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Concho Grows Permian Production 25%
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Concho Resources Inc. has reported financial and operating results for fourth quarter and full year 2014.
Highlights
Concho delivered record quarterly production of 11.5 million Boe, or 124.8 MBoepd, and achieved 31% crude oil production growth over the same quarter a year ago. Full-year 2014 production increased 22% over 2013, to 40.9 million Boe. Crude oil production increased 25% year-over-year. Earnings for the fourth quarter of 2014 totaled $1.15 per diluted share, or $0.88 per diluted share on an adjusted basis (non-GAAP). Fourth quarter EBITDAX (non-GAAP) of $509.6 million brings full-year 2014 EBITDAX to a record $2.0 billion.Tim Leach, Chairman, Chief Executive Officer and President, commented: "Concho achieved another record year of operational and financial performance. For…
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