Rig Count | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update | Reserves | Production Rates | Forecast - Production | Capital Markets | Capital Expenditure | Capex Increase | Capital Expenditure - 2017 | Drilling Contractor
Concho To Operate 19 Rigs in 2017; Ups Spending 30% to $1.7B
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Concho Resources reported its 2017 outlook and year-end 2016 results.
Key Points:- 2017 capex of $1.6-1.8 billion (D&C of $1.44-1.62 billion) (up +30% from $1.3 billion for 2016)
- 19 total rigs running
Northern Delaware Basin: 40% of D&C budget ($576-648 million) / 8 rigs Southern Delaware Basin: 20% of D&C budget ($288-324 million) / 4 rigs Midland Basin: 30% of D&C budget ($432-486 million) / 5 rigs New Mexico Shelf: 10% of D&C budget ($144-162 million) / 2 rigs 2017 OutlookIn November of 2016, the Company announced a 2017 capital plan ranging from $1.4 to $1.6 billion. Since then, the outlook for commodity prices has improved and cash flow expectations are higher. At the same time, industry activity has ramped up quickly, adding inflationary pressure to service costs. The…
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