2020 Q4 Form 10-Q Financial Statement

#000152812920000174 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $188.1M $173.5M $193.6M
YoY Change -13.78% -10.34% -30.81%
Cost Of Revenue $97.10M $85.50M $61.20M
YoY Change 16.57% 39.71% -35.51%
Gross Profit $90.90M $88.00M $132.4M
YoY Change -32.57% -33.53% -28.39%
Gross Profit Margin 48.33% 50.71% 68.4%
Selling, General & Admin $15.80M $11.50M $8.900M
YoY Change 18.8% 29.21% -61.97%
% of Gross Profit 17.38% 13.07% 6.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.20M $47.02M $69.10M
YoY Change -37.76% -31.96% 23.47%
% of Gross Profit 46.42% 53.43% 52.19%
Operating Expenses $59.20M $59.60M $78.90M
YoY Change -27.98% -24.46% -1.87%
Operating Profit -$78.03M -$167.7M -$350.4M
YoY Change -54.2% -52.15% -435.64%
Interest Expense -$108.1M $26.83M $15.19M
YoY Change 48.9% 76.6% 2.33%
% of Operating Profit
Other Income/Expense, Net $1.000M -$72.15M $83.34M
YoY Change 150.0% -186.57% -273.73%
Pretax Income -$162.7M -$239.8M -$267.1M
YoY Change -33.18% -10.21% -573.26%
Income Tax $3.200M -$2.398M -$2.467M
% Of Pretax Income
Net Earnings -$165.9M -$237.4M -$264.6M
YoY Change -31.35% -10.28% -580.71%
Net Earnings / Revenue -88.23% -136.81% -136.71%
Basic Earnings Per Share -$14.18 -$20.32 -$22.86
Diluted Earnings Per Share -$14.18 -$20.32 -$22.86
COMMON SHARES
Basic Shares Outstanding 12.00M shares 11.69M shares 11.58M shares
Diluted Shares Outstanding 11.69M shares 11.58M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.80M $40.30M $31.70M
YoY Change 19.32% 27.13% -37.1%
Cash & Equivalents $48.76M $40.26M $31.69M
Short-Term Investments
Other Short-Term Assets $15.96M $17.83M $12.83M
YoY Change -28.95% 39.0% -30.54%
Inventory $3.196M
Prepaid Expenses
Receivables $63.98M $60.30M $82.37M
Other Receivables $9.426M $0.00 $0.00
Total Short-Term Assets $136.6M $199.5M $224.7M
YoY Change -31.87% -11.22% 18.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.272B $1.335B $1.977B
YoY Change -36.42% -32.48% -6.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.34M $16.61M $12.64M
YoY Change 36.05% 31.41% -25.97%
Total Long-Term Assets $1.306B $1.382B $2.053B
YoY Change -36.72% -32.69% -3.63%
TOTAL ASSETS
Total Short-Term Assets $136.6M $199.5M $224.7M
Total Long-Term Assets $1.306B $1.382B $2.053B
Total Assets $1.443B $1.581B $2.278B
YoY Change -36.29% -30.57% -1.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.30M $46.10M $53.60M
YoY Change -5.43% -13.99% -38.11%
Accrued Expenses $40.00M $36.90M $32.30M
YoY Change -20.63% 14.24% -15.45%
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 $197.6M $143.1M $145.8M
YoY Change 15.62% -1.86% -43.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.179B $1.219B $980.0M
YoY Change 0.76% 24.39% 1.74%
Other Long-Term Liabilities $1.448M $959.0K $5.177M
YoY Change -56.79% -81.48% -7.11%
Total Long-Term Liabilities $1.181B $1.220B $985.1M
YoY Change 0.59% 23.83% 1.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $197.6M $143.1M $145.8M
Total Long-Term Liabilities $1.181B $1.220B $985.1M
Total Liabilities $1.464B $1.440B $1.198B
YoY Change 2.92% 20.14% -8.14%
SHAREHOLDERS EQUITY
Retained Earnings -$2.420B -$2.254B -$1.304B
YoY Change 56.55% 72.84% -3.61%
Common Stock $2.399B $2.396B $2.383B
YoY Change 0.45% 0.51% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.44M $141.5M $1.079B
YoY Change
Total Liabilities & Shareholders Equity $1.443B $1.581B $2.278B
YoY Change -36.29% -30.57% -1.82%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$165.9M -$237.4M -$264.6M
YoY Change -31.35% -10.28% -580.71%
Depreciation, Depletion And Amortization $42.20M $47.02M $69.10M
YoY Change -37.76% -31.96% 23.47%
Cash From Operating Activities $109.8M $102.0M $105.6M
YoY Change 1.48% -3.41% -27.62%
INVESTING ACTIVITIES
Capital Expenditures -$71.00M -$38.00M -$85.60M
YoY Change -75.44% -55.61% -53.1%
Acquisitions
YoY Change
Other Investing Activities -$12.10M $500.0K $5.900M
YoY Change -12200.0% -91.53% 5800.0%
Cash From Investing Activities -$83.10M -$37.50M -$79.70M
YoY Change -71.25% -52.95% -56.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.20M -40.00M -50.10M
YoY Change -109.58% -20.16% -199.6%
NET CHANGE
Cash From Operating Activities 109.8M 102.0M 105.6M
Cash From Investing Activities -83.10M -37.50M -79.70M
Cash From Financing Activities -18.20M -40.00M -50.10M
Net Change In Cash 8.500M 24.50M -24.20M
YoY Change -7.61% -201.24% -274.1%
FREE CASH FLOW
Cash From Operating Activities $109.8M $102.0M $105.6M
Capital Expenditures -$71.00M -$38.00M -$85.60M
Free Cash Flow $180.8M $140.0M $191.2M
YoY Change -54.49% -26.78% -41.78%

Facts In Submission

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CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
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CY2019Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Stockholders Equity
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CY2019Q4 us-gaap Stockholders Equity
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Net Income Loss
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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lpi Treasury Stock Exchange Of Shares For Stock Option Exercise
TreasuryStockExchangeOfSharesForStockOptionExercise
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us-gaap Treasury Stock Retired Cost Method Amount
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Net Income Loss
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CY2019Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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-708241000 USD
us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
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lpi Cash Settlements Of Matured Derivative Financial Instruments Net
CashSettlementsOfMaturedDerivativeFinancialInstrumentsNet
186435000 USD
lpi Cash Settlements Of Matured Derivative Financial Instruments Net
CashSettlementsOfMaturedDerivativeFinancialInstrumentsNet
48827000 USD
lpi Proceeds From Payments For Cash Settlements Early Terminations Of Derivative Financial Instruments Net
ProceedsFromPaymentsForCashSettlementsEarlyTerminationsOfDerivativeFinancialInstrumentsNet
6340000 USD
lpi Proceeds From Payments For Cash Settlements Early Terminations Of Derivative Financial Instruments Net
ProceedsFromPaymentsForCashSettlementsEarlyTerminationsOfDerivativeFinancialInstrumentsNet
-5409000 USD
lpi Premiums Paid Received For Derivative Financial Instruments
PremiumsPaidReceivedForDerivativeFinancialInstruments
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lpi Premiums Paid Received For Derivative Financial Instruments
PremiumsPaidReceivedForDerivativeFinancialInstruments
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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lpi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
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lpi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Other Operating Activities Cash Flow Statement
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4519000 USD
us-gaap Other Operating Activities Cash Flow Statement
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2673000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-24925000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
4088000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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3619000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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5569000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-15896000 USD
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
-7631000 USD
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
-18878000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-8216000 USD
us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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-7633000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
273620000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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366868000 USD
us-gaap Payments To Acquire Oil And Gas Property
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us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
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lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
6741000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
3024000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1720000 USD
us-gaap Proceeds From Sale Of Productive Assets
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1242000 USD
us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
774000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2650000 USD
us-gaap Payments Of Debt Issuance Costs
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18451000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45151000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40258000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31693000 USD
us-gaap Nature Of Operations
NatureOfOperations
Organization and basis of presentation <div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:130%">a.    Organization</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:130%"> </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas. 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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:130%">b.    Basis of presentation </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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 December 31, 2019 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 September 30, 2020, results of operations for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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 2019 Annual Report.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Significant accounting policies</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">See Note 2 in the 2019 Annual Report for discussion of significant accounting policies.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">For further information regarding the use of estimates and assumptions, see Note 2.b in the 2019 Annual Report and Notes 8.e and 8.f pertaining to the Company's 2020 performance unit awards and phantom unit awards, respectively.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Reclassifications</span></div>Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">For further information regarding the use of estimates and assumptions, see Note 2.b in the 2019 Annual Report and Notes 8.e and 8.f pertaining to the Company's 2020 performance unit awards and phantom unit awards, respectively.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
ReclassificationsCertain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.
CY2020Q3 us-gaap Capitalized Costs Proved Properties
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CY2019Q4 us-gaap Capitalized Costs Proved Properties
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CY2020Q3 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2019Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2020Q3 lpi Capitalized Costs Proved Properties Net
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CY2019Q4 lpi Capitalized Costs Proved Properties Net
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CY2020Q3 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2019Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2020Q3 lpi Midstream Service Assets Net
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CY2019Q4 lpi Midstream Service Assets Net
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CY2020Q3 us-gaap Property Plant And Equipment Net
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2020Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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CY2019Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 USD
CY2020Q3 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
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CY2019Q3 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
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us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
16468000 USD
us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
2880000 USD
CY2020Q3 us-gaap Costs Incurred Exploration Costs
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CY2019Q3 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
3480000 USD
us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
13563000 USD
us-gaap Costs Incurred Exploration Costs
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16101000 USD
CY2020Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
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CY2019Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
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us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
256374000 USD
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
349738000 USD
CY2020Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
41128000 USD
CY2019Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
76837000 USD
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
293991000 USD
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
368719000 USD
CY2020Q3 lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
CapitalizedCostsOfOilAndGasPropertiesEmployeeRelatedCostsIncurred
4976000 USD
CY2019Q3 lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
CapitalizedCostsOfOilAndGasPropertiesEmployeeRelatedCostsIncurred
4164000 USD
lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
CapitalizedCostsOfOilAndGasPropertiesEmployeeRelatedCostsIncurred
13573000 USD
lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
CapitalizedCostsOfOilAndGasPropertiesEmployeeRelatedCostsIncurred
14276000 USD
CY2020Q3 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
43648000 USD
CY2019Q3 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
65354000 USD
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
164705000 USD
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
186662000 USD
CY2020Q3 lpi Depletion Expense Per Physical Unitof Production
DepletionExpensePerPhysicalUnitofProduction
5.40
CY2019Q3 lpi Depletion Expense Per Physical Unitof Production
DepletionExpensePerPhysicalUnitofProduction
8.67
lpi Depletion Expense Per Physical Unitof Production
DepletionExpensePerPhysicalUnitofProduction
6.72
lpi Depletion Expense Per Physical Unitof Production
DepletionExpensePerPhysicalUnitofProduction
8.56
lpi Discount Rate Full Cost Ceiling
DiscountRateFullCostCeiling
0.10
CY2020Q3 lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
UnamortizedCostsCapitalizedBeforeRelatedDeferredIncomeTaxesExceedCeilingLimitationsExpense
196088000 USD
CY2019Q3 lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
UnamortizedCostsCapitalizedBeforeRelatedDeferredIncomeTaxesExceedCeilingLimitationsExpense
397890000 USD
lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
UnamortizedCostsCapitalizedBeforeRelatedDeferredIncomeTaxesExceedCeilingLimitationsExpense
779718000 USD
lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
UnamortizedCostsCapitalizedBeforeRelatedDeferredIncomeTaxesExceedCeilingLimitationsExpense
397890000 USD
CY2020Q3 lpi Average Working Interest Core Operating Producing Wells Percent
AverageWorkingInterestCoreOperatingProducingWellsPercent
0.97
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-13300000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1235000000 USD
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16053000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
1218947000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1175000000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4583000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1170417000 USD
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000 shares
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q2 lpi Stock Shares Authorized
StockSharesAuthorized
72500000 shares
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2074000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-1739000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6402000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5244000 USD
CY2020Q3 lpi Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
3 derivative
CY2020Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-45250000 USD
CY2019Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
96684000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
162049000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
136713000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11657000 shares
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
87737000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
87737000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
67618000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
67618000 USD
CY2020Q2 lpi Asset Acquisition Contingent Consideration Fair Value Disclosure
AssetAcquisitionContingentConsiderationFairValueDisclosure
200000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-237432000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-264629000 USD
us-gaap Net Income Loss
NetIncomeLoss
-708241000 USD
us-gaap Net Income Loss
NetIncomeLoss
-100738000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11686000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11578000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11558000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11686000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11578000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11657000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11558000 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-20.32
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-22.86
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-60.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.72
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-20.32
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-22.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-60.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.72
lpi Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
2200000 USD
CY2020Q3 lpi Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
2200000 USD
lpi Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
1000000.0 USD
lpi Capitalized Asset Retirement Cost
CapitalizedAssetRetirementCost
1107000 USD
CY2020Q3 lpi Minimum Volume Commitments Deficiency Payments Liability
MinimumVolumeCommitmentsDeficiencyPaymentsLiability
4100000 USD
CY2020Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
2290000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
640000 USD
us-gaap Interest Paid Net
InterestPaidNet
73725000 USD
us-gaap Interest Paid Net
InterestPaidNet
44144000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2129000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-691000 USD
lpi Asset Acquisition Contingent Consideration Fair Value Disclosure As Of Acquisition Date
AssetAcquisitionContingentConsiderationFairValueDisclosureAsOfAcquisitionDate
225000 USD
lpi Asset Acquisition Contingent Consideration Fair Value Disclosure As Of Acquisition Date
AssetAcquisitionContingentConsiderationFairValueDisclosureAsOfAcquisitionDate
0 USD
lpi Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
-11267000 USD
lpi Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
-5715000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2542000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3166000 USD
lpi Capitalized Asset Retirement Cost
CapitalizedAssetRetirementCost
471000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2349000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25972000 USD
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
62718000 USD
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
56882000 USD
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1107000 USD
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
471000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3325000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3077000 USD
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
887000 USD
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
2405000 USD
CY2020Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
66263000 USD
CY2019Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
58025000 USD
CY2020Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
455100000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax
DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
4100000 USD
CY2019 lpi Alternative Minimum Tax Credit Carryforward Received
AlternativeMinimumTaxCreditCarryforwardReceived
2000000.0 USD
CY2020Q3 lpi Alternative Minimum Tax Credit Carryforward Received
AlternativeMinimumTaxCreditCarryforwardReceived
2100000 USD
CY2020Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
22 employee
CY2019Q2 lpi Number Of Senior Officers Retired
NumberOfSeniorOfficersRetired
2 seniorOfficer
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.20
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
5965000 USD
us-gaap Restructuring Charges
RestructuringCharges
4200000 USD
us-gaap Restructuring Charges
RestructuringCharges
16371000 USD

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