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Oklahoma business briefs for Dec. 18, 2012

Oklahoma business briefs for Dec. 18, 2012
Published: December 18, 2012
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Laredo sets budget at $725M

Laredo Petroleum Holdings Inc. has set its capital budget for 2013 at $725 million, the company announced Monday. Laredo will focus primarily on the continued development of its acreage in west Texas' Permian Basin. The company intends to fund its capital program from cash flow and borrowings. “Our activities in 2012, as planned, have now confirmed four prospective shale intervals on our Garden City acreage, including the Upper, Middle and Lower Wolfcamp and Cline shales, that can be efficiently produced with horizontal wells,” CEO Randy A. Foutch said. “Our 2013 program is designed to continue to de-risk a growing percentage of our core Garden City acreage for these zones and begin the process of optimizing their development to truly maximize the value of this asset for our shareholders.”

From Staff Reports