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Concho Boosts Midland Basin Rig Fleet by 500% in Q2
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Concho Resources Inc. reported financial and operating results for the second quarter of 2016.
Key Points:- 16 rigs currently active
6 Midland Basin (up from one in Q1) 8 Delaware Basin (same as Q1) 2 NM Shelf (same as Q1)- During the second quarter of 2016, Concho averaged 13 rigs, compared to 10 rigs in the first quarter of 2016.
- Concho completed 55 gross wells in Q2
Second-Quarter 2016 Highlights: Delivered quarterly production of 13.2 million Boe, or 145.2 MBoepd, exceeding the high end of the Company's guidance. Raised full-year 2016 production outlook to a range of 0% to 2% annual growth and maintained capital expenditure outlook. Reduced per-unit lease operating expense by 20% year-over-year and quarter-over-quarter and lowered full-year 2016 guidance for per-unit lease…- ✓ Full news archive — U.S., Canada & international coverage
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