Laredo Petroleum promotes investments

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In addition to change its name to Vital Energy as of January, Tulsa’s Laredo Petroleum updated its December Investor Presentation.

The company reported fourth quarter daily oil production above the high end of guidance range of 72.5 thousand to 75.5 thousand barrels of oil a day. Its fourth quarter capital investments are expected to be within the guidance range of $135-$145 million.

Laredo’s oil production comes from 163,000 acres, up more than 29,000 from a few years earlier. Its flaring percentage dropped from 1.95% in 2019 to 0.74% in 2022.

Laredo also reported it had repurchased nearly $100 million of face value of its term debt quarter-to-date.