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Concho Buck Market Trends; Increases 2015 Drilling Budget
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Concho Resources Inc. has outlined its preliminary plans for its 2015 Capital Program.
Concho is targeting year-over-year production growth of 28% to 32% in 2015 and expects to spend approximately $3.0 billion. The Company’s capital program includes $2.7 billion for drilling and completions and $300 million for facilities, leasehold acquisitions, midstream, geological and geophysical and other capital.
As the Company optimizes drilling and completion techniques, the development program requires fewer rigs than originally planned to achieve the Company’s Two-by-Three Growth Plan and further extends Concho’s inventory. As a result, the Company plans to operate an average of 39 drilling rigs in 2015, with 34 rigs drilling horizontal wells.
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