TULSA, OK, Dec. 21, 2015 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE:LPI) (“Laredo” or “the Company”) today made comments supporting legislation ending the ban on crude oil exports. The Company has been actively involved in the effort by Producers for American Crude Oil Exports (PACE) to educate law makers on the benefits to Americans of an export ban repeal. Significant independent research and analysis demonstrated that lifting the export ban would protect and create jobs, support economic growth and benefit consumers.
“Forty years ago, in the throes of the OPEC oil embargo and declining domestic production, a ban on the export of crude oil was imposed by United States lawmakers,” stated Randy A. Foutch, Laredo Chairman and Chief Executive Officer. “The shale revolution, powered by technological gains in horizontal drilling and completions, has reversed the steady decline in domestic oil production and increased proved oil reserves to levels not seen since the early 1970’s. Legislation lifting the ban on crude oil exports will enable Americans to better benefit from this energy renaissance through a strengthened economy and energy supply chain.”
Laredo’s ability to benefit from the lifting of the export ban is enhanced by the Company’s core strategy of investing in infrastructure that enables to Company to deliver oil to multiple markets. It is expected our crude oil infrastructure and firm capacity on the Medallion pipeline system will facilitate the delivery of a majority of Laredo’s oil production to Colorado City, providing access to pipelines delivering to the U.S. Gulf Coast for export when economically advantageous.
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties primarily in the Permian Basin in West Texas.
Additional information about Laredo may be found on its website at www.laredopetro.com.