Laredo Petroleum Inc. on June 17 named Bryan Lemmerman, formerly with Chesapeake Energy Corp., as CFO, replacing Michael Beyer who left the Permian Basin-focused E&P effective immediately.

Separately, Laredo also announced additional actions to further reduce personnel expenses. The Tulsa, Okla.-based company had already slashed its capex for 2020 by more than 40% vs. its original budget in response to the collapse in the oil market related to the COVID-19 pandemic.

“Although oil prices have rebounded from the historic lows reached just six weeks ago, we remain committed to maintaining our competitive cost structure and have taken decisive action to support corporate-level returns,” explained Laredo’s president and CEO, Jason Pigott, in a statement.

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