Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Permian E&P Lowers 2020 Capital Budget to $2.0B; Down 26% from Initial Plan
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Concho Resources has updated its 2020 plan.
The company has reduced its 2020 capital program by 26% to approximately $2 billion from the $2.6 to $2.8 billion range previously announced.
Compared to 2019, this is a decrease of 31% YOY.
66% Hedged at 2020 oil forecast.
Tim Leach, Chairman and Chief Executive Officer, commented, "Concho is well positioned to weather the turmoil in the oil markets due to our high-quality asset base, low cost structure, strong balance sheet and large, uncomplicated hedge book. While our hedge position minimizes the volatility of our cash flow over the near term, we are quickly adjusting our activity to ensure we execute a capital allocation strategy that creates value for our shareholders over the long term. We will continue to focus on improving our cost…
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