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Laredo Petroleum Divestiture Agreement

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Laredo Petroleum has signed a purchase and sale agreement to divest certain non-operated properties in Howard County for $110 million, subject to customary closing price adjustments. The transaction is expected to close in October 2022, with an effective date of August 1, 2022.

The non-operated assets comprise 1,650 net acres and have expected full-year 2023 average net production of 1,800 BOEPD (72 percent oil).

The company plans to adjust production guidance post the closing of the transaction. The sale does not reduce the company’s eight-year inventory of operated, high-quality drilling locations.

Jason Pigott, president and chief executive officer, Laredo Petroleum, said: “We have built a deep portfolio of high-quality development locations, which we consistently optimize through the acquisition of high-return assets and sale of certain non-core properties.

“The implied value of this divestiture is accretive to our net asset value per share and raises proceeds that support the repurchase of our equity and debt.”

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