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Concho Exceeds 1Q Guidance; Touts Permian Results, Cost Cuts
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Concho Resources Inc. reported financial and operating results for first quarter 2015.
Highlights: Concho delivered record quarterly production of 11.9 million Boe, or 132.2 MBoepd, exceeding the high end of the Company’s guidance. Concho achieved 38% crude oil production growth over the same quarter a year ago and 9% crude oil growth over the fourth quarter of 2014. Concho raised its 2015 total production growth target to 18% to 22%. Capital expenditures are expected to range between $1.8 billion to $2.0 billion for full year 2015. Concho announced excellent well results from the oil-rich extension of the Avalon Shale in the northern Delaware Basin. Concho successfully drove all per-unit expenses lower year-over-year, while capturing significant service cost savings across all areas of…- ✓ Full news archive — U.S., Canada & international coverage
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