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TULSA (AP) - Laredo Petroleum Inc. (LPI) on Tuesday reported a third-quarter loss of $264.6 million, after reporting a profit in the same period a year earlier.
On a per share basis, the Tulsa based company said it had a loss of $1.14. Earnings, adjusted for non-recurring costs, were 21 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The oil and natural gas company posted revenue of $193.6 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $215.8 million.
In the final minutes of trading on Tuesday, the company’s shares hit $2.65. A year ago, they were trading at $5.46.