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LAREDO PETROLEUM Laredo Petroleum Announces Third - Quarter 2021 Financial and Operating Results November 2 , 2021 TULSA , OK , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) quarter 2021 financial and operating results . -- Laredo Petroleum , Inc. ( NYSE : LPI ) ( " Laredo " or the " Company " ) today announced its third- Third - Quarter 2021 Highlights • Announced second significant acquisition of 2021 , agreeing to purchase -20,000 net acres in western Glasscock County , extending the Company's high - margin , oil - weighted development runway to approximately seven years at current activity levels • Closed the purchase of the assets of Sabalo Energy , LLC ( " Sabalo " ) in north Howard County and divestiture of 37.5 % of the Company's legacy proved developed reserves on July 1 , 2021 • Produced an average of 76,703 barrels of oil equivalent ( " BOE " ) per day and 35,329 barrels of oil per day ( " BOPD " ) , a decrease of 13 % and an increase of 41 % , respectively , versus the third quarter of 2020 • Increased oil cut to 46 % of total production in third - quarter 2021 versus 29 % in third - quarter 2020 • Incurred capital expenditures of $ 137 million , excluding non - budgeted acquisitions and leasehold expenditures , completing 18 wells in Howard County during third - quarter 2021 • Initiated the responsibly sourced gas ( RSG ) certification process and implementation of continuous on - site emissions monitoring of selected facilities • Published the Company's 2021 ESG and Climate Risk Report , which included Scope 3 emissions estimates and full workforce diversity data Subsequent Highlights • Closed the western Glasscock County acquisition on October 18 , 2021 • Increased the borrowing base on the Company's senior secured credit facility to $ 1 billion from $ 725 million during the facility's semi - annual redetermination " Over the last two years , we have successfully transformed Laredo by adding oily , high - margin inventory , reducing leverage and continuously improving operational and ESG performance , " stated Jason Pigott , President and Chief Executive Officer . " Driven by seven years of high - quality , oil - weighted inventory and our demonstrated development expertise , we are now positioned to deliver sustainable Free Cash Flow1 generation and an even stronger capital structure . Our strategy has clearly created value for our shareholders and we will continue to seek accretive transactions where we can apply our proven development practices and ESG leadership . " Third - Quarter 2021 Financial Results For the third quarter of 2021 , the Company reported net income attributable to common stockholders of $ 136.8 million , or $ 8.56 per diluted share , which included a $ 95.2 million non - cash gain on sale of oil and natural gas properties , net . Adjusted Net Income 1 for the third quarter of 2021 was $ 29.4 million , or $ 1.84 per adjusted diluted share . Adjusted EBITDA¹ for the third quarter of 2021 was $ 133.4 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 third quarter of 2021 , Laredo's total production averaged 76,703 BOE per day , including oil production of 35,329 BOPD . The Company's oil cut has increased substantially as packages of wells developed on the oil - weighted acreage acquired over the last two years are building Laredo's oil production base . During third - quarter 2021 , Laredo completed 18 wells and turned - in - line 19 wells . Laredo continues to realize a long - term positive trend in drilling and completions efficiencies and maintained an average drilling , completions and equipment cost per well of approximately $ 525 per foot . Although efficiency gains are currently helping to offset industry - wide service cost inflation , the Company anticipates further inflationary pressure in 2022 . Well performance in third - quarter 2021 was strong as well packages with optimized spacing continued to demonstrate high productivity . The wider- spaced Davis and West / Southwest packages in Central Howard are currently outperforming initial tighter - spaced packages in Central Howard by 24 % and 36 % , respectively , based on average oil productivity . The Vince Everett and Satnin / Josephine packages in North Howard , both developed by Sabalo prior to the closing of the transaction , are confirming the acreage quality of the North Howard acquisition . The Vince Everett development supports Laredo's assumptions for spacing and productivity for co - developed bounded and semi - bounded wells in North Howard and the Satnin / Josephine package , comprised of unbounded parent wells , is outperforming expectations . During the third quarter of 2021 , Laredo maintained its exemplary flaring / venting performance and began to integrate the recently acquired North Howard assets . Excluding the acquired assets , Laredo flared / vented 0.55 % of produced gas during the quarter . Through the first nine months of 2021 ,