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Laredo Petroleum, Inc.'s (LPI) CEO Jason Pigott on Q1 2021 Results - Earnings Call Transcript

May 06, 2021 1:34 PM ETVital Energy, Inc. (VTLE)6 Comments
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Laredo Petroleum, Inc. (LPI) Q1 2021 Earnings Conference Call May 6, 2021 8:30 AM ET

Company Participants

Ron Hagood - Vice President, Investor Relations

Jason Pigott - President and Chief Executive Officer

Karen Chandler - Senior Vice President and Chief Operations Officer

Bryan Lemmerman - Senior Vice President and Chief Financial Officer

Conference Call Participants

Derrick Whitfield - Stifel

Noel Parks - Tuohy Brothers

Richard Tullis - Capital One Securities


Good day, ladies and gentlemen and welcome to Laredo Petroleum First Quarter 2021 Earnings Conference Call. My name is Carol and I'll be your operator for today. At this time, all participants are in a listen-only mode. We will be conducting a question-and-answer session after the financial and operations report. As a reminder, this conference is being recorded for replay purposes.

It is now my pleasure to introduce Mr. Ron Hagood, Vice President, Investor Relations. You may proceed, sir.

Ron Hagood

Thank you and good morning. Joining me today are Jason Pigott, President and Chief Executive Officer, Karen Chandler, Senior Vice President and Chief Operations Officer and Bryan Lemmerman, Senior Vice President and Chief Financial Officer, as well as additional members of our management team.

Before we begin this morning, let me remind you that during today's call, we'll be making forward-looking statements. These statements, including those describing our beliefs, goals, expectations, forecasts, and assumptions are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control. In addition, we will be making reference to non-GAAP financial measures. Reconciliations to GAAP financial measures are included in yesterday's news release. Yesterday afternoon, we issued a news release and presentation detailing our financial and operating results for the first quarter of 2021. We will refer to the presentation by

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Comments (6)

So not 1 question about the $150 million derivative loss?

Who represents the shareholders at these events?
@sddmack these analysts are either stupid or corrupt.

In addition to that, there are not so many analysts interested in LPI and not enough investors.
Skaterdude profile picture
@sddmack I was a little puzzled myself. It looks like a big problem. It's really not, and it would be helpful if they would just explain it. Basically, they had hedges in place to essentially guarantee their cash flow. The price of oil went up, so they made more on selling the output, and then lost some on the hedges. Some were swaps and some were like puts. It's in the 10K/Qs. They have to recognize the gain/loss on the derivatives, that go out months to 2022, each quarter, I think (mark to market) even though it's not a cash loss.
@Skaterdude I just wanted them to explain the details of the $150 million. If I calculate the delta between average sales price and average price earned after hedge loss it would total about $59 million. So the rest is made up of premiums and/or any early termination costs of existing swaps/puts. I feel like there is a hole that no one is discussing.
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