Newspaper article THE JOURNAL RECORD

Laredo Increases Capital Budget

Newspaper article THE JOURNAL RECORD

Laredo Increases Capital Budget

Article excerpt

TULSA - Laredo Petroleum's board of directors has approved a revised capital budget of $420 million for 2016.

The budget excludes investments in the Medallion Gathering and Processing pipeline system.

The budget includes $345 million for drilling and completions, $35 million for production facilities and $40 million for land, seismic and other capitalized costs.

Tulsa-based Laredo expects to operate three horizontal rigs for all of 2016 and anticipates drilling 45 to 49 gross horizontal wells.

"Retaining our third drilling rig throughout 2016 grows production at more than 10 percent from the fourth quarter of 2015 and, at the current drilling cadence sets the company on a clear growth trajectory into 2017," said Randy A. Foutch, chairman and CEO.

Laredo expects production to be in the range of 16. …

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