News ReleaseView printer-friendly version << Back
Laredo Petroleum Announces Reduction of Personnel Costs by ~25%
"The Company has delivered on its commitment to align general and administrative expenses and capitalized employee costs with our current operational activity," commented
"Michael's promotion is the latest action in the Company's senior leadership succession planning process," continued Mr. Foutch. "Since the fourth quarter of 2018, we have named a new Chief Operating Officer, Chief Financial Officer and General Counsel. I welcome Michael's expanded leadership role as the Company sharpens it's focus on full-cycle economics and corporate-level returns. I would also like to thank Rick for his contributions over the last seven years. His dedication to Laredo is truly appreciated and I wish him well in his future endeavors."
Mr. Beyer began his career in the oil and gas industry in 2002 and joined Laredo in 2007. Most recently, Mr. Beyer served as the Company's Chief Accounting Officer and was Controller prior to 2014. Mr. Beyer holds a Bachelor of Business Administration in Accounting from The
Additional information about Laredo may be found on its website at www.laredopetro.com.
This press release and any oral statements made regarding the subject of this release, including in the conference call referenced herein, contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future, including, but not limited to, the share repurchase program, which may be suspended or discontinued by the Company at any time, are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.
General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, the increase in service costs, hedging activities, possible impacts of pending or potential litigation and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended
Source: Laredo Petroleum, Inc.