Laredo Petroleum (NYSE: LPI), based in Tulsa, Oklahoma, is an exploration and production company focused on oil and gas resources in the Mid-Continent region of the U.S. Laredo is the third company that Warburg Pincus and CEO Randy Foutch have formed together dating back to 1997. Similar to its predecessor companies, Laredo is focused on Mid-Continent exploration and exploitation plays. In particular, the company is a leading operator in the Permian Basin, where its eastern Midland Basin acreage offers access to several attractive horizontal targets including multiple Wolfcamp intervals. In 2011, the company acquired Broad Oak Energy, another Warburg Pincus-backed company with complementary acreage, and successfully completed an IPO on the New York Stock Exchange. Currently producing more than 25,000 barrels of oil equivalent per day (boepd), Laredo is now accelerating its transition toward full-scale development of its world-class Permian acreage position.
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