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Concho Cutting Rigs in 2H; Reports 27% YoY Production Growth
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On the tenth year anniversary of its IPO, Concho released its Q2 results where its primary focus was on its activity in the Midland Basin and Delaware Basin.
Highlights Include: Capex in Q2 was $380 million. Production in Q2 averaged 184.7 mboe/d, an increase of 27% from Q2 2016 - in Q2 oil production was 113.2 mbbl/d and natural gas production was 428.8 mmcf/d Acquired 12,400 net acres in the Midland Averaged 21 rigs in Q2 but is currently running 19 rigs and expects to average 17 rigs in the second half of 2017 Commenced drilling or participated in a total of 87 gross wells (60 operated) and completed 76 gross wells Concho reported Q2 production averaging 184.7 mboe/d, an increase of 27% from Q2 2016. For Q3, the company expects production to be between 186 mboe/d and 190 mboe/d…- ✓ Full news archive — U.S., Canada & international coverage
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