Exploration & Production | Capital Markets | Capital Expenditure
Concho Doubles Permian Basin 2014 Capital Budget
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Concho Resources Inc. has unveiled its preliminary capital budget plans for 2014, which features an increase in spending in the Permian Basin.
2014 Capital BudgetConcho’s capital budget for 2014 is approximately $2.3 billion, which the Company believes will yield annual production growth in the range of 18% to 22% and allow the Company to accelerate growth beyond its average historical organic rate over the next three years.
This budget contemplates operating an average of 37 drilling rigs for 2014, of which 32 will drill horizontally. Concho estimates that its 2014 capital budget and future capital spending should allow the Company to double production in three years and concurrently reduce its leverage metrics assuming a NYMEX crude oil price of $90.00 per barrel and a NYMEX natural…
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