NEW YORK (S&P Global Ratings) May 10, 2021--S&P Global Ratings said today that U.S.-based crude oil and natural gas exploration and production company Laredo Petroleum Inc.'s (B-/Stable/--) recently announced transactions will reduce the company's initial production and proved reserves size but will increase the company's weighting to oil from about 35% of existing production to 50%. Both transactions are expected to close on July 1, 2021. There are no changes to the ratings or outlook on the company. The company announced it would spend $715 million to acquire Midland Basin assets from Sabalo Energy LLC (not rated), which would be funded in part by the sale of a working interest in a portion of Laredo's existing assets to an affiliate
