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Concho Resources Inc. has reported that the combined effect of two severe winter storms across the Permian Basin in late November and early December significantly impacted the Company’s production.
The Company experienced widespread power outages and considerable icing across all three of its core areas (New Mexico Shelf, Delaware Basin and Texas Permian).
The impact of the severe winter weather was not included in Concho’s 2013 annual production guidance, as described in the Company’s earnings release on November 6, 2013. The Company does not plan to adjust its production guidance; however, the unexpected impact of the severe winter storms is expected to cause 2013 annual production to fall near the low end of its guidance range.
In addition, Concho is pleased to report that the rig count additions associated with its accelerated growth plan are ahead of schedule. The Company is now running 24 rigs, of which 20 are drilling horizontally. Concho expects to add at least two additional horizontal rigs before the end of the year.
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