Low natural gas price offsets Laredo's growing production
BY ROD WALTON World Staff Writer
Friday, November 09, 2012
Laredo Petroleum Holdings Inc. increased its oil and gas
production by 27 percent in the third quarter, but sustained a $7.4 million net
loss on the substantially lower natural gas prices, the Tulsa-based energy
producer announced Friday.
Crude oil prices held flat year over year, but Laredo’s
realized natural gas prices dropped by 39 percent compared to 2011’s third
quarter. Depreciation, depletion and amoritization costs also were booked
Oil and gas production, however, totaled 2.8 million barrels
of oil equivalent, or 30,835 boe per day. Activity in Laredo’s
centerpiece Permian Basin
play of west Texas accounted for
42 percent of output.