Laredo Petroleum To Divest Certain Non-operated Properties In Howard County

(RTTNews) - Laredo Petroleum, Inc. (LPI) has signed a purchase and sale agreement to divest certain non-operated properties in Howard County for $110 million. The company plans to adjust production guidance post the closing of the transaction. The transaction is expected to close in October 2022.

Laredo Petroleum noted that the non-operated assets comprise approximately 1,650 net acres and have expected full-year 2023 average net production of approximately 1,800 BOEPD.

Jason Pigott, CEO, said: "The implied value of this divestiture is accretive to our net asset value1 per share and raises proceeds that support the repurchase of our equity and debt."