Exploration & Production | Quarterly / Earnings Reports
Concho Accelerates Growth in Permian Production
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Concho Resources Inc. has announced a new three-year growth plan intended to double production by 2016.
In addition, the Company provided details on its 2014 capital budget and guidance and reported financial and operating results for the three and nine months ended September 30, 2013. Highlights include:
Accelerated growth plan that is expected to deliver annual production of over 67 million barrels of oil equivalent (“MMBoe”) in 2016 and reduce the Company’s leverage ratio (debt-to-EBITDAX) to less than 1.5x 2014 capital budget of $2.3 billion and expected production growth of 18% to 22% Production from continuing operations of 8.7 million barrels of oil equivalent (“MMBoe”) for the third quarter of 2013, a 19% increase over the third quarter of 2012 and a 5% increase over the second…- ✓ Full news archive — U.S., Canada & international coverage
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