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Laredo Petroleum reaffirms FY 2018 production view after storage tank fire

Jul. 02, 2018 5:11 PM ETVital Energy, Inc. (VTLE) StockBy: Carl Surran, SA News Editor1 Comment
  • Laredo Petroleum (NYSE:LPI) reiterates previously stated guidance for 10%-plus oil production and 12%-plus total production growth for FY 2018 following an update concerning a June 30 fire at a company tank battery in Glasscock County, Texas.
  • LPI says it is investigating the cause of the fire but initial indications point to a lightning strike.
  • Wells flowing into the battery were producing 5,100 boe/day of oil at the time of the incident; LPI says the wells sustained no damage and are expected to restore ~70% of shut-in production beginning tomorrow and 90% by next week.

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