Laredo Petroleum, Inc. (LPI) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET

Company Participants

Ron Hagood - Vice President, Investor Relations

Jason Pigott - President & Chief Executive Officer

Karen Chandler - Senior Vice President & Chief Operating Officer

Bryan Lemmerman - Senior Vice President & Chief Financial Officer

Conference Call Participants

Derrick Whitfield - Stifel

Operator

Good day, everyone. My name is Kelly and I'll be your conference operator for today. At this time, I'd like to welcome everyone to the Laredo Petroleum Inc. Q2 2022 Earnings Conference Call. Today's call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

It is now my pleasure to introduce Mr. Ron Hagood Vice President of Investor Relations. Please go ahead sir.

Ron Hagood

Thank you and good morning. Joining me today are Jason Pigott, President and Chief Executive Officer; Karen Chandler, Senior Vice President and Chief Operating Officer; Bryan Lemmerman, Senior Vice President and Chief Financial Officer; as well as additional members of our management team.

During today's call, we will be making forward-looking statements. These statements including those describing our beliefs, goals, expectations, forecasts, and assumptions are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control.

In addition we'll be making reference to non-GAAP financial measures. Conciliation to GAAP financial measures are included in the press release and presentation we issued yesterday that detail our financial and operating results for second quarter 2022. Press release and presentation can be accessed on our website at www.laredopetro.com.

I will now turn the call over to Jason Pigott, President and Chief Executive Officer.

Jason Pigott

Thank you, Ron. Good morning and thank you for joining us for our discussion of our second quarter results. Our financial and operational results for the quarter, we have also updated our 2022 outlook, and given capital and oil production projections and updated free cash flow sensitivities for 2023.

I'll start with our quarterly results. Our second quarter results exceeded expectations delivering company record adjusted EBITDA and free cash flow. Second, we immediately began delivering on our $200 million equity repurchase program and debt reduction targets we announced on May 31st.