As a major oil petroleum company, Laredo Petroleum, Inc. (LPI) has been in existence since 2006. The headquarters of this company is located at Tulsa in Oklahoma, United States. The company has been operating on the extraction of the major gas products that include petroleum and natural gas. The founder of LPI was Mr. Randy A. Foutch who had an experience of more than 40 years in the field of the energy industry. The operations of LPI are on the Permian Basin that is located in the southwest of the United States.
Other various companies that are handled by Mr. Randy A. Foutch have the same operations and business strategies that are followed across. These business strategies are across the various petroleum and oil industries. In terms of horizontal drilling well, the LPI drilled its first well in the Midland Basin in 2009. As of 2020, the LPI through the horizontal drilling technique had drilled more than 300 odd wells to extract the oil and other petroleum products. In the Permian Basin, the LPI is the leading producer of oil products that include petroleum, natural gas, and other gas products.
The other major subsidiaries of the LPI are Laredo Midstream Services LLC and Garden City Minerals, LLC. The Laredo Midstream service which was founded in 2013 focuses on the business related to oil and gas fields. The Garden City Minerals, LLC was founded in 2014 and its parent company is the LPI.
The NYSE: LPI stock prices at https://www.webull.com/quote/nyse-lpi had dropped down in the month of March-2020 due to the effect of COVID-19. The price dropped to that of $9 per share in the month of March-2020. This has an impact on the stock market as well as the industry. In 2019, the company had generated total revenue of $83.7 crores. The stock price of the LPI as of the month of July-2020 was at $13.55 with a total volume of 460,392 shares. In terms of the percentage change in the stock price, there was a drop of 0.29%.
The financial results for the first quarter of 2020 were displaying a downward trend. The LPI invested a capital amount of $155 million in the first quarter of 2020 which was around 11% lower than the budget amount. The impact of the COVID-19 is expected to not only have a price volatility but also a decline in the demand for oil products. However, the workforce at LPI has been flexible and also have taken the necessary safety measures that have resulted in an increase in the average production of oil by 7% compared to the fourth quarter of 2019. Now you can do stock trading with the best stock trading app for beginners. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.