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Concho Cuts Spending 11% for 2020; Delaware Drilling Cut, Midland Flat
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Concho Resources Inc. reported its 2020 capital program as well as its financial and operating results for fourth-quarter and full-year 2019.
2020 PlanHighlights:
Concho is decreasing spending 11% from 2019 Full year 2020 oil output is expected to grow 11% (vs. 26% in the prior period 2019 vs. 2018 or 8% exit to exit in those years) Well count down 14% YOYThe Company's activity is expected to result in 300 to 320 gross operated well completions with an average lateral length of 10,000 feet, as compared to 294 gross operated well completions with an average lateral length of approximately 9,000 feet in 2019. This activity reflects efficiency gains that the Company has realized, which enable the Company to complete approximately 10% more lateral feet year over year on approximately…
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