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Concho To Boost Midland Basin Rig Count To 3 in May;Q1 Results
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Concho Resources Inc. reported financial and operating results for the first quarter of 2016.
Highlights: Delivered quarterly production of 12.7 million Boe, or 139.5 MBoepd, exceeding the high end of the Company's guidance. Drilling Activity - During the first quarter of 2016, Concho drilled 27 gross wells in the Delaware Basin, including five wells in the Avalon Shale, nine wells in the Bone Spring Sands and 13 wells in the Wolfcamp. The Company currently has eight horizontal rigs in the Delaware Basin, with four horizontal rigs in the northern Delaware Basin and four horizontal rigs in the southern Delaware Basin. Strong IPs - Concho added 11 new horizontal wells in the northern Delaware Basin with at least 30 days of production as of the end of the first quarter of 2016. The…- ✓ Full news archive — U.S., Canada & international coverage
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