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Here's Why Laredo Petroleum Inc Slumped 12% in November

TheMotleyFool

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Here's Why Laredo Petroleum Inc Slumped 12% in November

Permian Basin-focused driller Laredo Petroleum (NYSE: LPI) tumbled 12.2% last month despite a more than 5% improvement in oil prices. That's because investors just couldn't shake what they saw in the company's third-quarter results.

On the surface, that report looked just fine. Laredo reported adjusted net income of $33.1 million, or $0.13 per share, which matched analysts' expectations. Further, the oil driller noted that production rose 17% year over year to a record 60,011 barrels of oil equivalent per day (BOE/D) while lease operating costs fell 8% to a new low of $3.55 per BOE.

Image source: Getty Images.

Source: Fool.com