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Concho Drills 67 Wells in 4Q; Cuts Capex by $200 Million
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Concho Resources Inc. reported financial and operating results for the fourth quarter and full year 2015.
Highlights: Full-year 2015 production increased 28% year-over-year, with crude oil production up 31%. Exploration and development capital expenditures were $1.8 billion during 2015, down 28% from 2014. Year-end 2015 estimated proved reserves totaled 623.5 MMBoe. Reserves replaced at a ratio of 291%, excluding price revisions, and at a drill-bit finding and development cost of $11.66 per Boe. Total resource potential estimated at approximately 5 billion Boe, up from 3.7 billion Boe at year end 2014. 2016 capital lowered to $1.2 billion from $1.4 billion (Concho spent $1.9B in 2015).Tim Leach, Chairman, Chief Executive Officer and President, commented, “Concho achieved record…
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