Laredo Petroleum Acquires Pioneer Midland Basin Acreage for $230 Million

The Pioneer acquisition adds 135 gross operated locations in Glasscock County, Texas, doubling Laredo Petroleum’s high-margin, oil-weighted inventory in the Midland Basin, according to the company release.

Hart Energy Staff
Laredo Petroleum Acquires Pioneer Midland Basin Acreage for $230 Million

The Pioneer acquisition expands Laredo Petroleum’s core development area in western Glasscock County, Texas, to about 22,200 net acres. (Source: Hart Energy)

Laredo Petroleum Inc. agreed to acquire oil-weighted acreage in Glasscock County, Texas, for $230 million in cash and stock, marking Laredo’s second significant acquisition in the Midland Basin in 2021. 

“Upon closing this transaction, we will have acquired more than 55,000 net acres of highly productive, oil-weighted inventory in Howard and western Glasscock counties in just two years, fundamentally transforming Laredo,” Jason Pigott, president and CEO of Laredo Petroleum, commented in a company release on Sept. 19.

In its latest transaction, Laredo will acquire approximately 20,000 net acres from Pioneer Natural Resources Co. that directly offsets Laredo’s existing leasehold in western Glasscock County. Current production is roughly 4,400 boe/d (59% oil, 82% liquids).

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