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.
 | |
| Company type | Public company |
|---|---|
| NYSE: VTLE S&P 600 component Russell 2000 Index component | |
| Industry | Petroleum industry |
| Founded | 2006 |
| Founder | Randy A. Foutch |
| Headquarters | Tulsa, Oklahoma, U.S. |
Key people | Jason Pigott, President & CEO |
| Products | Natural gas Petroleum |
Production output | 87 thousand barrels of oil equivalent (530,000 GJ) per day (2020) |
| Revenue |  $677 million (2020) |
| -$874 million (2020) | |
| Total assets | $1.442 billion (2020) |
| Total equity | -$21 million (2020) |
| Owner | Warburg Pincus (21.6%) |
Number of employees | 257 (2020) |
| Website | vitalenergy |
| Footnotes / references [1] | |
Laredo Petroleum has no connection or association with Laredo Oil, a penny stock E&P 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
editThe 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
editReferences
edit- ^ 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
edit- Business data for Laredo Petroleum, Inc.: