Laredo Petroleum : First-Quarter 2022 Earnings Presentation

1Q-22 Earnings Presentation

Forward-Looking / Cautionary Statements

This presentation, including any oral statements made regarding the contents of this presentation, contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo Petroleum, Inc. (together with its subsidiaries, the "Company", "Laredo" or "LPI")

assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward- looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks,

assumptions and uncertainties.

General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully

integrate acquired businesses, assets and properties, oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries ("OPEC+"), the outbreak of disease, such as the coronavirus ("COVID-19") pandemic, and any related government policies and actions, changes in domestic and global production, supply and demand for commodities, including as a result of the COVID-19

pandemic, actions by OPEC+ and the Russian-Ukrainian military conflict, long-term performance of wells, drilling and operating risks, the increase in service and supply costs, including as a result of inflationary pressures, tariffs on steel, pipeline transportation and storage constraints in the Permian Basin, the possibility of production curtailment, hedging activities, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, possible impacts of litigation and regulations, the impact of the Company's transactions, if any, with its securities from time to time, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, the impact of new environmental, health and safety requirements applicable to the Company's business activities, the possibility of the elimination of federal income tax deductions for oil and gas

exploration and development and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2021, and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). These documents are available through Laredo's website atwww.laredopetro.comunder the tab "Investor Relations" or through the SEC's Electronic Data Gathering and Analysis Retrieval System atwww.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results

will be as estimated.

Any forward-looking statement speaks only as of the date on which such statement is made. Laredo does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. In this presentation, the Company may use the terms "resource potential," "resource play," "estimated ultimate recovery," or "EURs," "type curve" and "standardized measure," each of which the SEC guidelines restrict from being included in filings with the SEC

without strict compliance with SEC definitions. These terms refer to the Company's internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. "Resource potential" is used by the Company to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A "resource play" is a term used by the Company to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous

drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. "EURs" are based on the Company's previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential and "EURs" do not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of res erves that may be ultimately recovered from the Company's interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of the Company's ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural

gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. "EURs" fromreserves may change significantly as development of the Company's core assets provides additional data. In addition, the Company's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. "Type curve" refers to a production profile of a well, or a particular category of wells, for a specific play and/or area. The "standardized measure" of discounted future new cash flows is calculated in accordance with SEC regulations and a discount rate of 10%. Actual results may vary considerably and should not be considered to represent the fair market value of the Company's proved reserves.

This presentation includes financial measures that are not in accordance with generally accepted accounting principles ("GAAP"), such as Consolidated EBITDAX and Free Cash Flow. While management believes that such

measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For definitions of such non-GAAP financial measures, please see the Appendix.

Unless otherwise specified, references to "average sales price" refer to average sales price excluding the effects of the Company's derivative transactions. All amounts, dollars and percentages presented in this presentation are

rounded and therefore approximate.

Laredo Petroleum (NYSE: LPI) | Pure-Play Permian Energy Producer

Company SnapshotCorporate Principles Driving Shareholder Value

Maximize Free Cash Flow4

• ▪ High grade development to maximize capital efficiency

• ▪ Commodity mix improvement

• ▪ Focus on efficiencies and low-cost operations

• ▪ Disciplined hedge program

• ▪ Build scale through accretive transactions

Optimize Capital Structure

• ▪ Targeting leverage of<1.5x by 3Q-22 and<1.0x by 1Q-23

• ▪ Utilize FCF4 to reduce debt by ~$300 million in 2022

• ▪ Maintain strong liquidity profile

• ▪ Improve cost of capital

• ▪ Return of capital to shareholders

Advance Sustainability

• ▪ Formalized Board of Directors ESG oversight

• ▪ Meaningful emissions reduction targets

• ▪ Pay linked to performance

• ▪ ESG reporting aligned to industry- standard frameworks

• ▪ Diversity transparency via EEO-1 data disclosure

1As of market close 3/29/2022; 2Assumes current activity pace; 3Assumes SEC pricing of $63 WTI oil & $3.35 HH gas 4See Appendix for definitions of non-GAAP financial measures

Acreage Footprint

Strong Value Creation Built on Disciplined Strategy

Shifting Value to Shareholders through Debt Reduction

$2.5B

Total Enterprise Value, $B

DISCIPLINED EXECUTION OF STRATEGY UNDERPINS VALUE CREATION

Acceleration of Value through Accretive Transactions

$1.3 Debt	$1.0 De bt
$1.5 Equity
$1.2 Equity

Current

Shifting Production Mix

Improving Leverage Ratio1,2

~49%

FY-20AFY-21AFY-22E

Oil Production % of Total Production

YE-20A

1See Appendix for definitions of non-GAAP financial measures; 2Assumes WTI oil price of $97 and HH gas price of $6.55; 3Based on 17.3 million shares outstanding

$2.5B

ProForma

2.7x

YE-21A

3Q-22E

Net Debt-to-Consolidated EBITDAX

Low Breakeven Oil Inventory Underpins Sustainable Free Cash Flow Generation

~8 Years of Inventory1

Development Focus Areas

Assumes:

Inventory Upside

• ▪ Current activity pace

• ▪ Low-risk, operated only

• ▪ Current development spacing

• ▪<$55 breakeven oil price

~1502

~460

≤$40

≤$45

≤$50

Avg. Breakeven Oil Price3

≤$55

1Gross operated location as of January 2022 (adjusted for 2021 completions) 2Locations may require the formation of drilling units to develop

3Flat oil price needed to achieve 10% IRR assuming gas price at 20:1 ratio