Currently, the Company is operating 37 drilling rigs; 7 of these rigs are drilling Yeso wells on the New Mexico Shelf, 19 are drilling in the Texas Permian, 10 are drilling in the Delaware Basin and 1 rig is drilling Lower Abo wells in the New Mexico Shelf. Included in the 37 operated rigs, the Company is currently running 15 horizontal drilling rigs, including 10 in the Delaware Basin, 1 in the Texas Permian and 4 on the New Mexico Shelf.For the remainder of 2012, the Company expects to operate an average of approximately 33 rigs, including 13 horizontal drilling rigs. Of the total 33 rigs, 7 will drill Yeso wells in the New Mexico Shelf, 17 will drill in the Texas Permian and 9 will drill in the Delaware Basin. The Company expects this level of activity is sufficient to invest the remainder of its $1.5 billion annual capital budget and produce 28.7 to 29.8 MMBoe in 2012 as previously guided.
Concho Resources Inc. Reports Second Quarter 2012 Financial And Operating Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.