TULSA, Okla. (AP) _ Laredo Petroleum Inc. (LPI) on Wednesday reported second-quarter net income of $33.5 million.
The Tulsa, Oklahoma-based company said it had net income of 14 cents per share. Earnings, adjusted for non-recurring costs, came to 25 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The oil and natural gas company posted revenue of $351 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $207 million.
Laredo Petroleum shares have fallen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.30, a fall of 27 percent in the last 12 months.