Laredo Petroleum Schedules Fiscal Year 2012 Earnings Conference Call for March 12 and Provides Commodity Derivatives Update
2013-01-14 23:02:19 -
Fiscal Year 2012 Results
Tuesday, March 12, 2013
9:00 a.m. CT (10:00 a.m. ET)
Dial-in number: 866.271.5140
International dial-in number: 617.213.8893
Conference Code: 50609315
TULSA, OK - January 14, 2013 - Laredo Petroleum Holdings, Inc. (NYSE: LPI)
("Laredo" or "the Company"), will host a conference call on Tuesday,
March
12, 2013 at 9:00 a.m. CT (10:00 a.m. ET) to discuss its fiscal year 2012
financial and operating results. Laredo plans to release earnings the same day
before market open.
The Company also announces fiscal year 2012 preliminary results for its
commodity derivatives.
Conference Call
Laredo invites interested parties to listen to the call via the Company's
website at www.laredopetro.com, under the tab for "Investor Relations".
Individuals who would like to participate on the call should dial the applicable
dial-in number approximately 10 minutes prior to the scheduled conference time,
and enter the conference code listed above. A telephonic replay will be
available approximately two hours after the call on March 12, 2013 through
Tuesday, March 19, 2013. Participants may access this replay by dialing (888)
286-8010, using conference code 24183052.
Commodity Derivatives Update
For the twelve months ended December 31, 2012, Laredo expects to report an
approximate $8.8 million gain on commodity derivative instruments, comprised of
an approximate $27.0 million realized gain and an approximate $18.2 million
unrealized loss. For the three months ended December 31, 2012, Laredo expects to
report an approximate $3.7 million gain on commodity derivative instruments,
comprised of an approximate $6.1 million realized gain and an approximate $2.4
million unrealized loss. Although management does not expect these numbers to
change, they are preliminary and unaudited.
Laredo records all derivative instruments on the balance sheet as either assets
or liabilities measured at their estimated fair value. Laredo has not designated
any derivative instruments as hedges for accounting purposes and Laredo does not
enter into such instruments for speculative trading purposes. Realized gains and
realized losses from the settlement of commodity derivative instruments and
unrealized gains and unrealized losses from valuation changes in the remaining
unsettled commodity derivative instruments are reported under "Non-operating
income (expense)" in our consolidated statements of operations.
Laredo Petroleum Holdings, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is focused on the
exploration, development and acquisition of oil and natural gas properties
primarily in the Permian and Mid-Continent regions of the United States.
Additional information about Laredo may be found on its website at
www.laredopetro.com.
# # #
Forward-Looking Statements
This press release contains forward-looking statements as defined under Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements, other than statements of
historical facts, that address activities that Laredo assumes, plans, expects,
believes, intends, projects, estimates or anticipates (and other similar
expressions) will, should or may occur in the future are forward-looking
statements. The forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome and timing
of future events. The actual impact of derivative instruments described above
may be different, and could differ materially, from these estimates due to the
completion of our financial closing procedures, final adjustments and other
developments that may arise between now and the time the financial results for
our fourth-quarter 2012 are finalized.
General risks relating to Laredo include, but are not limited to the risks
described in its Annual Report on Form 10-K for the year ended December
31, 2011, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012
and September 30, 2012, and those set forth from time to time in other filings
with the SEC, including its Rule 424(b) prospectus filed October 12, 2012. These
documents are available through Laredo's website at www.laredopetro.com under
the tab "Investor Relations" or through the SEC's Electronic Data Gathering and
Analysis Retrieval System ("EDGAR") at www.sec.gov. Any of these factors could
cause Laredo's actual results and plans to differ materially from those in the
forward-looking statements. Therefore, Laredo can give no assurance that its
future results will be as estimated. Laredo does not intend to, and disclaims
any obligation to, update or revise any forward-looking statement.
Contacts:
Rick Buterbaugh: (918) 858-5151 - RButerbaugh@laredopetro.com
Branden Kennedy: (918) 858-5015 - BKennedy@laredopetro.com
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Source: Laredo Petroleum, Inc via Thomson Reuters ONE
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