Laredo Petroleum Announces Expansion of Oil-Weighted Western Glasscock Leasehold
Laredo Petroleum, Inc. (LPI)
Last laredo petroleum, inc. earnings: 2/12 04:30 pm
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US:NYSE Investor Relations:
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Source: GlobeNewswire
TULSA, OK, Sept. 19, 2021 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") today announced the signing of a purchase and sale agreement to acquire approximately 20,000 net acres in western Glasscock County from Pioneer Natural Resources Company (NYSE: PXD) ("Pioneer") for approximately $230 million, subject to customary closing price adjustments. This is Laredo’s second significant acquisition in 2021, as the Company continues to execute its transformational strategy and expand its high-margin inventory. The leasehold to be acquired is directly adjacent to Laredo’s existing western Glasscock leasehold, expanding its oil-weighted core development area in the prolific Midland Basin. The transaction is expected to close in October 2021. Highlights: Increases high-margin, oil-weighted inventory by 50%, extending development runway to approximately seven years at current activity levelsExpands core development area in western Glasscock County to ~22,20
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