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LPI LPI Questions and Answers
© provided by using The Motley idiot Laredo Petroleum (LPI) Q1 2021 revenue call Transcript
Laredo Petroleum (NYSE: LPI)
Q1 2021 income name
may also 06, 2021, 8:30 a.m. ET
Contents:
organized Remarks
Questions and solutions
call contributors
organized Remarks:
Operator
respectable day, women and gents, and welcome to Laredo Petroleum first-quarter 2021 income conference call. My identify is Carol, and i can be your operator for today. at this time, all members are in hear-handiest mode. We could be conducting a query-and-answer session after the economic and operations record.
As a reminder, this convention is being recorded for replay applications. it's now my pleasure to introduce Mr. Ron Hagood, vice president, investor family members. You can also proceed, sir.
Ron Hagood -- vp, Investor relations
thank you, and respectable morning. becoming a member of me nowadays are Jason Pigott, president and chief executive officer; Karen Chandler, senior vp and chief operations officer; and Bryan Lemmerman, senior vp and chief monetary officer, as well as additional members of our administration team. before we start this morning, let me remind you that all the way through brand new call, we should be making forward-searching statements. These statements, together with those describing our beliefs, dreams, expectations, forecasts and assumptions, are intended to be lined with the aid of the secure harbor provisions of the private Securities Litigation Reform Act of 1995.
Our genuine
consequences may additionally range from these ahead-looking statements for numerous reasons, many of which are beyond our manage. moreover, we will be making references to non-GAAP fiscal measures. Reconciliations to GAAP economic measures are protected in yesterday's information unencumber. the day past afternoon, we issued a news unlock and presentation detailing our fiscal and working consequences for the first quarter of 2021.
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this article is a transcript of this convention name produced for The Motley idiot. whereas we try for our foolish gold standard, there could be errors, omissions, or inaccuracies during this transcript. as with every our articles, The Motley fool doesn't count on any responsibility in your use of this content, and we strongly encourage you to do your own analysis, together with paying attention to the name your self and memorizing the business's SEC filings. Please see our phrases and conditions for further details, including our obligatory Capitalized Disclaimers of liability.
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we are able to check with the presentation all through modern call. in case you wouldn't have a duplicate of this news unlock or presentation, you might also access it on our web page at www.laredopetro.com. i will be able to now turn the name over to Jason Pigott, president and chief govt officer.
Jason Pigott -- President and Chief executive Officer
good morning and thank you for joining our first-quarter 2021 income name. Our outcomes for the primary quarter are an indication of the strong financial management and operational execution that underpins our strategic transformation. We generated 22 million in free cash move in the quarter as we proceed to reduce well expenses, which in turn decreased capital costs. We offered shares under the ATM program for approximately 27 million in internet proceeds and reduced borrowings under our revolver by 35 million.
Our long-time period vogue of drilling and completions effectivity advancements and innovations corresponding to our enterprise-owned sand mine, are indicative of our force for continual development. Capital efficiency advancements from our transition to Howard County came to fruition this quarter. creation from our first kit of wells in Howard County had a considerable influence on production all the way through the quarter regardless of downtime because of February's iciness storms. Oil creation grew eleven% sequentially versus the fourth quarter of 2020, and we are expecting sequential oil growth of 9 to 13% in the second quarter as our second package of wells reaches top production.
We continue to do well on our ESG metrics, flaring or bating best 0.22% of produced natural fuel all the way through the quarter. The business has put forward an bold plan to reduce greenhouse fuel emissions and decreasing, and sooner or later, eliminating reaching flaring as a key element of the plan. To conclude, i need to appreciate the efforts of our operational crew to right away, and more importantly, safely fix construction after the iciness storms in February. With that, Karen will provide extra details on our operations.
Karen Chandler -- Senior vice president and Chief Operations Officer
thank you, Jason. i'd want to start by way of seconding Jason's feedback on the efforts of the complete operations team to get us lower back up and operating after the extreme climate that happened in February. It turned into all palms on deck, and it took a lot of focus and discipline by all of the groups to work as straight away and safely as we did to minimize the impact. effects within the first quarter continue to replicate our a hit transition of activity to Howard County.
We continue to make [Inaudible] programs in Howard County being delivered at $525 per foot. one of the crucial leading drivers of this success has been our enterprise-owned sand mine. We at the moment are continuously realizing discount rates of $ninety,000 per smartly, with the mine offering over 85% of the sand we used within the first quarter. We had been also in a position to successfully source the different 15% of our sand volumes with third-party sand appropriate after the wintry weather storm as we were getting operations up and going once again at the mine, with no enhance to our neatly charge.
moreover, we persevered our lengthy-term trend of expanding operational effectivity, expanding drilled feet per day per rig in the first quarter, at the same time as we had been working with the new rig we delivered originally of the 12 months. expenses incurred within the first quarter came in lessen than expected. This become pushed by using the decreased neatly charge just outlined, as well as some infrastructure initiatives that had been delayed until later in the year. in accordance with the first-quarter charge, we consider that we are on track to spend lower than our $360 million capital price range, but also plan to totally consider the expertise for persevered improvements in drilling and completion efficiencies which might positively pull some exercise ahead into 2021 from first-quarter 2022 as we preserve undertaking stages constant at our latest two-rig and one-frac crew cadence.
apart from offering lessen capital cost, we've also been pleased with our LOE traits in Howard County. while we nonetheless are expecting LOE to upward push as we carry on greater creation in Howard County, and nevertheless forecast about $four per BOE for the lifetime of the neatly in Howard County, so far, our working fees have been reduce than we initially expected. now we have been testing the utility of high-fee, excessive-pressure fuel carry on just a few wells to evaluate the impact on both construction and operating charges. We also continue to optimize our water forecast as we profit extra construction data, and we've transitioned the vast majority of our facilities and wells to purchase vigor.
All of which may positively affect our working costs going forward. We are expecting to bring consistent oil construction boom all the way through 2021 as we convey on one-smartly kit per quarter in Howard County, operating one continuous frac herd. while there can also be some lumpiness to creation in response to timing of the gigantic 12 and 13-neatly applications in our construction plan, we expect sequential oil creation boom throughout 2021, in addition to a rise in our oil reduce. The early production effects so far in Howard County are inside the latitude of our expectations.
As we confirmed in ultimate quarter's release, the primary kit, the 15-well yogurt move out package, all started out in accordance with our usual performance expectations. This package has begun to tail off a bit of over the past couple of months, but standard, it's nevertheless performing within our range of expectations, above all given the tighter neatly spacing in this package. Our 2nd kit, the 12-neatly Trentino/Whitmire package, is neatly ahead of the regular performance expectations early in its history. both packages have been developed on the titer 12 smartly per DSU spacing in the Wolfcamp.
Subsequent packages could be up-spaced to approximately eight wells per DSU within the Wolfcamp. We consider this will bring extra consistent performance and maximize cost per DSU. We proceed to make first rate progress building our Howard County leasehold. Subsequent to the end of the first quarter, we acquired a full section, contiguous to the section that we bought in October 2020.
This fashioned up a two-area DSU, which now sets us up to increase the DSU with 10,000-foot laterals. i will now hand the name to Bryan for a financial update.
Bryan Lemmerman -- Senior vice chairman and Chief economic Officer
thank you, Karen. Like our operational execution, we also carried out on the monetary aspect of our strategy. We maintained our capital discipline and our focus on cost manage, which combined with the capital efficiency of the Howard County building application, drove free cash movement of $22 million for the primary quarter. In February, we initiated our at-the-market equity application.
licensed for $75 million, the ATM application permits us to opportunistically promote fairness once in a while. We put the program in vicinity with the intention of the usage of the proceeds to pay down a portion of our credit score facility that had been used in the fourth quarter of 2020 to repurchase 61 million of notes at 62.5% at par and to finance a bolt-on transaction in Howard County, where we purchased acreage at a little over $2,000 per undeveloped acre. These opportunistic, very accretive transactions, totaled about $50 million. when we introduced the ATM application, our stock became in the mid-30s.
consequently, we were in a position to sell 723,000 shares at a regular fee of about $38.75, for net proceeds of 26.9 million. These proceeds, mixed with the free money move, enabled us to pay down our credit facility through $35 million all over the quarter, while also making an activity payment on our notes of about $forty six million. Going forward, our goal is to proceed to pay down debt and enhance our steadiness sheet. contemporary commodity price raises have stronger the free money move era profile of the business.
during the primary quarter, we added to our 2022 oil hedges, and we intend so as to add more because the yr progresses, extra increasing our self assurance in our 2021 and '22 free money stream profile and debt discount capabilities. With that, i will be able to ask the operator to please open the road for questions.
Questions & answers:
Operator
thank you. [Operator Instructions] And the primary query comes from the road of Derrick Whitfield with Stifel.
Derrick Whitfield -- Stifel financial Corp -- Analyst
Thanks, and respectable morning, all.
Jason Pigott -- President and Chief government Officer
first rate morning, Derrick.
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Derrick Whitfield -- Stifel financial Corp -- Analyst
For my first question, most likely for Karen, i'd like to center of attention in your chart on page eight to have in mind the alterations between the primary two units of wells. apart from the iciness Storm Uri impact to the first set, have been there different substantial or incredible modifications within the D&C design or circulation returned method between these two units?
Karen Chandler -- Senior vice president and Chief Operations Officer
hello, Derrick. Thanks for the query. So at a high level, the answer isn't any. there isn't any precise difference between these first two neatly applications.
They have been really designed on the same spacing, even really looking at landing point, truly, had the equal fundamental design. So usual, each of these packages are nonetheless fairly early of their flowback. We proceed to evaluate efficiency of the distinct landing facets between the Spraberry and the Wolfcamp formation, but truly no design adjustments in these first two packages.
Jason Pigott -- President and Chief executive Officer
And just, again, statistically, we just see applications which are a little more desirable or a little worse. or not it's just some thing it's now not extraordinary to oil and fuel for those who're type of inserting these first few well programs are well out.
Derrick Whitfield -- Stifel financial Corp -- Analyst
That makes experience. And for my observe-up, i wished to focal point on the A&D market. most likely for you, Jason. to your view, did the contemporary merger Midland transaction in the basin tilt the A&D ambiance from a patrons' market to a marketers' market? Or do you feel retailers can see that it became a bit of an anomaly?
Jason Pigott -- President and Chief government Officer
many of the individuals that we have now talked to and lots of the analysts that looked at it think that, it really is an anomalous transaction. again, be it for the purchaser there, but I don't believe that the expectations were raised by using that level across the basin. and i suggest, there is a lot of things which are available on the market. So once again, or not it's an outstanding time.
I suppose the bid-ask is narrowing. and especially, again, as fees have risen a little bit, it turned into complicated to do things in a a good deal lower cost environment. however I do consider we're in a price environment nowadays the place we will also be a success with transactions.
Derrick Whitfield -- Stifel financial Corp -- Analyst
amazing. Congrats for your success so far, and thanks to your time.
Jason Pigott -- President and Chief govt Officer
thank you, Derrick.
Operator
[Operator instructions] Your subsequent query comes from the road of Noel Parks with Tuohy Brothers.
Noel Parks -- Tuohy Brothers -- Analyst
first rate morning.
Jason Pigott -- President and Chief government Officer
decent morning.
Noel Parks -- Tuohy Brothers -- Analyst
I simply puzzled, could you simply variety of review a bit bit the spacing heritage of what you will have been doing on the grounds that your Howard County acquisition, preliminary launch sequence and stuff, going on 3 years in the past, if reminiscence serves me. And simply variety of what the assumptions were below the legacy operator, what you begun out at and the place you are actually. And also, may you just sort of review the geological traits that helped verify what spacing works where? Or bid-ask or, I wager, the completion decisions. Thanks a lot.
Karen Chandler -- Senior vice president and Chief Operations Officer
Yeah. here's Karen. Yeah, i would be happy to form of step again and talk a little bit in regards to the heritage of the acreage. So we received the acreage and type of close on the Howard County acreage that we're constructing presently in late 2019, correct, on the end of 2019.
some of the reasons that this place become very attractive to us is it definitely had now not been developed. So there have been really no father or mother wells. So it was a great vicinity for us to go in and go into type of full development in this enviornment. So no genuine
spacing sort of define prior to that.
We definitely transitioned very promptly in 2020 to active operations in Howard County. however then, delayed completions in Howard County just given the atmosphere that we have been in in early 2020 with COVID and other issues. So we in fact began completion operations in September of 2020. So we have handiest been definitely working with lively completions flowing returned on the grounds that, really, the very end of 2020.
So 4 5 months on the first equipment. So that is why we form of said the early smartly performance right here. We're definitely getting the primary -- the first appear on the well outcomes coming lower back from Howard County, and the first two programs, which is what we're showing on Slide eight within the earnings unencumber. so as we begin construction in Howard County, this spacing design that we've talked about become 4 wells in the Spraberry, 12 wells in the Wolfcamp.
That turned into the construction plan that we went in from the primary two well packages, the Passow/Gilbert and the Trentino/Whitmire, as we discuss with them. and that is the reason what both programs which are plotted up for the Howard County wells on Slide 8 are. As we variety of obtained into that construction, continue to look at the entire work that became being achieved through us, the offset operators, simply truly loads of technical work and completions, obviously, the drilling rig is neatly out in front of the completions crude. And so we determined to truly up space a little bit in Howard County in front of even getting any of these well results returned.
and that's what now we have been doing on the next packages that can be flowing back in subsequent quarters. So what we're -- the up spacing design remains four wells within the Spraberry, eight wells in the Wolfcamp is presently what we're doing. typical, looking on the neatly outcomes on Slide eight, universal, these are effective programs. it be early in their history.
We're satisfied with their efficiency. These wells that are flowing returned right now are helping our ordinary business strategy, which is capital-effective wells, excessive costs of returns, bigger costs of return, actually helping our strategy of free money circulation generation, paying down debt. So these first two applications are certainly assisting that. And as we continue to bring on the up area packages, which should be the applications we're bringing on within the next couple of quarters, we simply believe that they will support assist extra consistent consequences and proceed to guide that strategy.
So that's form of the background that we've been on on the grounds that buying the Howard County acreage.
Noel Parks -- Tuohy Brothers -- Analyst
extremely good. it truly is valuable. and i -- could you just speak a minute about what your pondering is going forward on metal cost? i used to be questioning in case you would -- thinking of increase your stock or maybe already had? Or what you notion, perhaps this turned into kind of a temporary blip upwards for steel, and we'd be in stronger form into future quarters?
Karen Chandler -- Senior vp and Chief Operations Officer
yes, common. So we now have a supply chain team that in fact works each aspect of our business. And metal is a fascinating one, which is impacted via the broader international market now and then. So we do see some fluctuations up and down.
common, we're no longer really seeing have an effect on our oil prices at present. We do have contracts in location that we work -- that we work out in time to be sure that we're managing each the can charge and inventory on all our tubulars and everything. So we're in fact now not seeing any significant affects currently to our enterprise.
Noel Parks -- Tuohy Brothers -- Analyst
super .
Operator
Your subsequent query comes from the road of Richard Tullis with Capital One Securities.
Richard Tullis -- Capitol One Securities -- Analyst
hey, respectable morning, every person. a query for might be Jason or Bryan. Given the contemporary uptick in commodity expenditures that actually helped the money circulate for the quarter, does this existing an opportunity to probably analyze monetizing one of the less core acreage, the a hundred,000-plus acres that you hold on the legacy homes outdoor of the current center of attention area in Howard? now we have considered a couple of different E&P earnings sort of non-core acreage during the last couple of months in the contemporary announcements. So I simply are looking to see if maybe it heightens your hobby at all and perhaps looking to part with one of the most legacy acreage.
Jason Pigott -- President and Chief govt Officer
yes, it's an outstanding question. I suppose that it's whatever thing that's in our radar. As everyone is aware of on the call, we want to continue to usher in better excellent stock. today, the core place, once more, it provides the money movement that dollars that.
but reckoning on how a whole lot PDP might are available in with a transaction promoting down, promoting a non-op pastime or carving out a component of the field is something that we would agree with to once again just support enhance the balance sheet and never simply carry on straight debt. So these are things that we consider about. a lot of it will simply depend upon sort of the M&a work sooner or later.
Richard Tullis -- Capitol One Securities -- Analyst
adequate. Thanks, Jason. query for Karen. certainly, in reality satisfactory smartly cost normal for the packages in Howard County on-line yr so far.
How sustainable do you believe the 5 25 per lateral foot is as we go ahead? and i suggest, is there advantage to even decrease that greater?
Karen Chandler -- Senior vp and Chief Operations Officer
sure. We talked about prior that we have been anticipating to are available a bit bit below the place we have been at the $540 a foot. but truly, once more, with the first packages coming through, we wanted to have precise clear performance as we were going in and truly starting the completions operations in Howard County. So with the primary two well programs at the back of us at this element, basically relaxed coming out with exact well prices at 5 25.
in order all of us talk about, are there skills pressures on service fees. there may be -- that dialogue continues. We're now not seeing any in fact giant upward force there. so far as carrying on with to optimize our designs and seek efficiency development, yes, I think there is chance.
So it may be really just variety of balancing how do we proceed to power efficiency improvements into drilling and completion operations and ensure that we're managing any type of cost force that we're getting on the service facet of the enterprise. now we have referred to our sand, our own mine that we now have. We're -- simply from our frac service suppliers, exterior agencies hearing that there's force on the sand aspect, each trucking and sand. So at this time, we're truly insulated from that.
Which is an excellent position to be with the sand that we're proposing off of our locations carrier places. So normal, I believe we're install relatively neatly. And we shared again the performance of both drilling and completions. we have been doing that on a quarterly foundation.
Even with the severe winter storm that impacted us for a number of days in February, we're seeing really decent performance and endured efficiency growth there. So I do think there's chance for that to continue.
Richard Tullis -- Capitol One Securities -- Analyst
Thanks, Karen. That become valuable. and due to all and sundry for his or her response.
Jason Pigott -- President and Chief government Officer
thank you.
Operator
and girls and gents, we have come to the conclusion of our Q&A session for these days. and that i'll flip the name again over to Mr. Ron Hagood for the closing feedback.
Ron Hagood -- vice president, Investor members of the family
thank you for joining us for our name this morning. We appreciate your pastime in Laredo. This concludes our name and have an outstanding morning.
Operator
[Operator signoff]
period: 25 minutes
name individuals:
Ron Hagood -- vice president, Investor family members
Jason Pigott -- President and Chief government Officer
Karen Chandler -- Senior vp and Chief Operations Officer
Bryan Lemmerman -- Senior vice chairman and Chief fiscal Officer
Derrick Whitfield -- Stifel monetary Corp -- Analyst
Noel Parks -- Tuohy Brothers -- Analyst
Richard Tullis -- Capitol One Securities -- Analyst
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