Laredo Petroleum, Inc. LPI is set to release first-quarter 2021 results after the closing bell on Wednesday, May 5. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of $2.16 per share on revenues of $184.74 million.Let’s delve into the factors that might have influenced the oil and gas producer’s performance in the March quarter. But it’s worth taking a look at Laredo Petroleum’s previous-quarter performance first.Highlights of Q4 Earnings & Surprise HistoryIn the last-reported quarter, the Tulsa, OK-based upstream operator missed the consensus mark due to lower sales volumes, which, at 7,595 thousand barrels of oil equivalent (MBOE) failed to match the Zacks Consensus Estimate of 7,658 MBOE and fell 1.7% year over year. Laredo Petroleum reported adjusted net income per share of $3.23, lower than the Zacks Consensus Estimate of $3.32. However, the energy explorer’s quarterly revenues of $188.1 million beat the Zacks Consensus Estimate by 2.6% on the back of stronger-than-expected commodity prices.As far as earnings surprises are concerned, Laredo Petroleum beat the Zacks Consensus Estimate in two of the last four quarters and missed in the other two, delivering an earnings surprise of 17.06%, on average. This is depicted in the graph below: Laredo Petroleum, Inc. Price and EPS Surprise Laredo Petroleum, Inc. price-eps-surprise | Laredo Petroleum, Inc. Quote Trend in Estimate RevisionThe Zacks Consensus Estimate for the first-quarter bottom line has been revised 10% downward in the last seven days. However, the estimated figure indicates a 20% rise year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 9.88% decrease from the year-ago period.Factors to Consider This QuarterLaredo Petroleum is expected to have benefited from the improvement in commodity prices. As a reflection of this price boost, the Zacks Consensus Estimate for the first-quarter average sales price for oil and natural gas are pegged at $58 per barrel and $2.12 per thousand cubic feet, respectively, indicating an increase from the year-ago levels of $57 and 26 cents. The year-over-year improvement in realizations has most likely buoyed Laredo Petroleum’s revenues and cash flows.The company has also done a fairly admirable job at reducing costs. Apart from a disciplined capital strategy, Laredo Petroleum should realize sizeable savings from operating cost control. Of late, the company has been able to lower its lease operating expenses and well costs significantly. Laredo Petroleum has vowed to continue delivering strong cost performance this year. This is expected to have had a positive effect on the company’s first-quarter earnings and margins.However, on a somewhat bearish note, the company is likely to have faced the repercussions from mid-February’s Texas freeze, which was a week-long spell of severe cold blast that affected Laredo Petroleum’s drilling operations, causing lost revenues. The company warned that extreme cold weather lowered first-quarter output by around 10%. As a reflection of this, the Zacks Consensus Estimate for the to-be-reported quarter’s total production stands at 7,083 MBOE, implying a 10% decrease from 7,874 MBOE in the January-March period of 2020.What Does Our Model Say?The proven Zacks model does not conclusively show that Laredo Petroleum is likely to beat estimates in the first quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -8.40%.Zacks Rank: Laredo Petroleum currently carries a Zacks Rank #1.You can see the complete list of today’s Zacks #1 Rank stocks here.Stocks to ConsiderWhile an earnings beat looks uncertain for Laredo Petroleum, here are some firms from the energy space that you may want to consider on the basis of our model:Whiting Petroleum Corporation WLL has an Earnings ESP of +7.27% and a Zacks Rank #1. The firm is scheduled to release earnings on May 5.Viper Energy Partners LP VNOM has an Earnings ESP of +40% and is Zacks #2 Ranked. The firm is scheduled to release earnings on May 3.Transocean Ltd. RIG has an Earnings ESP of +7.41% and a Zacks Rank #3. The firm is scheduled to release earnings on May 3.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG): Free Stock Analysis Report Viper Energy Partners LP (VNOM): Free Stock Analysis Report Whiting Petroleum Corporation (WLL): Free Stock Analysis Report Laredo Petroleum, Inc. (LPI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research