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Concho Slashes Permian Drill Times; Drops to 18 Rigs in 2Q
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Concho Resources Inc. reported financial and operating results for the second quarter of 2015.
Highlights: Production for the second quarter 2015 of 13.4 million Boe, or 147.4 MBoepd, was 37% higher year-over-year and exceeded the high end of the Company’s guidance. Crude oil production increased by 45% over the same quarter a year ago and by 11% over the first quarter of 2015. 2015 production growth target raised to 24% to 26%, with the capital expenditure outlook unchanged. Concho reported a net loss of $1.02 per diluted share for the second quarter of 2015. This compares to net income of $0.38 per diluted share for the quarter on an adjusted basis (non-GAAP). EBITDAX (non-GAAP) for the second quarter of 2015 was $457.8 million.Tim Leach, Chairman, Chief Executive Officer and…
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