Rig Count | First Quarter (1Q) Update | Production Rates | Capital Markets | Capital Expenditure | Drilling Program - Wells | Impairment | Drilling Activity | Capex Decrease
Concho Q1: $188MM FCF, $12.3 B Impairment, Revised 2020 Rigs & Wells Program
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Concho Resources Inc. reported its Q1 2020 results.
Q1 Key Financial Developments & Production Free Cash Flow of $188 Million - Flat from 4Q19: Operating cash flow was $744 million, exceeding capital expenditures of $556 million, resulting in $188 million of free cash flow. $12.6B Impairment Charge: Concho logged $12.6 billion in impairment charges during Q1. G&A Reductions: Targeting $100 million in operating and G&A cost reductions. Q1 Total, Oil Production 3% from Prior Quarter: Total production for Q1 was 326 MBOEPD, down 3% from 4Q19. Q1 oil production was 209 MBOPD, also down 3% from 4Q. Hedges: Hedge book The Company's commodity derivatives strategy mitigates Concho's exposure to commodity price fluctuations. For the remainder of 2020, Concho has crude oil swap contracts…- ✓ Full news archive — U.S., Canada & international coverage
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