Well Cost | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Capital Markets | Capital Expenditure | Drilling Activity | Capital Expenditure - 2020
Concho Gives Glimpse of 2020 Plans; 3Q Oil Growth, Well Cost Improvement
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Concho Resources Inc. reported financial and operating results for third-quarter 2019.
Estimated 2020 Capital Budget of $2.6 billion (down 10% from 2019) 3Q 2019 read through Concho reported that its oil volumes increased 12% year-over-year to 206,000 barrels per day. The company delivered total production of 330 MBOEPD - up 15% YOY and flat from 2Q19. cash flow from operating activities was $665 million Net income $558 million million oil production volumes increased 12% year over year to 206 thousand barrels per day (MBopd)The company averaged about $955 per lateral foot in the third quarter.
During third-quarter 2019, the Company materially improved well costs and surpassed its year-end 2019 well cost reduction target of 10%. Drilling, completion &…
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