History - Consistent Strategy of Creating Value
Randy A. Foutch, Chairman and Chief Executive Officer, founded Laredo Petroleum in October of 2006. Mr. Foutch has more than 40 years of experience in the energy industry, previously building and selling three other successful exploration and production companies. All of Mr. Foutch’s companies have had significant operations in the Permian Basin and have executed the same fundamental business strategy throughout a variety of oil price environments.
Laredo was among the first to recognize the tremendous value of horizontal drilling in the Permian Basin. The Company began acquiring acreage in the Midland Basin portion of the Permian Basin in 2008, targeting the thickest sections of the Wolfcamp and Cline shales, with a focus on horizontal development. In 2009, the Company drilled its first horizontal well in the Midland Basin. Currently, the Company has drilled more than 300 horizontal wells in eight targeted formations on its Midland Basin leasehold.
Today, Laredo is one of the leading producers in the Permian Basin. The Company is based in Tulsa, Oklahoma with more than 325 full-time employees in Oklahoma and Texas.