$VTLE
Vital Energy, Inc.

2022 Q4 Form 10-Q Financial Statement

#000152812922000191 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $364.1M $464.1M
YoY Change -22.56% 22.38%
Cost Of Revenue $92.69M $106.1M
YoY Change -33.04% -17.92%
Gross Profit $271.4M $358.0M
YoY Change -18.19% 43.21%
Gross Profit Margin 74.55% 77.14%
Selling, General & Admin $17.28M $11.86M
YoY Change 26.9% -21.0%
% of Gross Profit 6.37% 3.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.08M $74.93M
YoY Change 14.07% 19.54%
% of Gross Profit 31.35% 20.93%
Operating Expenses $108.0M $88.56M
YoY Change 22.25% 11.41%
Operating Profit $163.4M $263.3M
YoY Change -32.86% -0.91%
Interest Expense -$36.60M $30.97M
YoY Change 131.76% 1.85%
% of Operating Profit -22.39% 11.76%
Other Income/Expense, Net $1.722M $70.43M
YoY Change 200.52% -155.8%
Pretax Income $121.3M $333.8M
YoY Change -44.7% 139.24%
Income Tax $3.055M -$3.768M
% Of Pretax Income 2.52% -1.13%
Net Earnings $118.2M $337.5M
YoY Change -45.34% 146.67%
Net Earnings / Revenue 32.47% 72.72%
Basic Earnings Per Share $20.27
Diluted Earnings Per Share $7.13 $20.08
COMMON SHARES
Basic Shares Outstanding 16.81M shares 17.10M shares
Diluted Shares Outstanding 16.81M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.44M $49.94M
YoY Change -21.77% -2.83%
Cash & Equivalents $44.44M $49.94M
Short-Term Investments
Other Short-Term Assets $13.32M $16.25M
YoY Change -41.86% -5.62%
Inventory $6.070M
Prepaid Expenses
Receivables $163.4M $162.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $245.8M $248.1M
YoY Change 4.21% 27.51%
LONG-TERM ASSETS
Property, Plant & Equipment $2.411B $2.476B
YoY Change 7.13% 25.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.37M $52.80M
YoY Change -31.9% 13.9%
Total Long-Term Assets $2.480B $2.558B
YoY Change 7.1% 23.9%
TOTAL ASSETS
Total Short-Term Assets $245.8M $248.1M
Total Long-Term Assets $2.480B $2.558B
Total Assets $2.726B $2.806B
YoY Change 6.83% 24.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.5M $86.21M
YoY Change 43.61% 40.54%
Accrued Expenses $63.83M $55.73M
YoY Change 9.43% -14.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $415.3M $527.3M
YoY Change -21.19% -8.27%
LONG-TERM LIABILITIES
Long-Term Debt $1.113B $1.182B
YoY Change -21.94% -12.47%
Other Long-Term Liabilities $7.268M $25.57M
YoY Change -55.18% 132.32%
Total Long-Term Liabilities $1.120B $1.207B
YoY Change -22.31% -11.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $415.3M $527.3M
Total Long-Term Liabilities $1.120B $1.207B
Total Liabilities $1.615B $1.805B
YoY Change -20.74% -11.29%
SHAREHOLDERS EQUITY
Retained Earnings -$1.644B -$1.762B
YoY Change -27.76% -29.28%
Common Stock $2.754B $2.762B
YoY Change -1.24% 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.111B $1.001B
YoY Change
Total Liabilities & Shareholders Equity $2.726B $2.806B
YoY Change 6.83% 24.21%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $118.2M $337.5M
YoY Change -45.34% 146.67%
Depreciation, Depletion And Amortization $85.08M $74.93M
YoY Change 14.07% 19.54%
Cash From Operating Activities $108.9M $181.7M
YoY Change -48.03% 82.76%
INVESTING ACTIVITIES
Capital Expenditures $138.7M -$154.7M
YoY Change -197.23% 33.84%
Acquisitions
YoY Change
Other Investing Activities $106.3M $4.751M
YoY Change -177.93% -102.03%
Cash From Investing Activities -$32.48M -$149.9M
YoY Change -88.36% -57.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -81.95M -129.4M
YoY Change -209.4% -457.56%
NET CHANGE
Cash From Operating Activities 108.9M 181.7M
Cash From Investing Activities -32.48M -149.9M
Cash From Financing Activities -81.95M -129.4M
Net Change In Cash -5.506M -97.61M
YoY Change -201.93% -54.3%
FREE CASH FLOW
Cash From Operating Activities $108.9M $181.7M
Capital Expenditures $138.7M -$154.7M
Free Cash Flow -$29.83M $336.4M
YoY Change -108.47% 56.46%

Facts In Submission

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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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Laredo Petroleum, Inc.
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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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
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q3 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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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Stockholders Equity
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CY2021Q3 us-gaap Treasury Stock Retired Cost Method Amount
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2021Q4 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Treasury Stock Retired Cost Method Amount
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Net Income Loss
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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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
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6730000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
6295000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
226555000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
140763000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1613000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
4952000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
93454000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
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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
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lpi Cash Settlements Of Matured Derivative Financial Instruments Net
CashSettlementsOfMaturedDerivativeFinancialInstrumentsNet
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lpi Premiums Received Paid For Derivative Financial Instruments
PremiumsReceivedPaidForDerivativeFinancialInstruments
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lpi Premiums Received Paid For Derivative Financial Instruments
PremiumsReceivedPaidForDerivativeFinancialInstruments
9041000 usd
us-gaap Amortization Of Financing Costs
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4809000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3608000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
16523000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
9907000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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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
OtherOperatingActivitiesCashFlowStatement
4600000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
3359000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11069000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
58681000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3026000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1450000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
30285000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
15084000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
21342000 usd
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
131356000 usd
lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
56268000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
11203000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-14697000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
5780000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
720702000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
287112000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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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
PaymentsToExploreAndDevelopOilAndGasProperties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
1163000 usd
lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
2375000 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
9101000 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
3226000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2939000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
393742000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-443475000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
335000000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
425000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
400000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
650000000 usd
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
182319000 usd
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
400000000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
72492000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
26586000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7442000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2589000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
173000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1725000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
14597000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2798000 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
233277000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6857000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2639000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56798000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48757000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49941000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51396000 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%">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, is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The Company has identified one operating segment: exploration and production. 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%">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 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, 2021 is derived from the Company's 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, 2022, results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. All adjustments are of a recurring nature unless otherwise disclosed herein.</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 2021 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%">Reclassifications</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 previously reported 2022 and 2021 amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net income (loss) or stockholders' equity for the periods presented.</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%">There have been no material changes in the Company's significant accounting policies during the nine months ended September 30, 2022. See Note 2 in the 2021 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</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 as of 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%">See Note 2 in the 2021 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 operating_segment
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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><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 previously reported 2022 and 2021 amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net income (loss) or stockholders' equity for the periods presented.</span></div>
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-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 as of 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%">See Note 2 in the 2021 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12850000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18099000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022Q2 us-gaap Common Stock Shares Authorized
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22500000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5000 shares
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
23200000 usd
CY2022Q3 lpi Share Based Payment Arrangement Nonvested Award Excluding Option Cost Not Yet Recognized Amount Expected To Be Settled In Cash
ShareBasedPaymentArrangementNonvestedAwardExcludingOptionCostNotYetRecognizedAmountExpectedToBeSettledInCash
5300000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M26D
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3400000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8721000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15010000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
337523000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
136832000 usd
us-gaap Net Income Loss
NetIncomeLoss
513288000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16650000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15756000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16750000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13464000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16809000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15993000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16963000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13464000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
20.27
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.68
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
30.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.29
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
20.08
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
30.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.29
CY2022Q3 lpi Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
2 derivative
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
100748000 usd
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-96240000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-290995000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-467547000 usd
CY2022Q3 us-gaap Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement
DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement
11383000 usd
CY2022Q3 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2022Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-11383000 usd
CY2021Q4 us-gaap Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement
DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement
142500000 usd
CY2021Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-142500000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3265000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3081000 usd
us-gaap Interest Paid Net
InterestPaidNet
130082000 usd
us-gaap Interest Paid Net
InterestPaidNet
95684000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
34532000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7532000 usd
lpi Contingent Consideration Asset Liability At Fair Value
ContingentConsiderationAssetLiabilityAtFairValue
0 usd
lpi Contingent Consideration Asset Liability At Fair Value
ContingentConsiderationAssetLiabilityAtFairValue
33832000 usd
lpi Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
5144000 usd
lpi Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
25380000 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
325700000 usd
CY2021Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
14 employee
CY2021Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.05

Files In Submission

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lpi-20220930_cal.xml Edgar Link unprocessable
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0001528129-22-000191-index.html Edgar Link pending
0001528129-22-000191.txt Edgar Link pending
0001528129-22-000191-xbrl.zip Edgar Link pending
a3q22ex311.htm Edgar Link pending
a3q22ex312.htm Edgar Link pending
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a3q22ex951.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lpi-20220930.htm Edgar Link pending
lpi-20220930.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
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lpi-20220930_def.xml Edgar Link unprocessable
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lpi-20220930_htm.xml Edgar Link completed
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