Laredo Petroleum : June 2022 Investor Presentation

June 2022 Investor 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 at www.laredopetro.com under the tab "Investor Relations" or through the SEC's Electronic Data Gathering and Analysis

Retrieval System at www.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 reserves 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, whic h 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" from reserves 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.

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Multi-Year Strategic Transformation Yields a "New" Laredo

New Leadership

New Strategy

New Assets

New Capabilities

• Hired key leadership roles including CEO, CFO, Chief Sustainability Officer and Chief Technology Officer
• Refreshed 75% of Board over the past three years
• Board is 50% diverse based on race/gender
• Separated Chairman and CEO roles

• Maximize Free Cash Flow1
• Optimize capital structure through debt and leverage reductions
• Return of capital to shareholders
• Advance sustainability

• Added ~57,000 oil-weighted net acres in the Midland Basin
• ~8 years of inventory primarily across Howard County and western Glasscock County
• Strong proved reserve base
• Broad portfolio of digital solutions

• Low-cost,efficient and safe operations
• Optimizing production through digital and innovative solutions
• Reducing emissions and flaring
• Local philanthropy and community engagement
• Committed to diversity and inclusion

• ExpandedInventory

Net Acres

Oil-Weighted

~66,000

Eastern

~100,000

✓ Shifted	✓ Reduced	✓ Balanced Investment	✓ Generating	1
Commodity Mix	Leverage	& Capital Discipline	Free Cash Flow

Portfolio Repositioning 2019 - 2021 Return of Capital 2022+

Oil Production

Outspending

Capital Discipline &

FCF

~$200MM

Mbo/d & Oil %

Cash Flow

Portfolio Repositioning

Generation2

41.0

~$550

Stock Repurchase

~$350

49%

Target

28.4

$60

$12

~$700MM

35%

($106)

($3)

($246)

($351)

Debt Reduction

($482)

($454)

($550)

($550)

Target

($624)

($644)

FY-19A

FY-22E

FY-17A

FY-18A

FY-19A

FY-20A

FY-21A

FY-22E

FY-23E

Capital Expenditures $MM

Free Cash Flow $MM

1See Appendix for definitions of non-GAAP financial measures; 2Assumes WTI oil price $100 / $90 and HH gas price $7.45 / $5.90 for 2022 / 2023

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"New" Laredo Focused on Driving Shareholder Value

Equitizing Enterprise Value - $B

✓ Maintaining Capital Discipline
▪	Strong asset performance supports steady reinvestment rate
▪	Ability to maintain current oil production at ~60% reinvestment rate
✓ Generating Free Cash Flow1
▪ Two-year projected total of ~$900 million (2022-23)
▪	Sustainable Free Cash Flow supported by eight years of oil-weighted inventory2

$2.7

$1.25 Net Debt

$1.47 Equity

Debt

Reduction

$2.7

$0.55 Net Debt

$0.70 Equity Uplift

$1.47 Equity

Multiple

Expansion

$3.5

$0.55 Net Debt

$0.79 Equity Uplift

$0.70 Equity Uplift

$1.47 Equity

✓ Repurchasing Shares Opportunistically
▪	Two-year program authorized through May 27, 2024
▪	$200 million stock repurchase target

Current

$700 MM Debt Reduction 3.5x EV / '22E EBITDA

Illustrative Value

Enterprise Value / 2022E EBITDA - Peer Comparison3,4

✓ Reducing Debt and Leverage
▪	Debt repayment target updated to $700 million by year-end 2023
▪	Achieving leverage target of <1.0x in 1Q-23
✓ Expanding Value
▪	Trading at a discount to Proved Developed Reserves value
▪	Highest 2022-23 Free Cash Flow yield in peer group4

1. x

1. x

1. x

1. x

1. x

1. x

1. x

1. x

1. x

Peer Group

Avg. Multiple 4.4x

3.5x Multiple

LPI

1See Appendix for definitions of non-GAAP financial measures; 2Less than or equal to $55 breakeven oil price; 3Source JP Morgan Research as of 5/27/2022 3Peer Group (PXD, CTRA, DVN, EOG, HES, CPE, SM, MRO, RRC, CLR, FANG, MTDR, AR, CNX, EQT, PDCE, APA, CHK, MUR, SWN, OVV)

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Free Cash Flow Inflection Point Drives Return of Capital

		Significant Free Cash Flow1,2 Generation - $MM		Free Cash Flow Priorities
		FCF		$900 MM			Stock Repurchases
		Realized Hedge Loss					Debt Reduction
					22%

(

)

(	)
(	)
(	)
		1	A	E	E	E	F	E	F	E
											FY2022-23E
Capex	$171 MM	~$125 MM	~$125 MM	~$125 MM	~$550 MM	~$550 MM

78%

Free Cash Flow Sensitivities - $MM

EV/EBITDA vs. 2-Year FCF Yield - Peer Comparison3,4

2022E Free Cash Flow	2023E Free Cash Flow	~$800

8.0x

~$285 ~$310

~$350

~$670

~$550

~$385 ~$400

6.0x

/	EBITDA2022E
EnterpriseValue	4.0x

2.0x

0.0x

0%

Avg.

LPI

20%

40%

60%

$80	$90	$100	$110	$80	$90	$100	$110
	Benchmark WTI Oil Price (per BBL)			Benchmark WTI Oil Price (per BBL)
	(Benchmark HH Gas Price assumes $7.45/mcf)		(Benchmark HH Gas Price assumes $5.90/mcf)

2-Year Free Cash Flow Yield 2022-23E

1See Appendix for definitions of non-GAAP financial measures; 2Assumes WTI oil price $100 / $90 and HH gas price $7.45 / $5.90 for 2022 / 2023; 3Source JP Morgan Research as of 5/27/2022, 2022 4Peer Group (PXD, CTRA, DVN, EOG, HES, CPE, SM, MRO, RRC, CLR, FANG, MTDR, AR, CNX, EQT, PDCE, APA, CHK, MUR, SWN, OVV)

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