Laredo Petroleum Acquires Pioneer’s Midland Basin Acreage for $230 Million
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Laredo Petroleum has signed a purchase and sale agreement to acquire approximately 20,000 net acres in western Glasscock County from Pioneer Natural Resources Company for approximately $230 million, subject to customary closing price adjustments.
This is Laredo’s second significant acquisition in 2021, as the company continues to execute its transformational strategy and expand its high-margin inventory. The leasehold to be acquired is directly adjacent to Laredo’s existing western Glasscock leasehold, expanding its oil-weighted core development area in the prolific Midland Basin. The transaction is expected to close in October 2021.
“Upon closing this transaction, we will have acquired more than 55,000 net acres of highly productive, oil-weighted inventory in Howard and western Glasscock counties in just two years, fundamentally transforming Laredo,” said Jason Pigott, president and chief executive officer.
“Seven years of inventory across these core areas will enhance our ability to deliver sustainable, long-term free cash flow generation and to rapidly deleverage. Through transactions like today’s, we continue to demonstrate our ability to integrate premier locations into our operations and enhance our return profile while operating in an environmentally responsible and sustainable manner,” added Pigott.
About Laredo Petroleum
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.
To stop by Laredo’s website, CLICK HERE
About Pioneer Natural Resources
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.
To stop by Pioneer’s website, CLICK HERE
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