TULSA (AP) – Laredo Petroleum Inc. (LPI) on Wednesday reported a fourth-quarter loss of $241.7 million, after reporting a profit in the same period a year earlier.
The Tulsa, Oklahoma based company said it had a loss of $1.04 per share. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 17 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share. The oil and natural gas company posted revenue of $218.1 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $216.7 million. For the year, the company reported a loss of $342.5 million, or $1.48 per share, swinging to a loss in the period. Revenue was reported as $837.3 million.
In the final minutes of trading on Wednesday, the company’s shares hit $1.58. A year ago, they were trading at $3.63.