$VTLE
Vital Energy, Inc.

2019 Q4 Form 10-Q Financial Statement

#000152812919000156 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $218.1M $193.6M $215.3M
YoY Change 1.32% -30.81% -10.42%
Cost Of Revenue $83.30M $61.20M $76.50M
YoY Change 8.89% -35.51% -9.68%
Gross Profit $134.8M $132.4M $138.8M
YoY Change -2.88% -28.39% -10.8%
Gross Profit Margin 61.8% 68.4% 64.47%
Selling, General & Admin $13.30M $8.900M $21.20M
YoY Change -37.26% -61.97% -10.55%
% of Gross Profit 9.87% 6.72% 15.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.80M $69.10M $60.40M
YoY Change 12.25% 23.47% 33.92%
% of Gross Profit 50.3% 52.19% 43.52%
Operating Expenses $82.20M $78.90M $82.70M
YoY Change -0.6% -1.87% 18.48%
Operating Profit -$170.4M -$350.4M $56.12M
YoY Change -403.58% -435.64% -34.61%
Interest Expense -$72.60M $15.19M $97.10M
YoY Change -174.77% 2.33% -72.19%
% of Operating Profit 173.01%
Other Income/Expense, Net $400.0K $83.34M $400.0K
YoY Change 0.0% -273.73%
Pretax Income -$243.5M -$267.1M $152.4M
YoY Change -259.78% -573.26% -62.87%
Income Tax -$1.800M -$2.467M $2.900M
% Of Pretax Income 1.9%
Net Earnings -$241.7M -$264.6M $149.6M
YoY Change -261.61% -580.71% -63.39%
Net Earnings / Revenue -110.82% -136.71% 69.48%
Basic Earnings Per Share -$20.86 -$22.86 $0.65
Diluted Earnings Per Share -$20.86 -$22.86 $0.65
COMMON SHARES
Basic Shares Outstanding 237.1M shares 11.58M shares 233.9M shares
Diluted Shares Outstanding 11.58M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.90M $31.70M $45.20M
YoY Change -9.51% -37.1% -59.71%
Cash & Equivalents $40.86M $31.69M $45.15M
Short-Term Investments
Other Short-Term Assets $22.47M $12.83M $13.45M
YoY Change 67.13% -30.54% -14.29%
Inventory $5.484M $6.890M
Prepaid Expenses
Receivables $85.22M $82.37M $94.32M
Other Receivables $6.105M $0.00 $22.35M
Total Short-Term Assets $200.5M $224.7M $192.8M
YoY Change 4.01% 18.58% -18.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.000B $1.977B $2.200B
YoY Change -9.07% -6.43% 24.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.01M $12.64M $16.89M
YoY Change -28.9% -25.97% 4.84%
Total Long-Term Assets $2.064B $2.053B $2.228B
YoY Change -7.34% -3.63% 24.59%
TOTAL ASSETS
Total Short-Term Assets $200.5M $224.7M $192.8M
Total Long-Term Assets $2.064B $2.053B $2.228B
Total Assets $2.264B $2.278B $2.420B
YoY Change -6.44% -1.82% 19.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.50M $53.60M $69.50M
YoY Change -41.73% -38.11% 19.13%
Accrued Expenses $50.40M $32.30M $30.00M
YoY Change 68.0% -15.45% -83.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $170.9M $145.8M $200.5M
YoY Change -14.75% -43.76% -27.74%
LONG-TERM LIABILITIES
Long-Term Debt $1.170B $980.0M $983.6M
YoY Change 18.99% 1.74% 24.22%
Other Long-Term Liabilities $3.351M $5.177M $8.587M
YoY Change -60.98% -7.11% -93.6%
Total Long-Term Liabilities $1.174B $985.1M $992.2M
YoY Change 18.3% 1.69% 7.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $170.9M $145.8M $200.5M
Total Long-Term Liabilities $1.174B $985.1M $992.2M
Total Liabilities $1.423B $1.198B $1.246B
YoY Change 14.16% -8.14% -0.93%
SHAREHOLDERS EQUITY
Retained Earnings -$1.546B -$1.304B -$1.203B
YoY Change 28.46% -3.61% -27.9%
Common Stock $2.388B $2.383B $2.378B
YoY Change 0.42% 0.65% -2.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $841.9M $1.079B $1.174B
YoY Change
Total Liabilities & Shareholders Equity $2.264B $2.278B $2.420B
YoY Change -6.44% -1.82% 19.62%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$241.7M -$264.6M $149.6M
YoY Change -261.61% -580.71% -63.39%
Depreciation, Depletion And Amortization $67.80M $69.10M $60.40M
YoY Change 12.25% 23.47% 33.92%
Cash From Operating Activities $108.2M $105.6M $129.3M
YoY Change -16.32% -27.62% 14.63%
INVESTING ACTIVITIES
Capital Expenditures -$289.1M -$85.60M -$154.7M
YoY Change 86.88% -53.1% -9.27%
Acquisitions
YoY Change
Other Investing Activities $100.0K $5.900M $200.0K
YoY Change -50.0% 5800.0% -99.98%
Cash From Investing Activities -$289.0M -$79.70M -$154.6M
YoY Change 86.93% -56.28% -123.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.0M -50.10M 19.90M
YoY Change 854.77% -199.6% -102.95%
NET CHANGE
Cash From Operating Activities 108.2M 105.6M 129.3M
Cash From Investing Activities -289.0M -79.70M -154.6M
Cash From Financing Activities 190.0M -50.10M 19.90M
Net Change In Cash 9.200M -24.20M -5.400M
YoY Change -270.37% -274.1% -105.91%
FREE CASH FLOW
Cash From Operating Activities $108.2M $105.6M $129.3M
Capital Expenditures -$289.1M -$85.60M -$154.7M
Free Cash Flow $397.3M $191.2M $284.0M
YoY Change 39.89% -41.78% 0.25%

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IncomeTaxExpenseBenefit
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CY2019Q3 us-gaap Net Income Loss
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CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
231562000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230605000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
231152000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233228000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231562000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231639000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231152000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234207000 shares
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2612000 USD
CY2019Q1 lpi Treasury Stock Exchange Of Shares For Stock Option Exercise
TreasuryStockExchangeOfSharesForStockOptionExercise
76000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
76000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9305000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1079252000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58475000 USD
CY2018Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11441000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2018Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12672000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
33452000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2018Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
14000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
86000 USD
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10660000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
55050000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
-100738000 USD
us-gaap Net Income Loss
NetIncomeLoss
175022000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-812000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
197900000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
152278000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
397890000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5244000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28748000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
136713000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-69211000 USD
lpi Cash Settlements Of Matured Derivative Financial Instruments Net
CashSettlementsOfMaturedDerivativeFinancialInstrumentsNet
48827000 USD
lpi Cash Settlements Of Matured Derivative Financial Instruments Net
CashSettlementsOfMaturedDerivativeFinancialInstrumentsNet
-5943000 USD
lpi Proceeds From Payments For Cash Settlements Early Terminations Of Derivative Financial Instruments Net
ProceedsFromPaymentsForCashSettlementsEarlyTerminationsOfDerivativeFinancialInstrumentsNet
-5409000 USD
lpi Proceeds From Payments For Cash Settlements Early Terminations Of Derivative Financial Instruments Net
ProceedsFromPaymentsForCashSettlementsEarlyTerminationsOfDerivativeFinancialInstrumentsNet
0 USD
lpi Change In Net Present Value Of Deferred Premiums For Derivative Financial Instruments
ChangeInNetPresentValueOfDeferredPremiumsForDerivativeFinancialInstruments
133000 USD
lpi Change In Net Present Value Of Deferred Premiums For Derivative Financial Instruments
ChangeInNetPresentValueOfDeferredPremiumsForDerivativeFinancialInstruments
564000 USD
lpi Premiums Paid Received For Derivative Financial Instruments
PremiumsPaidReceivedForDerivativeFinancialInstruments
7664000 USD
lpi Premiums Paid Received For Derivative Financial Instruments
PremiumsPaidReceivedForDerivativeFinancialInstruments
14930000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2539000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2484000 USD
lpi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
9583000 USD
lpi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
0 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2540000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
9290000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-11778000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
18591000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
4088000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
6479000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2988000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-346000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-15896000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
28296000 USD
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
-18878000 USD
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
15387000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-21221000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-28298000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1135000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-625000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
366868000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
408528000 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
2880000 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
16340000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
368182000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
522470000 USD
lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
6741000 USD
lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
5764000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1720000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
5945000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
1655000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
6847000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
12433000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-372676000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-536431000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
80000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
190000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
85000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
20000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
97055000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2650000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4411000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
86000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2469000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7650000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
66151000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13458000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-61752000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45151000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112159000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31693000 USD
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
247000 USD
us-gaap Sublease Income
SubleaseIncome
741000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
34990000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50407000 USD
us-gaap Nature Of Operations
NatureOfOperations
Organization and basis of presentation <div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">a.</span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">    </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Organization</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is </span><span style="font-family:inherit;font-size:10pt;">an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and midstream and marketing services, primarily in the Permian Basin of West Texas</span><span style="font-family:inherit;font-size:10pt;">. LMS and GCM (together, the "Guarantors") guarantee all of Laredo's debt instruments. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and, therefore, approximate.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">b.    Basis of presentation</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, results of operations for the three and </span><span style="font-family:inherit;font-size:10pt;">nine</span><span style="font-family:inherit;font-size:10pt;"> months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> and cash flows for the </span><span style="font-family:inherit;font-size:10pt;">nine</span><span style="font-family:inherit;font-size:10pt;"> months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Annual Report.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Significant accounting policies</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">See Note 2 in the </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Annual Report for discussion of significant accounting policies and Note </span><span style="font-family:inherit;font-size:10pt;">3</span><span style="font-family:inherit;font-size:10pt;"> for those related to the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 842, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</span><span style="font-family:inherit;font-size:10pt;"> ("ASC 842"). </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For further information regarding the use of estimates and assumptions, see Note 2.b in the </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Annual Report, Note </span><span style="font-family:inherit;font-size:10pt;">3</span><span style="font-family:inherit;font-size:10pt;"> pertaining to the Company's leases and Note </span><span style="font-family:inherit;font-size:10pt;">6.c</span><span style="font-family:inherit;font-size:10pt;"> pertaining to the Company's 2019 performance share awards and outperformance share award.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For further information regarding the use of estimates and assumptions, see Note 2.b in the </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Annual Report, Note </span><span style="font-family:inherit;font-size:10pt;">3</span><span style="font-family:inherit;font-size:10pt;"> pertaining to the Company's leases and Note </span><span style="font-family:inherit;font-size:10pt;">6.c</span><span style="font-family:inherit;font-size:10pt;"> pertaining to the Company's 2019 performance share awards and outperformance share award.</span></div>
CY2019Q3 lpi Average Working Interest Core Operating Producing Wells Percent
AverageWorkingInterestCoreOperatingProducingWellsPercent
0.97
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3667000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
10908000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
30966000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
126400000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
604000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
2376000 USD
us-gaap Lease Cost
LeaseCost
138943000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1467000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
4291000 USD
CY2019Q3 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
2295000 USD
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
6811000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y11M15D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0833
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3733000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6808000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4061000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2580000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1359000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4556000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23097000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3682000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
19415000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7995000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11420000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3092000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3179000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3128000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2560000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1358000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
4556000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17873000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
5900000 USD
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CY2019Q3 lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
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397900000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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MinimumVolumeCommitmentsDeficiencyPayments
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MinimumVolumeCommitmentsDeficiencyPayments
200000 USD
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MinimumVolumeCommitmentsDeficiencyPayments
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lpi Minimum Volume Commitments Deficiency Payments
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AssetRetirementObligation
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AssetRetirementObligation
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CY2018Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2019Q3 lpi Tax Cuts And Jobs Act Of2017 Net Operating Loss Carryforward That Will Not Expire
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0 USD
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CY2019Q3 us-gaap Assets
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CY2019Q3 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Oil And Gas Property Full Cost Method Net
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CY2018Q4 us-gaap Assets
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CY2018Q4 us-gaap Long Term Debt Noncurrent
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
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CY2019Q3 us-gaap Costs And Expenses
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CY2019Q3 lpi Other Nonoperating Income Expense Before Interest Expense
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CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q3 us-gaap Income Tax Expense Benefit
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CY2019Q3 us-gaap Net Income Loss
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CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q3 us-gaap Income Tax Expense Benefit
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Net Cash Provided By Used In Operating Activities
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66151000 USD
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.20

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