TULSA — Laredo Petroleum announced Monday it earned a third quarter net income of $55.1 million, while Mid-Con Energy Partners announced Monday it had lost about $3.3 million during the same period.
Laredo officials said the Tulsa-based company, which primarily is focuses on acquiring, exploring and developing oil and natural gas properties and midstream and marketing services in the Permian Basin of west Texas, produced a record 71,382 barrels of oil equivalent per day during the period.
Officials said Laredo spent about $134 million during the quarter on drilling and completion activities, and spent another $15 million to acquire additional rights, lease extensions, data, and to pay for infrastructure and other capitalized costs.
They said Laredo, based in Tulsa, also continued to improve its operational results during the quarter, reducing the average number of days it took to drill a 10,000-foot lateral to 8.6.
Plus, the company began using in-basin sand for all of its completions, saving about $400,000 in costs per well.
Randy A. Foutch, Laredo’s chairman and CEO, said he believes the company did a good job during the third quarter of meeting its budgeted expense targets to maximize returns and growth.
“We intend to continue exercising this discipline in the future,” he said.
While Tulsa-based Mid-Con Energy Partners posted a net loss of about $3.35 million during the third quarter, the company boosted its average daily net production to 3,609 barrels of oil equivalent, compared to 3,500 equivalent barrels a year ago.
The company produces from holdings it has in northeast and southern Oklahoma, the Permian Basin and the Gulf Coast region of Texas.
Its net loss for the quarter, year-over-year, also improved, as it posted a net loss of about $7.9 million a year ago.
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