Laredo Petroleum Holdings announced that it has revised its production guidance and capital program for 2012. Total production for 2012 is now expected in the range of 11.2M-11.9M barrels of oil equivalent, or (MMBoe, an approximate 35% increase from 2011 production and an increase from the initial 2012 guidance which called for 25% annual production growth. Laredo continues to optimize the performance of its Permian horizontal program and is shifting to longer laterals and increased frac stages on its Permian horizontal wells. Associated with this optimization program, the company's capital program is now projected to be approximately $900M for 2012, a $140M increase from its previously announced budget. The company expects to operate an average of 15 drilling rigs for the remainder of 2012.
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