Tulsa-based Laredo Petroleum, pure play Permian operator, said last month it brought online in central Howard County in 2021Q2 its first multi-well package to use wider spacing in Wolfcamp A. Laredo said its third multi-well package in Howard, the 13-well Davis unit (10 wells in lower Wolfcamp A, 3 wells in lower Spraberry), is outperforming the first two (12 wells in Wolfcamp A, 4 in lower Spraberry) by 19 percent. Laredo plans to use 8 wells in lower Wolfcamp A and 4 in lower Spraberry in subsequent packages.
Jason Pigott, president and CEO, said Aug. 4, “The combined Sabalo purchase and sale of legacy proved developed reserves increased our oil cut and added additional oil-weighted inventory. We continued to optimize our development in Howard County by increasing operational efficiency and completing our first wider spaced development package.”
Currently Laredo is running 3 rigs – 1 in Glasscock County and 2 in Howard – with 1 completion crew in August expanding to 2 in 2021Q3. Laredo plans to complete 17 wells in Q3. In 2021 Laredo plans to spud 64 wells and complete 67. Production guidance for 2022 is 75,000-to-78,000 boed (48 percent oil) – down slightly from 77,000-to-80,000 boed (39 percent oil) in 2021. Capex will be $40 million lower in 2022 at $380 million. Production in 2Q was 85,924 boed.