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Laredo Petroleum Announces Jason Pigott to Succeed Randy A. Foutch as Chief Executive Officer on October 1
"Jason's experience managing multi-billion dollar development budgets is evident as he is putting processes in place that are improving capital efficiency," commented Mr. Foutch. "Since joining Laredo as President in May, his focus on increasing oil productivity and minimizing risk has refocused the Company on the Cline formation and improved our Wolfcamp development plan. Our best-in-class operations continue to get better as well costs trend lower and cycle times shorten, driving free cash flow generation. Jason has had a positive, profound impact in a short period of time. I am excited about Laredo's future and look forward to seeing the Company's progress as Jason and his team implement his strategic vision."
"I would like to thank Randy for his counsel over the last four months as I have immersed myself in Laredo's operations and strategy," stated Mr. Pigott. "As we move the Company forward to create value for our shareholders, we are focused on leveraging our core strengths to grow oil production and free cash flow. We will continue to drive costs out of our already highly competitive cost structure and will opportunistically add acreage to improve well economics and margins. Strategy, teamwork and technology will change the trajectory of Laredo and I look forward to sharing our successes in the future."
"The Board would like to express its appreciation for Randy’s principled leadership and guidance since the founding of Laredo in 2006," stated
Additional information about Laredo may be found on its website at www.laredopetro.com.
Ron Hagood: (918) 858-5504 - RHagood@laredopetro.com
Source: Laredo Petroleum, Inc.