lpi-20200630
0001528129falseDecember 312020Q29.510.1256.255.6255P3YP3YP3YP3Y252550252550three years33.333.333.333.333.333.300015281292020-01-012020-06-30xbrli:shares00015281292020-08-03iso4217:USD00015281292020-06-3000015281292019-12-31iso4217:USDxbrli:shares0001528129lpi:OilSalesMember2020-04-012020-06-300001528129lpi:OilSalesMember2019-04-012019-06-300001528129lpi:OilSalesMember2020-01-012020-06-300001528129lpi:OilSalesMember2019-01-012019-06-300001528129lpi:NGLSalesMember2020-04-012020-06-300001528129lpi:NGLSalesMember2019-04-012019-06-300001528129lpi:NGLSalesMember2020-01-012020-06-300001528129lpi:NGLSalesMember2019-01-012019-06-300001528129lpi:NaturalGasSalesMember2020-04-012020-06-300001528129lpi:NaturalGasSalesMember2019-04-012019-06-300001528129lpi:NaturalGasSalesMember2020-01-012020-06-300001528129lpi:NaturalGasSalesMember2019-01-012019-06-300001528129lpi:MidstreamServiceMember2020-04-012020-06-300001528129lpi:MidstreamServiceMember2019-04-012019-06-300001528129lpi:MidstreamServiceMember2020-01-012020-06-300001528129lpi:MidstreamServiceMember2019-01-012019-06-300001528129us-gaap:OilAndGasPurchasedMember2020-04-012020-06-300001528129us-gaap:OilAndGasPurchasedMember2019-04-012019-06-300001528129us-gaap:OilAndGasPurchasedMember2020-01-012020-06-300001528129us-gaap:OilAndGasPurchasedMember2019-01-012019-06-3000015281292020-04-012020-06-3000015281292019-04-012019-06-3000015281292019-01-012019-06-300001528129lpi:ProducedOilTransportationandMarketingMember2020-04-012020-06-300001528129lpi:ProducedOilTransportationandMarketingMember2019-04-012019-06-300001528129lpi:ProducedOilTransportationandMarketingMember2020-01-012020-06-300001528129lpi:ProducedOilTransportationandMarketingMember2019-01-012019-06-300001528129us-gaap:CommonStockMember2020-03-310001528129us-gaap:AdditionalPaidInCapitalMember2020-03-310001528129us-gaap:TreasuryStockMember2020-03-310001528129us-gaap:RetainedEarningsMember2020-03-3100015281292020-03-310001528129us-gaap:CommonStockMember2020-04-012020-06-300001528129us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001528129us-gaap:TreasuryStockMember2020-04-012020-06-300001528129us-gaap:RetainedEarningsMember2020-04-012020-06-300001528129us-gaap:CommonStockMember2020-06-300001528129us-gaap:AdditionalPaidInCapitalMember2020-06-300001528129us-gaap:TreasuryStockMember2020-06-300001528129us-gaap:RetainedEarningsMember2020-06-300001528129us-gaap:CommonStockMember2019-03-310001528129us-gaap:AdditionalPaidInCapitalMember2019-03-310001528129us-gaap:TreasuryStockMember2019-03-310001528129us-gaap:RetainedEarningsMember2019-03-3100015281292019-03-310001528129us-gaap:CommonStockMember2019-04-012019-06-300001528129us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001528129us-gaap:TreasuryStockMember2019-04-012019-06-300001528129us-gaap:RetainedEarningsMember2019-04-012019-06-300001528129us-gaap:CommonStockMember2019-06-300001528129us-gaap:AdditionalPaidInCapitalMember2019-06-300001528129us-gaap:TreasuryStockMember2019-06-300001528129us-gaap:RetainedEarningsMember2019-06-3000015281292019-06-300001528129us-gaap:CommonStockMember2019-12-310001528129us-gaap:AdditionalPaidInCapitalMember2019-12-310001528129us-gaap:TreasuryStockMember2019-12-310001528129us-gaap:RetainedEarningsMember2019-12-310001528129us-gaap:CommonStockMember2020-01-012020-06-300001528129us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001528129us-gaap:TreasuryStockMember2020-01-012020-06-300001528129us-gaap:RetainedEarningsMember2020-01-012020-06-300001528129us-gaap:CommonStockMember2018-12-310001528129us-gaap:AdditionalPaidInCapitalMember2018-12-310001528129us-gaap:TreasuryStockMember2018-12-310001528129us-gaap:RetainedEarningsMember2018-12-3100015281292018-12-310001528129us-gaap:CommonStockMember2019-01-012019-06-300001528129us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001528129us-gaap:TreasuryStockMember2019-01-012019-06-300001528129us-gaap:RetainedEarningsMember2019-01-012019-06-30utr:acre0001528129lpi:HowardCountyNetAcresMember2020-04-300001528129lpi:HowardCountyNetAcresMember2020-04-302020-04-300001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:HowardCountyNetAcresMembersrt:ScenarioForecastMemberlpi:OilPutsJanuary2021December2022Memberlpi:WTINYMEXMembersrt:CrudeOilMember2022-12-310001528129lpi:HowardCountyNetAcresMember2020-02-042020-02-040001528129lpi:HowardCountyNetAcresMember2020-02-040001528129lpi:HowardCountyNetAcresMember2020-02-040001528129lpi:GlasscockCountyNetAcresMember2020-04-09lpi:well0001528129lpi:GlasscockCountyNetAcresMember2020-04-092020-04-090001528129lpi:HowardCountyNetAcresMember2019-12-120001528129lpi:HowardCountyNetRoyaltyAcresMember2019-12-120001528129lpi:HowardCountyNetAcresMember2019-12-122019-12-120001528129lpi:OilPutsJanuary2020December2020Memberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:HowardCountyNetAcresMembersrt:ScenarioForecastMemberlpi:WTINYMEXMembersrt:CrudeOilMember2020-12-310001528129lpi:ReaganCountyNetAcresMember2019-06-200001528129lpi:ReaganCountyNetAcresMember2019-06-202019-06-200001528129lpi:AcquiredevaluatedandunevaluatedoilandnaturalgaspropertiesinGlasscockCountyTexasMember2019-12-06lpi:property0001528129lpi:WorkingInterestsAcquiredInGlasscockCountyMember2019-12-06utr:Boe0001528129lpi:AcquiredevaluatedandunevaluatedoilandnaturalgaspropertiesinGlasscockCountyTexasMember2019-12-062019-12-060001528129lpi:AcquiredevaluatedandunevaluatedoilandnaturalgaspropertiesinGlasscockCountyTexasMemberlpi:OilAndGasPropertiesEvaluatedMember2019-12-060001528129lpi:AcquiredevaluatedandunevaluatedoilandnaturalgaspropertiesinGlasscockCountyTexasMemberlpi:OilAndGasPropertiesUnevaluatedMember2019-12-060001528129lpi:AcquiredevaluatedandunevaluatedoilandnaturalgaspropertiesinGlasscockCountyTexasMemberlpi:CapitalizedAssetRetirementCostsMember2019-12-060001528129lpi:MidstreamServiceAssetsMember2020-06-300001528129lpi:MidstreamServiceAssetsMember2019-12-310001528129lpi:OtherFixedAssetsExcludingLandMember2020-06-300001528129lpi:OtherFixedAssetsExcludingLandMember2019-12-310001528129us-gaap:LandMember2020-06-300001528129us-gaap:LandMember2019-12-31iso4217:USDutr:Boeiso4217:USDutr:bbl0001528129srt:CrudeOilMember2020-04-012020-06-300001528129srt:CrudeOilMember2020-01-012020-03-310001528129srt:CrudeOilMember2019-10-012019-12-310001528129srt:CrudeOilMember2019-07-012019-09-300001528129srt:CrudeOilMember2019-04-012019-06-300001528129srt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001528129srt:NaturalGasLiquidsReservesMember2020-01-012020-03-310001528129srt:NaturalGasLiquidsReservesMember2019-10-012019-12-310001528129srt:NaturalGasLiquidsReservesMember2019-07-012019-09-300001528129srt:NaturalGasLiquidsReservesMember2019-04-012019-06-30iso4217:USDutr:MMBTU0001528129srt:NaturalGasReservesMember2020-04-012020-06-300001528129srt:NaturalGasReservesMember2020-01-012020-03-310001528129srt:NaturalGasReservesMember2019-10-012019-12-310001528129srt:NaturalGasReservesMember2019-07-012019-09-300001528129srt:NaturalGasReservesMember2019-04-012019-06-30iso4217:USDutr:MMcfxbrli:pure0001528129lpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2020-01-240001528129lpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2020-01-240001528129us-gaap:SeniorNotesMember2020-01-242020-01-240001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2014-01-230001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2015-03-180001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-01-240001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-02-060001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-01-242020-01-240001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-02-062020-02-060001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-01-292020-01-290001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-03-152020-03-150001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2020-06-300001528129us-gaap:SecuredDebtMemberus-gaap:LetterOfCreditMember2020-06-300001528129us-gaap:SecuredDebtMemberus-gaap:LetterOfCreditMember2019-12-310001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-06-300001528129lpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2019-12-310001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-06-300001528129lpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2019-12-310001528129lpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2020-06-300001528129lpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2019-12-310001528129lpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2020-06-300001528129lpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2019-12-310001528129us-gaap:OtherNoncurrentAssetsMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2020-06-300001528129us-gaap:OtherNoncurrentAssetsMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2019-12-310001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2020-04-012020-06-3000015281292020-05-3100015281292020-06-0100015281292020-06-012020-06-010001528129lpi:EquityIncentivePlanMember2020-06-010001528129lpi:VestingAlternativeOneOneYearFromGrantDateMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001528129lpi:VestingAlternativeOneTwoYearsFromGrantDateMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001528129lpi:VestingAlternativeOneThreeYearsFromGrantDateMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001528129us-gaap:RestrictedStockMember2019-12-310001528129us-gaap:RestrictedStockMember2020-01-012020-06-300001528129us-gaap:RestrictedStockMember2020-06-300001528129us-gaap:EmployeeStockOptionMember2020-06-300001528129us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001528129us-gaap:PerformanceSharesMember2019-02-282019-02-280001528129us-gaap:PerformanceSharesMember2018-02-162018-02-160001528129srt:MinimumMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001528129us-gaap:PerformanceSharesMembersrt:MaximumMember2020-01-012020-06-300001528129us-gaap:PerformanceSharesMember2019-12-310001528129us-gaap:PerformanceSharesMember2020-01-012020-06-300001528129us-gaap:PerformanceSharesMember2020-06-300001528129us-gaap:PerformanceSharesMemberlpi:February172017Member2020-01-012020-06-300001528129lpi:June32019Memberlpi:PerformanceShareAwardsWithMarketCriteriaMember2020-01-012020-06-300001528129lpi:PerformanceShareAwardsWithMarketCriteriaMemberlpi:February282019Member2020-01-012020-06-300001528129lpi:PerformanceShareAwardsWithMarketCriteriaMemberlpi:February162018Member2020-01-012020-06-300001528129lpi:PerformanceShareAwardsWithPerformanceCriteriaMemberlpi:June32019Member2020-01-012020-06-300001528129lpi:PerformanceShareAwardsWithPerformanceCriteriaMemberlpi:February282019Member2020-01-012020-06-300001528129lpi:PerformanceShareAwardsWithPerformanceCriteriaMemberlpi:February162018Member2020-01-012020-06-300001528129us-gaap:PerformanceSharesMemberlpi:June32019Member2020-01-012020-06-300001528129us-gaap:PerformanceSharesMemberlpi:February282019Member2020-01-012020-06-300001528129us-gaap:PerformanceSharesMemberlpi:February162018Member2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMembersrt:MinimumMember2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMembersrt:MaximumMember2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMember2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMember2020-06-300001528129lpi:PerformanceUnitAwardsMember2020-03-052020-03-050001528129srt:MinimumMemberlpi:PerformanceUnitAwardsMember2020-01-012020-06-300001528129srt:MaximumMemberlpi:PerformanceUnitAwardsMember2020-01-012020-06-300001528129lpi:PerformanceUnitAwardsMember2019-12-310001528129lpi:PerformanceUnitAwardsMember2020-01-012020-06-300001528129lpi:PerformanceUnitAwardsMember2020-06-300001528129lpi:March052020Memberlpi:PerformanceUnitAwardsWithMarketCriteriaMember2020-01-012020-06-300001528129lpi:March052020Memberlpi:PerformanceUnitAwardsWithMarketCriteriaMember2020-06-300001528129lpi:PerformanceUnitAwardsWithPerformanceCriteriaMemberlpi:March052020Member2020-06-300001528129lpi:PerformanceUnitAwardsWithPerformanceCriteriaMemberlpi:March052020Member2020-01-012020-06-300001528129lpi:March052020Memberlpi:PerformanceUnitAwardsMember2020-01-012020-06-300001528129lpi:VestingAlternativeOneOneYearFromGrantDateMemberus-gaap:PhantomShareUnitsPSUsMember2020-01-012020-06-300001528129us-gaap:PhantomShareUnitsPSUsMemberlpi:VestingAlternativeOneTwoYearsFromGrantDateMember2020-01-012020-06-300001528129us-gaap:PhantomShareUnitsPSUsMemberlpi:VestingAlternativeOneThreeYearsFromGrantDateMember2020-01-012020-06-300001528129us-gaap:PhantomShareUnitsPSUsMember2019-12-310001528129us-gaap:PhantomShareUnitsPSUsMember2020-01-012020-06-300001528129us-gaap:PhantomShareUnitsPSUsMember2020-06-300001528129us-gaap:RestrictedStockMember2020-04-012020-06-300001528129us-gaap:RestrictedStockMember2019-04-012019-06-300001528129us-gaap:RestrictedStockMember2019-01-012019-06-300001528129us-gaap:PerformanceSharesMember2020-04-012020-06-300001528129us-gaap:PerformanceSharesMember2019-04-012019-06-300001528129us-gaap:PerformanceSharesMember2019-01-012019-06-300001528129lpi:OutperformanceShareAwardMember2020-04-012020-06-300001528129lpi:OutperformanceShareAwardMember2019-04-012019-06-300001528129lpi:OutperformanceShareAwardMember2019-01-012019-06-300001528129us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001528129us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001528129us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001528129lpi:ShareSettledMember2020-04-012020-06-300001528129lpi:ShareSettledMember2019-04-012019-06-300001528129lpi:ShareSettledMember2020-01-012020-06-300001528129lpi:ShareSettledMember2019-01-012019-06-300001528129us-gaap:PhantomShareUnitsPSUsMember2020-04-012020-06-300001528129us-gaap:PhantomShareUnitsPSUsMember2019-04-012019-06-300001528129us-gaap:PhantomShareUnitsPSUsMember2019-01-012019-06-300001528129lpi:PerformanceUnitAwardsMember2020-04-012020-06-300001528129lpi:PerformanceUnitAwardsMember2019-04-012019-06-300001528129lpi:PerformanceUnitAwardsMember2019-01-012019-06-300001528129lpi:CashSettledMember2020-04-012020-06-300001528129lpi:CashSettledMember2019-04-012019-06-300001528129lpi:CashSettledMember2020-01-012020-06-300001528129lpi:CashSettledMember2019-01-012019-06-300001528129lpi:OutperformanceShareAwardMember2019-06-032019-06-030001528129lpi:OutperformanceShareAwardMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-01-012020-06-300001528129lpi:OutperformanceShareAwardMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2020-01-012020-06-30lpi:derivative0001528129us-gaap:CommodityContractMember2020-04-012020-06-300001528129us-gaap:CommodityContractMember2019-04-012019-06-300001528129us-gaap:CommodityContractMember2020-01-012020-06-300001528129us-gaap:CommodityContractMember2019-01-012019-06-300001528129us-gaap:InterestRateContractMember2020-04-012020-06-300001528129us-gaap:InterestRateContractMember2019-04-012019-06-300001528129us-gaap:InterestRateContractMember2020-01-012020-06-300001528129us-gaap:InterestRateContractMember2019-01-012019-06-300001528129lpi:CommodityContractContingentConsiderationMember2020-04-012020-06-300001528129lpi:CommodityContractContingentConsiderationMember2019-04-012019-06-300001528129lpi:CommodityContractContingentConsiderationMember2020-01-012020-06-300001528129lpi:CommodityContractContingentConsiderationMember2019-01-012019-06-30utr:bbl0001528129lpi:CollarOptionJanuary2021ToDecember2021Memberlpi:EarlyContractTerminationMemberlpi:WTINYMEXMembersrt:CrudeOilMember2020-01-012020-06-300001528129lpi:CollarOptionJanuary2021ToDecember2021Memberlpi:EarlyContractTerminationMemberlpi:WTINYMEXMembersrt:CrudeOilMember2020-06-300001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:WTINYMEXMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:WTINYMEXMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:WTINYMEXMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:PutMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2022-01-012022-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2020-07-012020-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2021-01-012021-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMemberlpi:CollarMember2022-01-012022-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMemberlpi:BrentICEMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129srt:MinimumMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:MaximumMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMemberlpi:BrentICEtoWTINYMEXMembersrt:CrudeOilMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMemberlpi:BrentICEtoWTINYMEXMembersrt:CrudeOilMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMemberlpi:BrentICEtoWTINYMEXMembersrt:CrudeOilMember2022-01-012022-12-310001528129us-gaap:SwapMemberlpi:EthaneMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberlpi:EthaneMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberlpi:EthaneMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:PublicUtilitiesInventoryPropaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:PublicUtilitiesInventoryPropaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:PublicUtilitiesInventoryPropaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:ButaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:ButaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:ButaneMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:IsobutaneMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:IsobutaneMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberlpi:IsobutaneMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-310001528129us-gaap:SwapMemberlpi:NaturalGasolineMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberlpi:NaturalGasolineMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberlpi:NaturalGasolineMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2020-07-012020-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-12-31utr:MMBTU0001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:HenryHubNYMEXMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasReservesMember2020-07-012020-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:HenryHubNYMEXMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasReservesMember2021-01-012021-12-310001528129us-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:HenryHubNYMEXMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMembersrt:NaturalGasReservesMember2022-01-012022-12-310001528129lpi:WahaInsideFERCtoHenryHubNYMEXMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMembersrt:NaturalGasReservesMember2020-07-012020-12-310001528129lpi:WahaInsideFERCtoHenryHubNYMEXMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMembersrt:NaturalGasReservesMember2021-01-012021-12-310001528129lpi:WahaInsideFERCtoHenryHubNYMEXMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembersrt:ScenarioForecastMemberlpi:OutstandingatEndofPeriodMemberus-gaap:BasisSwapMembersrt:NaturalGasReservesMember2022-01-012022-12-310001528129lpi:OutstandingatEndofPeriodMember2020-04-012020-06-300001528129us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateSwapMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMemberlpi:CurrentAssetsMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMembersrt:CrudeOilMemberlpi:CurrentAssetsMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMemberlpi:CurrentAssetsMember2020-06-300001528129us-gaap:CommodityContractMembersrt:CrudeOilMemberlpi:CurrentAssetsMember2020-06-300001528129us-gaap:CommodityContractMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel1Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:FairValueInputsLevel2Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:FairValueInputsLevel3Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129srt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129srt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129lpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2020-06-300001528129us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberlpi:CurrentLiabilitiesMember2020-06-300001528129us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMember2020-06-300001528129us-gaap:InterestRateContractMemberlpi:CurrentLiabilitiesMember2020-06-300001528129us-gaap:InterestRateContractMember2020-06-300001528129us-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129lpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129lpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:CrudeOilMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasReservesMember2020-06-300001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMember2020-06-300001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2020-06-300001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMember2020-06-300001528129lpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel2Memberlpi:NoncurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129lpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129lpi:NoncurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2020-06-300001528129us-gaap:FairValueInputsLevel1Member2020-06-300001528129us-gaap:FairValueInputsLevel2Member2020-06-300001528129us-gaap:FairValueInputsLevel3Member2020-06-300001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMemberlpi:CurrentAssetsMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMembersrt:CrudeOilMemberlpi:CurrentAssetsMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMemberlpi:CurrentAssetsMember2019-12-310001528129us-gaap:CommodityContractMembersrt:CrudeOilMemberlpi:CurrentAssetsMember2019-12-310001528129us-gaap:CommodityContractMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:CurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel1Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:FairValueInputsLevel2Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:FairValueInputsLevel3Membersrt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129srt:CrudeOilMemberlpi:CurrentAssetsMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129srt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentAssetsMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:CurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129lpi:CurrentLiabilitiesMembersrt:CrudeOilMemberlpi:CommodityContractDeferredPremiumsMember2019-12-310001528129us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberlpi:CurrentLiabilitiesMember2019-12-310001528129us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMember2019-12-310001528129us-gaap:InterestRateContractMemberlpi:CurrentLiabilitiesMember2019-12-310001528129us-gaap:InterestRateContractMember2019-12-310001528129us-gaap:FairValueInputsLevel1Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel3Memberlpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129lpi:CurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129lpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:CrudeOilMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasLiquidsReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Membersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Membersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:CommodityContractMemberlpi:NoncurrentLiabilitiesMembersrt:NaturalGasReservesMember2019-12-310001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001528129us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMember2019-12-310001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001528129us-gaap:InterestRateContractMemberlpi:NoncurrentLiabilitiesMember2019-12-310001528129lpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel2Memberlpi:NoncurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129lpi:NoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129lpi:NoncurrentLiabilitiesMemberlpi:CommodityContractContingentConsiderationMembersrt:CrudeOilMember2019-12-310001528129us-gaap:FairValueInputsLevel1Member2019-12-310001528129us-gaap:FairValueInputsLevel2Member2019-12-310001528129us-gaap:FairValueInputsLevel3Member2019-12-310001528129lpi:CommodityContractDeferredPremiumsMember2020-03-310001528129lpi:CommodityContractDeferredPremiumsMember2019-03-310001528129lpi:CommodityContractDeferredPremiumsMember2019-12-310001528129lpi:CommodityContractDeferredPremiumsMember2018-12-310001528129lpi:CommodityContractDeferredPremiumsMember2020-04-012020-06-300001528129lpi:CommodityContractDeferredPremiumsMember2019-04-012019-06-300001528129lpi:CommodityContractDeferredPremiumsMember2020-01-012020-06-300001528129lpi:CommodityContractDeferredPremiumsMember2019-01-012019-06-300001528129lpi:CommodityContractDeferredPremiumsMember2020-06-300001528129lpi:CommodityContractDeferredPremiumsMember2019-06-300001528129lpi:CommodityContractDeferredPremiumsEarlyTerminationMember2019-04-012019-06-300001528129lpi:CommodityContractDeferredPremiumsEarlyTerminationMember2019-01-012019-06-3000015281292020-04-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberlpi:LineFillandOtherInventoriesMember2020-01-012020-06-300001528129us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberlpi:LineFillandOtherInventoriesMember2019-01-012019-06-300001528129us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300001528129us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300001528129lpi:LongLivedAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300001528129lpi:LongLivedAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote5.625PercentDue2022Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote6.25PercentDue2023Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote9.500PercentDue2025Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberlpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberlpi:SeniorNote10.125PercentDue2028Memberus-gaap:SeniorNotesMember2019-12-310001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2019-12-310001528129us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001528129us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001528129us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001528129us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001528129lpi:DrillingContractsMember2019-01-012019-06-300001528129lpi:DrillingContractsMember2020-01-012020-06-300001528129lpi:FirmSaleAndTransportationCommitmentsMember2020-06-300001528129us-gaap:DomesticCountryMemberus-gaap:InternalRevenueServiceIRSMember2020-06-300001528129us-gaap:StateAndLocalJurisdictionMemberlpi:OklahomaTaxCommissionMember2020-06-300001528129us-gaap:StateAndLocalJurisdictionMemberlpi:TaxAuthorityTexasMember2020-06-3000015281292017-12-3100015281292019-01-012019-12-310001528129us-gaap:AccountsReceivableMember2020-06-30lpi:contract0001528129lpi:DrillingRigContractLongTermOperatingLeaseMembersrt:AffiliatedEntityMemberlpi:HelmerichPayneInc.Member2019-01-012019-06-300001528129lpi:HelmerichPayneInc.Member2020-01-012020-06-300001528129srt:AffiliatedEntityMemberlpi:HelmerichPayneInc.Member2020-01-012020-06-300001528129srt:AffiliatedEntityMemberlpi:HelmerichPayneInc.Member2019-01-012019-06-300001528129srt:AffiliatedEntityMemberlpi:HalliburtonMember2020-01-012020-06-30lpi:employee00015281292020-06-172020-06-170001528129us-gaap:OneTimeTerminationBenefitsMember2020-04-012020-06-300001528129us-gaap:OtherCurrentLiabilitiesMember2020-06-300001528129lpi:ShareBasedCompensationAwardsForfeitedMember2020-04-012020-06-30lpi:seniorOfficer00015281292020-04-020001528129us-gaap:OneTimeTerminationBenefitsMember2019-04-012019-06-300001528129lpi:ShareBasedCompensationAwardsForfeitedMember2019-04-012019-06-300001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2020-07-142020-07-140001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2020-07-312020-07-310001528129us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2020-08-040001528129lpi:SubsequenttoEndofPeriodMemberus-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMembersrt:CrudeOilMember2020-07-012020-12-310001528129lpi:SubsequenttoEndofPeriodMemberus-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMembersrt:CrudeOilMember2021-01-012021-12-310001528129lpi:SubsequenttoEndofPeriodMemberus-gaap:SwapMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberlpi:BrentICEMembersrt:ScenarioForecastMembersrt:CrudeOilMember2022-01-012022-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2020
 or
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                             to                            
Commission File Number: 001-35380
 Laredo Petroleum, Inc.
(Exact name of registrant as specified in its charter)
Delaware45-3007926
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
15 W. Sixth Street Suite 900 
TulsaOklahoma74119
(Address of principal executive offices)(Zip code)
(918513-4570
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, $0.01 par value per shareLPINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer 
   
Non-accelerated filer Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  
Number of shares of registrant's common stock outstanding as of August 3, 2020: 11,996,028



LAREDO PETROLEUM, INC.
TABLE OF CONTENTS
 Page

ii

Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Quarterly Report") are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include statements, projections and estimates concerning our operations, performance, business strategy, oil, natural gas liquids ("NGL") and natural gas reserves, drilling program capital expenditures, liquidity and capital resources, the timing and success of specific projects, outcomes and effects of litigation, claims and disputes, derivative activities and potential financing. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "could," "may," "will," "foresee," "plan," "goal," "should," "intend," "pursue," "target," "continue," "suggest" or the negative thereof or other variations thereof or other words that convey the uncertainty of future events or outcomes. Forward-looking statements are not guarantees of performance. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Among the factors that significantly impact our business and could impact our business in the future are:
the threat, occurrence, potential duration or other implications of epidemic or pandemic diseases, including the recent outbreak of a novel strain of coronavirus ("COVID-19"), or any government response to such occurrence or threat;
changes in domestic and global production, supply and demand for oil, NGL and natural gas, including the recent decrease in demand and oversupply of oil and natural gas as a result of the COVID-19 pandemic and actions by OPEC+;
the volatility of oil, NGL and natural gas prices, including in our area of operation in the Permian Basin, and the extent and duration of price reductions and increased production by the Organization of the Petroleum Exporting Countries members and other oil exporting nations ("OPEC+");
the pipeline and storage constraints in the Permian Basin and the possibility of future production curtailment in the State of Texas;
revisions to our reserve estimates as a result of changes in commodity prices, decline curves and other uncertainties;
impacts of impairment write-downs on our financial statements;
the effectiveness of our internal control over financial reporting and our ability to remediate a material weakness in our internal control over financial reporting;
the potential impact of suspending drilling programs and completions activities or shutting in a portion of our wells, as well as costs to later restart, and co‐development considerations such as horizontal spacing, vertical spacing and parent‐child interactions on production of oil, NGL and natural gas from our wells;
conditions of the energy industry and changes in the regulatory environment and in United States or international legal, tax, political, administrative or economic conditions, including trade policies or regulations that restrict imports or exports from the United States or prohibit or restrict our ability to apply hydraulic fracturing to our oil and natural gas wells and to access and dispose of water used in these operations;
the ongoing instability and uncertainty in the United States and international energy, financial and consumer markets that could adversely affect the liquidity available to us and our customers and the demand for commodities, including oil, NGL and natural gas;
our ability to maintain listing on the New York Stock Exchange ("NYSE") and to prevent the decrease in market price and liquidity of our common stock;
our ability to discover, estimate, develop and replace oil, NGL and natural gas reserves and inventory;
capital requirements for our operations and projects;
the long-term performance of wells that were completed using different technologies;
iii

Table of Contents
the availability and costs of drilling and production equipment, supplies, labor and oil and natural gas processing and other services;
the availability and costs of sufficient pipeline and transportation facilities and gathering and processing capacity;
our ability to maintain the borrowing capacity under our Fifth Amended and Restated Senior Secured Credit Facility (as amended, the "Senior Secured Credit Facility") or access other means of obtaining capital and liquidity, especially during periods of sustained low commodity prices;
our ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to our financial results and to successfully integrate acquired businesses, assets and properties;
our ability to generate sufficient cash to service our indebtedness, fund our capital requirements and generate future profits;
the impact of repurchases, if any, of securities from time to time;
restrictions contained in our debt agreements, including our Senior Secured Credit Facility and the indentures governing our Senior Unsecured Notes (as defined below), as well as debt that could be incurred in the future;
our ability to maintain the health and safety of, as well as recruit and retain, qualified personnel necessary to operate our business;
the potentially insufficient refining capacity in the United States Gulf Coast to refine all of the light sweet crude oil being produced in the United States, which could result in widening price discounts to world oil prices and potential shut-in of production due to lack of sufficient markets;
risks related to the geographic concentration of our assets;
our ability to secure or generate sufficient electricity to produce our wells without limitations;
our ability to hedge and regulations that affect our ability to hedge;
legislation or regulations that prohibit or restrict our ability to drill new allocation wells;
our ability to execute our strategies;
competition in the oil and natural gas industry;
drilling and operating risks, including risks related to hydraulic fracturing activities,
and those related to inclement weather impacting our ability to produce existing wells and/or drill and complete new wells over an extended period of time; and
our ability to comply with federal, state and local regulatory requirements.
These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," under "Part II, Item 1A. Risk Factors" and elsewhere in this Quarterly Report and our first-quarter 2020 Quarterly Report, under "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Annual Report") and those set forth from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). These documents are available through our website or through the SEC's Electronic Data Gathering and Analysis Retrieval system at http://www.sec.gov. In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities law.
iv

Table of Contents
Part I

Item 1.    Consolidated Financial Statements (Unaudited)

Laredo Petroleum, Inc.
Consolidated balance sheets
(in thousands, except share data)
(Unaudited)
  June 30, 2020December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$15,747  $40,857  
Accounts receivable, net69,113  85,223  
Derivatives151,704  51,929  
Other current assets19,695  22,470  
Total current assets256,259  200,479  
Property and equipment: 
Oil and natural gas properties, full cost method: 
Evaluated properties7,689,108  7,421,799  
Unevaluated properties not being depleted127,116  142,354  
Less accumulated depletion and impairment(6,429,794) (5,725,114) 
Oil and natural gas properties, net1,386,430  1,839,039  
Midstream service assets, net116,826  128,678  
Other fixed assets, net33,001  32,504  
Property and equipment, net1,536,257  2,000,221  
Derivatives40,258  23,387  
Operating lease right-of-use assets23,844  28,343  
Other noncurrent assets, net13,970  12,007  
Total assets$1,870,588  $2,264,437  
Liabilities and stockholders' equity 
Current liabilities: 
Accounts payable and accrued liabilities$47,433  $40,521  
Accrued capital expenditures21,304  36,328  
Undistributed revenue and royalties22,597  33,123  
Derivatives192  7,698  
Operating lease liabilities11,696  14,042  
Other current liabilities54,567  39,184  
Total current liabilities157,789  170,896  
Long-term debt, net1,258,164  1,170,417  
Derivatives602    
Asset retirement obligations62,352  60,691  
Operating lease liabilities14,670  17,208  
Other noncurrent liabilities991  3,351  
Total liabilities1,494,568  1,422,563  
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of June 30, 2020 and December 31, 2019
    
Common stock, $0.01 par value, 22,500,000 shares authorized and 11,939,307 and 11,864,604 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively (1)
119  2,373  
Additional paid-in capital2,392,564  2,385,355  
Accumulated deficit(2,016,663) (1,545,854) 
Total stockholders' equity376,020  841,874  
Total liabilities and stockholders' equity$1,870,588  $2,264,437  
______________________________________________________________________________
(1)Common stock shares were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020. See Note 7.a.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
1

Table of Contents
Laredo Petroleum, Inc.
Consolidated statements of operations
(in thousands, except per share data)
(Unaudited)
 Three months ended June 30,Six months ended June 30,
 2020201920202019
Revenues:   
Oil sales$70,105  $160,030  $190,083  $289,201  
NGL sales13,228  22,197  24,786  54,432  
Natural gas sales10,810  1,636  15,159  13,606  
Midstream service revenues2,281  2,610  4,964  5,493  
Sales of purchased oil14,164  30,170  80,588  62,858  
Total revenues110,588  216,643  315,580  425,590  
Costs and expenses:
Lease operating expenses20,591  23,632  42,631  46,241  
Production and ad valorem taxes6,938  11,328  16,182  18,547  
Transportation and marketing expenses11,181  4,891  24,725  9,650  
Midstream service expenses815  607  1,985  2,210  
Costs of purchased oil16,117  30,172  95,414  62,863  
General and administrative10,659  11,056  23,221  32,575  
Organizational restructuring expenses4,200  10,406  4,200  10,406  
Depletion, depreciation and amortization66,574  65,703  127,876  128,801  
Impairment expense406,448    593,147    
Other operating expenses1,117  1,020  2,223  2,072  
Total costs and expenses544,640  158,815  931,604  313,365  
Operating income (loss)(434,052) 57,828  (616,024) 112,225  
Non-operating income (expense):
Gain (loss) on derivatives, net(90,537) 88,394  207,299  40,029  
Interest expense(27,072) (15,765) (52,042) (31,312) 
Litigation settlement  42,500    42,500  
Loss on extinguishment of debt    (13,320)   
Gain (loss) on disposal of assets, net152  (670) (450) (1,609) 
Other income (expense), net(16) 2,846  75  3,713  
Write-off of debt issuance costs(1,103)   (1,103)   
Total non-operating income (expense), net(118,576) 117,305  140,459  53,321  
Income (loss) before income taxes(552,628) 175,133  (475,565) 165,546  
Income tax benefit (expense):
Deferred7,173  (1,751) 4,756  (1,655) 
Total income tax benefit (expense) 7,173  (1,751) 4,756  (1,655) 
Net income (loss)$(545,455) $173,382  $(470,809) $163,891  
Net income (loss) per common share (1):
 
Basic$(46.75) $14.99  $(40.44) $14.19  
Diluted$(46.75) $14.98  $(40.44) $14.15  
Weighted-average common shares outstanding(1):
   
Basic11,667  11,570  11,642  11,547  
Diluted11,667  11,578  11,642  11,586  
______________________________________________________________________________
(1)Net income (loss) per common share and weighted-average common shares outstanding were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.




The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

Table of Contents
Laredo Petroleum, Inc.
Consolidated statements of stockholders' equity
(in thousands)
(Unaudited)
 Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit 
 
Shares (1)
Amount
Shares (1)
AmountTotal
Balance, March 31, 202011,970  $2,394  $2,388,035    $  $(1,471,208) $919,221  
Reverse stock split—  (2,277) 2,277  —  —  —  —  
Restricted stock awards(2)
13  2  (2) —  —  —    
Restricted stock forfeitures(2)
(37) —  —  —  —  —    
Stock exchanged for tax withholding—  —  —  7  (122) —  (122) 
Retirement of treasury stock(2)
(7)   (122) (7) 122  —    
Share-settled equity-based compensation—  —  2,376  —  —  —  2,376  
Net loss—  —  —  —  —  (545,455) (545,455) 
Balance, June 30, 202011,939  $119  $2,392,564    $  $(2,016,663) $376,020  
Common stockAdditional
paid-in capital
Treasury stock
(at cost)
Accumulated deficit
Shares (1)
Amount
Shares (1)
AmountTotal
Balance, March 31, 201911,960  $2,392  $2,381,926    $  $(1,212,886) $1,171,432  
Restricted stock awards53  11  (11) —  —  —    
Restricted stock forfeitures(138) (28) 28  —  —  —    
Stock exchanged for tax withholding—  —  —  1  (34) —  (34) 
Retirement of treasury stock(1)   (34) (1) 34  —    
Share-settled equity-based compensation —  —  (459) —  —  —  (459) 
Net income—  —  —  —  —  173,382  173,382  
Balance, June 30, 201911,874  $2,375  $2,381,450    $  $(1,039,504) $1,344,321  
______________________________________________________________________________
(1) Shares presented were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.
(2)The amounts presented for common stock and additional paid-in capita