Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update | Production Rates | Capital Markets | Capital Expenditure
Concho Ups 2019 Production; Reducing Rigs, Completion Unchanged
Print
|
Concho Resources delivered Q1 results. Here are a few key points.
The company raised its full-year production growth outlook while maintaining capex guidance at $2.8B-$3B. Oil outlook is now expected to be 216 Mbbls/d a 29% increase vs prior guidance of 28%.
Q1 production was 328 Mboe/day, which is 7% better than 4Q 2018. Oil was also up 6% quarter over quarter.
But the company's average realized price for oil fell to $49.39/bbl in the quarter from $61.29/bbl in the year-ago quarter, while its averaged realized price for natural gas slid to $2.64/Mcf from $3.39/Mcf a year ago.
Concho average 33 rigs during Q1 vs. 34 rigs in Q4 2018 and currently is running 29 rigs, including 20 rigs in the Delaware Basin and nine rigs in the Midland Basin. The company expects to end the year with…
- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
More Quarterly / Earnings Reports News
EOG Resources Reports Third Quarter 2023 Results
EOG Resources, Inc. today reported third quarter 2023 results. Key Financial Results In millions of USD, except per-share, per-Boe and ratio data GAAP 3Q 2023 2Q 2023 1Q…
Petrus Resources Ltd. First Quarter 2023 Results
Petrus Resources Ltd. announced first quarter 2023 results. Highlights Higher production – Production was up 54% from 7,379 boe/d(1) in the first quarter of 2022 to 11,385 boe/d…
Cardinal Energy Ltd. First Quarter 2023 Results
Cardinal Energy Ltd. announced first quarter 2023 results. Highlights Production increased 5% over the same period in 2022 due to ongoing strong base performance and excellent 2022 drilling…
Headwater Exploration Inc. First Quarter 2023 Results
Headwater Exploration Inc. announced first quarter 2023 results. Highlights Declared second cash dividend of $0.10 per common share and returned $23.5 million to shareholders in April 2023. Production…
Rubellite Energy Inc. First Quarter 2023 Results
Rubellite Energy Inc. announced first quarter 2023 results. Highlights Achieved first quarter conventional heavy oil sales production of 2,990 bbl/d, exceeding the Company’s guidance range of 2,800 to…
Permian News
Why $90 Oil Isn’t Bringing Back the Rigs
Higher oil prices are not translating cleanly into a drilling response across U.S. shale, and company disclosures are starting to show why. The issue is not simply capital…
These Three Companies Will Increase Drilling & Completion Over The Next 3 Year
In the span of fifteen months, three Japanese energy companies committed more than $10.3 billion to U.S. natural gas production assets — a buying spree that has transferred…
Q1 A&D Transactions Jump to $30B , While Deal Flow Was Down 40%
The first quarter of 2026 has officially defined the "Barbell Era" of American oil and gas. While the total number of deals plummeted by 46% YoY (dropping to…
Wright to U.S. Oil Industry: The Price Signal Is Telling You to Drill
Energy Secretary Chris Wright stood in front of the largest gathering of oil executives in the world this morning and delivered a message that was equal parts market…
Apa Corp : Doing More With Less
APA's 2025 narrative was one of operational surprise. The company came in beating production guidance every single quarter while spending below plan, capturing over $300MM in cost savings…