This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Concho Resources Inc. Reports Second Quarter 2012 Financial And Operating Results

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.

New Mexico Shelf

During the second quarter of 2012, the Company drilled or participated in 93 wells (78 operated) on its New Mexico Shelf assets, which included both Yeso and Lower Abo wells, with a 100% success rate on the 47 wells that had been completed by June 30, 2012. In addition, during the second quarter of 2012, the Company completed 60 wells that were drilled prior to the second quarter of 2012.

At June 30, 2012, on its New Mexico Shelf assets, the Company had identified 2,470 drilling locations, including locations associated with the Three Rivers acquisition, with proved undeveloped reserves attributable to 680 of such locations. Of these 2,470 drilling locations, 1,559 target the Yeso formation vertically, 369 target the Yeso formation horizontally, 111 target the Lower Abo formation and the remaining drilling locations target other objectives.

4 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs