Laredo Petroleum’s Q4 Results Top Expectations

Laredo Petroleum rose 0.9% in Thursday’s late morning trade after the company reported financial results for Q4, with better-than-expected earnings and revenue; it also provided production guidance for fiscal 2017.

The independent energy company posted adjusted earnings of $0.16 per share, compared with the prior-year period’s $0.06 per share. Analysts polled by Capital IQ were expecting EPS of $0.15.

Revenue was $184.3 million, up from $123.3 million in the same quarter last year. The Street view is for revenue of $157.4 million. Production for the quarter was a record 53,141 barrels of oil equivalent (BOE) per day, up 32% from the same period the prior year, The company is reiterating is previously stated anticipated full-year 2017 production growth guidance of at least 15%. For Q1, it expects production of 52 – 54 MBOE/d and for Q2, 55 – 58 MBOE/d.

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