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Concho Maintains Permian, Delaware Basin Focus; Ups Rig Count to 31
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Concho Resources Inc. has reported a 2013 operational update, including full-year production, year-end estimated proved reserves and costs incurred.
Highlights include: Full-year production of 33.6 million barrels of oil equivalent, a 20% increase over 2012 production from continuing operations Year-end estimated proved reserves of 503 MMBoe, a 13% increase over year-end 2012 Reserve replacement ratio of 266% Drill-bit finding and development costs of $16.79 per BoeTim Leach, Chairman, Chief Executive Officer and President, commented: "We continue to focus our concentration on high-growth, high-return, crude oil assets across the Permian Basin. The success of our drilling program has unlocked vast resource development opportunities in both the Delaware and Midland Basins. Going…
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