party delays and downtime , the Company only flared / vented 0.29 % of produced gas during the quarter . Through the first half of 2021 , Laredo has flared / vented 0.25 % of produced gas , down from 0.71 % for full - year 2020 . The Company completed 16 wells during second - quarter 2021 , three more than anticipated . Operational efficiencies continued to reduce Laredo's time to drill and complete wells versus budgeted expectations , which pulled forward activity and resulted in the three additional completions during the quarter . Estimated drilling , completions and equipment cost during second - quarter 2021 remained at $ 525 per foot as Laredo's sand mine in Howard