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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2020
 or
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                             to                            
Commission File Number: 001-35380
 Laredo Petroleum, Inc.
(Exact name of registrant as specified in its charter)
Delaware45-3007926
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
15 W. Sixth Street Suite 900 
TulsaOklahoma74119
(Address of principal executive offices)(Zip code)
(918513-4570
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, $0.01 par value per shareLPINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer 
   
Non-accelerated filer Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  
Number of shares of registrant's common stock outstanding as of November 2, 2020: 12,003,806



LAREDO PETROLEUM, INC.
TABLE OF CONTENTS
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Quarterly Report") are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include statements, projections and estimates concerning our operations, performance, business strategy, oil, natural gas liquids ("NGL") and natural gas reserves, drilling program capital expenditures, liquidity and capital resources, the timing and success of specific projects, outcomes and effects of litigation, claims and disputes, derivative activities and potential financing. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "could," "may," "will," "foresee," "plan," "goal," "should," "intend," "pursue," "target," "continue," "suggest" or the negative thereof or other variations thereof or other words that convey the uncertainty of future events or outcomes. Forward-looking statements are not guarantees of performance. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Among the factors that significantly impact our business and could impact our business in the future are:
the effects, duration, government response or other implications of the outbreak and continued spread of the coronavirus ("COVID-19"), or the threat and occurrence of other epidemic or pandemic diseases;
changes in domestic and global production, supply and demand for oil, NGL and natural gas, including the decrease in demand and oversupply of oil and natural gas as a result of the COVID-19 pandemic and actions by the Organization of the Petroleum Exporting Countries members and other oil exporting nations ("OPEC+");
the volatility of oil, NGL and natural gas prices, including in our area of operation in the Permian Basin, and the extent and duration of price reductions and increased production by OPEC+;
revisions to our reserve estimates as a result of changes in commodity prices, decline curves and other uncertainties;
impacts of impairment write-downs on our financial statements;
the effectiveness of our internal control over financial reporting and our ability to remediate a material weakness in our internal control over financial reporting;
the potential impact of suspending drilling programs and completions activities or shutting in a portion of our wells, as well as costs to later restart, and co‐development considerations such as horizontal spacing, vertical spacing and parent‐child interactions on production of oil, NGL and natural gas from our wells;
conditions of the energy industry and changes in the regulatory environment and in United States ("U.S.") or international legal, tax, political, administrative or economic conditions, including new or changes to existing laws, trade policies or regulations that restrict imports or exports from the U.S., prohibit or restrict our ability to apply hydraulic fracturing to our oil and natural gas wells and to access and dispose of water used in these operations or eliminate federal income tax deductions for oil and gas exploration and development, which could be affected by the outcome of the U.S. presidential, congressional and state elections;
the ongoing instability and uncertainty in the U.S. and international energy, financial and consumer markets that could adversely affect the liquidity available to us and our customers and the demand for commodities, including oil, NGL and natural gas;
our ability to maintain listing on the New York Stock Exchange ("NYSE") and to prevent the decrease in market price and liquidity of our common stock;
our ability to discover, estimate, develop and replace oil, NGL and natural gas reserves and inventory;
capital requirements for our operations and projects;
the long-term performance of wells that were completed using different technologies;
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the availability and costs of drilling and production equipment, supplies, labor and oil and natural gas processing and other services;
the availability and costs of sufficient export infrastructure in the Permian Basin and U.S. Gulf Coast and gathering and processing capacity;
our ability to continue to maintain the borrowing capacity under our Fifth Amended and Restated Senior Secured Credit Facility (as amended, the "Senior Secured Credit Facility") or access other means of obtaining capital and liquidity, especially during periods of sustained low commodity prices;
our ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to our financial results and to successfully integrate acquired businesses, assets and properties;
our ability to generate sufficient cash to service our indebtedness, fund our capital requirements and generate future profits;
the impact of repurchases, if any, of securities from time to time;
restrictions contained in our debt agreements, including our Senior Secured Credit Facility and the indentures governing our Senior Unsecured Notes (as defined below), as well as debt that could be incurred in the future;
our ability to maintain the health and safety of, as well as recruit and retain, qualified personnel necessary to operate our business;
the potential for pipeline and storage constraints in the Permian Basin and U.S. Gulf Coast and the possibility of future production curtailment in the State of Texas;
the potentially insufficient refining capacity in the U.S. Gulf Coast to refine all of the light sweet crude oil being produced in the U.S., which could result in widening price discounts to world oil prices and potential shut-in of production due to lack of sufficient markets;
risks related to the geographic concentration of our assets;
our ability to secure or generate sufficient electricity to produce our wells without limitations;
our ability to hedge and regulations that affect our ability to hedge;
legislation or regulations that prohibit or restrict our ability to drill new allocation wells;
our ability to execute our strategies;
competition in the oil and natural gas industry;
drilling and operating risks, including risks related to hydraulic fracturing activities,
and those related to inclement weather impacting our ability to produce existing wells and/or drill and complete new wells over an extended period of time; and
our ability to comply with federal, state and local regulatory requirements.
These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," under "Part II, Item 1A. Risk Factors" and elsewhere in this Quarterly Report and our first-quarter and second-quarter 2020 Quarterly Reports, under "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Annual Report") and those set forth from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). These documents are available through our website or through the SEC's Electronic Data Gathering and Analysis Retrieval system at http://www.sec.gov. In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities law.
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Table of Contents
Part I

Item 1.    Consolidated Financial Statements (Unaudited)

Laredo Petroleum, Inc.
Consolidated balance sheets
(in thousands, except share data)
(Unaudited)
  September 30, 2020December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$40,258 $40,857 
Accounts receivable, net60,298 85,223 
Derivatives81,129 51,929 
Other current assets17,828 22,470 
Total current assets199,513 200,479 
Property and equipment: 
Oil and natural gas properties, full cost method: 
Evaluated properties7,773,776 7,421,799 
Unevaluated properties not being depleted83,558 142,354 
Less accumulated depletion and impairment(6,669,537)(5,725,114)
Oil and natural gas properties, net1,187,797 1,839,039 
Midstream service assets, net115,385 128,678 
Other fixed assets, net31,966 32,504 
Property and equipment, net1,335,148 2,000,221 
Derivatives9,117 23,387 
Operating lease right-of-use assets20,931 28,343 
Other noncurrent assets, net16,614 12,007 
Total assets$1,581,323 $2,264,437 
Liabilities and stockholders' equity 
Current liabilities: 
Accounts payable and accrued liabilities$46,090 $40,521 
Accrued capital expenditures25,061 36,328 
Undistributed revenue and royalties25,492 33,123 
Derivatives852 7,698 
Operating lease liabilities11,812 14,042 
Other current liabilities33,801 39,184 
Total current liabilities143,108 170,896 
Long-term debt, net1,218,947 1,170,417 
Derivatives1,657  
Asset retirement obligations63,425 60,691 
Operating lease liabilities11,715 17,208 
Other noncurrent liabilities959 3,351 
Total liabilities1,439,811 1,422,563 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of September 30, 2020 and December 31, 2019
  
Common stock, $0.01 par value, 22,500,000 shares authorized and 12,004,372 and 11,864,604 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively (1)
120 2,373 
Additional paid-in capital2,395,487 2,385,355 
Accumulated deficit(2,254,095)(1,545,854)
Total stockholders' equity141,512 841,874 
Total liabilities and stockholders' equity$1,581,323 $2,264,437 
______________________________________________________________________________
(1)Common stock shares were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020. See Note 7.a.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Table of Contents
Laredo Petroleum, Inc.
Consolidated statements of operations
(in thousands, except per share data)
(Unaudited)
 Three months ended September 30,Nine months ended September 30,
 2020201920202019
Revenues:   
Oil sales$93,329 $141,709 $283,412 $430,910 
NGL sales24,935 20,522 49,721 74,954 
Natural gas sales14,198 7,520 29,357 21,126 
Midstream service revenues1,751 3,079 6,715 8,572 
Sales of purchased oil39,334 20,739 119,922 83,597 
Total revenues173,547 193,569 489,127 619,159 
Costs and expenses:
Lease operating expenses19,840 22,597 62,471 68,838 
Production and ad valorem taxes8,753 11,085 24,935 29,632 
Transportation and marketing expenses13,161 5,583 37,886 15,233 
Midstream service expenses1,073 1,191 3,058 3,401 
Costs of purchased oil42,720 20,741 138,134 83,604 
General and administrative11,473 8,852 34,694 41,427 
Organizational restructuring expenses 5,965 4,200 16,371 
Depletion, depreciation and amortization47,015 69,099 174,891 197,900 
Impairment expense196,088 397,890 789,235 397,890 
Other operating expenses1,102 1,005 3,325 3,077 
Total costs and expenses341,225 544,008 1,272,829 857,373 
Operating loss(167,678)(350,439)(783,702)(238,214)
Non-operating income (expense):
Gain (loss) on derivatives, net(45,250)96,684 162,049 136,713 
Interest expense(26,828)(15,191)(78,870)(46,503)
Litigation settlement   42,500 
Loss on extinguishment of debt  (13,320) 
Gain (loss) on disposal of assets, net(607)1,294 (1,057)(315)
Other income, net533 556 608 4,269 
Write-off of debt issuance costs  (1,103) 
Total non-operating income (expense), net(72,152)83,343 68,307 136,664 
Loss before income taxes
(239,830)(267,096)(715,395)(101,550)
Income tax benefit:
Deferred2,398 2,467 7,154 812 
Total income tax benefit2,398 2,467 7,154 812 
Net loss$(237,432)$(264,629)$(708,241)$(100,738)
Net loss per common share (1):
 
Basic$(20.32)$(22.86)$(60.76)$(8.72)
Diluted$(20.32)$(22.86)$(60.76)$(8.72)
Weighted-average common shares outstanding(1):
   
Basic11,686 11,578 11,657 11,558 
Diluted11,686 11,578 11,657 11,558 
______________________________________________________________________________
(1)Net loss per common share and weighted-average common shares outstanding were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.




The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Laredo Petroleum, Inc.
Consolidated statements of stockholders' equity
(in thousands)
(Unaudited)
 Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit 
 SharesAmountSharesAmountTotal
Balance, June 30, 202011,939 $119 $2,392,564  $ $(2,016,663)$376,020 
Restricted stock awards68 1 (1)— — —  
Restricted stock forfeitures(2)— — — — —  
Stock exchanged for tax withholding— — — 1 (12)— (12)
Retirement of treasury stock(1)— (12)(1)12 —  
Share-settled equity-based compensation— — 2,936 — — — 2,936 
Net loss— — — — — (237,432)(237,432)
Balance, September 30, 202012,004 $120 $2,395,487  $ $(2,254,095)$141,512 
Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit
Shares (1)
Amount
Shares (1)
AmountTotal
Balance, June 30, 201911,874 $2,375 $2,381,450  $ $(1,039,504)$1,344,321 
Restricted stock awards14 2 (2)— — —  
Restricted stock forfeitures(4)— — — — —  
Stock exchanged for tax withholding— — — — (4)— (4)
Retirement of treasury stock— — (4)— 4 —  
Share-settled equity-based compensation— — (436)— — — (436)
Net loss— — — — — (264,629)(264,629)
Balance, September 30, 201911,884 $2,377 $2,381,008  $ $(1,304,133)$1,079,252 
______________________________________________________________________________
(1) Shares presented were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.























The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Laredo Petroleum, Inc.
Consolidated statements of stockholders' equity
(in thousands)
(Unaudited) 

 Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit 
 
Shares (1)
Amount
Shares (1)
AmountTotal
Balance, December 31, 201911,865 $2,373 $2,385,355  $ $(1,545,854)$841,874 
Reverse stock split— (2,277)2,277 — — — — 
Restricted stock awards(2)
220 31 (31)— — —  
Restricted stock forfeitures(2)
(46)(2)2 — — —  
Stock exchanged for tax withholding— — — 35 (774)— (774)
Retirement of treasury stock(2)
(35)(5)(769)(35)774 —  
Share-settled equity-based compensation— — 8,653 — — — 8,653 
Net loss— — — — — (708,241)(708,241)
Balance, September 30, 202012,004 $120 $2,395,487  $ $(2,254,095)$141,512 
Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit
Shares (1)
Amount
Shares (1)
AmountTotal
Balance, December 31, 201811,697 $2,339 $2,375,286  $ $(1,203,395)$1,174,230 
Restricted stock awards367 73 (73)— — —  
Restricted stock forfeitures(145)(28)28 — — —  
Stock exchanged for tax withholding— — — 35 (2,650)— (2,650)
Stock exchanged for cost of exercise of stock options— — — 1 (76)— (76)
Retirement of treasury stock(36)(7)(2,719)(36)2,726 —  
Exercise of stock options1 — 76 — — — 76 
Share-settled equity-based compensation— — 8,410 — — — 8,410 
Net loss— — — — — (100,738)(100,738)
Balance, September 30, 201911,884 $2,377 $2,381,008  $ $(1,304,133)$1,079,252 
______________________________________________________________________________
(1)Shares presented were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.
(2)The amounts presented for common stock and additional paid-in capital include (i) unadjusted amounts for the period January 1, 2020 to May 31, 2020 and (ii) adjusted amounts for the period June 1, 2020 to September 30, 2020. See the "Reverse stock split" line item for the retroactive adjustment for the life-to-date activity through May 31, 2020.
















The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Laredo Petroleum, Inc.
Consolidated statements of cash flows
(in thousands)
(Unaudited)
  Nine months ended September 30,
  20202019
Cash flows from operating activities:  
Net loss$(708,241)$(100,738)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-settled equity-based compensation, net6,111 5,244 
Depletion, depreciation and amortization174,891 197,900 
Impairment expense789,235 397,890 
Mark-to-market on derivatives:
Gain on derivatives, net(162,049)(136,713)
Settlements received for matured derivatives, net186,435 48,827 
Settlements received (paid) for early-terminated commodity derivatives, net6,340 (5,409)
Premiums paid for commodity derivatives(51,070)(7,664)
Amortization of debt issuance costs3,304 2,539 
Amortization of operating lease right-of-use assets10,133 9,583 
Loss on extinguishment of debt13,320  
Deferred income tax benefit(7,154)(812)
Other, net4,519 2,673 
Changes in operating assets and liabilities:
Decrease in accounts receivable, net24,925 11,778 
Decrease (increase) in other current assets4,451 (4,088)
(Increase) decrease in other noncurrent assets, net(3,619)2,988 
Increase (decrease) in accounts payable and accrued liabilities5,569 (15,896)
Decrease in undistributed revenue and royalties(7,631)(18,878)
Decrease in other current liabilities(8,216)(21,221)
Decrease in other noncurrent liabilities(7,633)(1,135)
Net cash provided by operating activities273,620 366,868 
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net(23,563)(2,880)
Capital expenditures:
Oil and natural gas properties(278,277)