Laredo Petroleum, Inc. announced preliminary annual production for the fourth quarter and full year 2017. The 17% increase in production in 2017 to a company record 21.3 million barrels of oil equivalent (MMBOE).

Total production in the fourth quarter of 2017 was a Company record 61,922 BOE per day, comprised of 43% oil, 28% NGL and 29% natural gas.

For the fourth quarter, the company had total capital expenditures of approximately $182 million. The completion total was less than anticipated due to increased cycle time that shifted some completions from the fourth quarter of 2017 into early 2018. In response to recent changes in the tax code, the Company will modify its statutory tax rate to 22% in its calculation of Adjusted EPS, a non-GAAP financial measure, beginning in the fourth quarter of 2017. Previously, Laredo included at statutory tax rate of 36%.

The Board of Directors has approved a $555 million capital budget for 2018, excluding acquisitions The budget includes approximately $470 million for drilling and completions activities and approximately $85 million for production facilities, land and other capitalized costs. Laredo expects cash flow from operations to fund capital expenditures by the end of 2018.