UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 17, 2019
(Exact name of registrant as specified in charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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Registrant’s telephone number, including area code: (918 ) 513-4570
Not Applicable
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Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||
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. o | |||
Item 2.02. Results of Operations and Financial Condition.
On October 17, 2019, Laredo Petroleum, Inc. (the "Company") provided the preliminary results for its commodity derivatives for the third-quarter 2019 and updated its basic and diluted weighted-average shares outstanding as follows:
Commodity Derivatives Update
The following table presents components of the Company's total gain on derivatives for the periods presented:
(in thousands) | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | ||||||
Non-cash gain on derivatives, net | $ | 72,854 | $ | 100,959 | ||||
Net cash received on settlements of matured derivatives, terminated derivatives and premiums paid | 23,830 | 35,754 | ||||||
Total gain on derivatives, net | $ | 96,684 | $ | 136,713 | ||||
Laredo records all derivatives on its consolidated balance sheet as assets and/or liabilities measured at their estimated fair value. Laredo has not designated any derivatives as hedges for accounting purposes and Laredo does not enter into such instruments for speculative trading purposes. Gain (loss) on derivatives is reported under "Non-operating income (expense)" in Laredo's consolidated statement of operations.
Weighted-Average Shares Outstanding
The following table presents the Company's basic and diluted weighted-average shares for the periods presented:
(in thousands) | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | ||||
Weighted-average common shares outstanding: | ||||||
Basic | 231,562 | 231,152 | ||||
Diluted | 231,701 | 231,743 | ||||
In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 2.02 of this Current Report on Form 8-K is deemed to be "furnished" and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information and exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LAREDO PETROLEUM, INC. | ||
Date: October 17, 2019 | By: | /s/ Michael T. Beyer |
Michael T. Beyer | ||
Senior Vice President and Chief Financial Officer | ||