Boston, MA 08/08/2014 (wallstreetpr) – One of the largest petroleum companies of the world Laredo Petroleum Inc. (NYSE:LPI) has not enjoyed one of the best quarters so far. According to reports made public by the company, it occurred a net loss of $0.13 per diluted share or $18.9 million.
Financial & Operational Results:
The non-GAAP income of Laredo Petroleum Inc. (NYSE:LPI) in Q2 2014 was $19.4 million or $0.14 per share. It not only focused on investments, but also developmental activities. Reports claim that the main areas in which it invested were capital expenditures and drilling equipments where $235 million (approximate) were invested. A company can eye for long term goal only if it pays attention to continuous development. Laredo Petroleum Inc. (NYSE:LPI) invested as much as $220 million for various developmental activities in Q2 2014. It also invested $7 million in bolt-on acquisition $8 million for exploration. The company made sure that it invested enough in various assets during Q2 2014, hence it targeted pipelines and other related assets and pushed $15 million in these assets.
It had a very strong current assets position, according to reports, the cash and marketable securities of LPI were as much as $400 million in the Q2 2014. The company also had an undrawn senior secured credit facility in which total amount available for borrowing was $825 million. In total, the company had around $1.2 billion available for borrowing in the Q2 2014.
When it comes to acquisitions, the company managed to acquire 9,741 net acres in the Midland Basin during the second quarter. It had to pay a total amount of $203 million for this deal. The main advantage of this acquisition deal was that LPI could easily strategize of Permian-Garden City asset with long lateral horizontal wells and high working interest. Laredo Petroleum Inc. (NYSE:LPI) managed to acquire as many as 19 horizontal wells that could generate an average production of 702 BOE per day.
