This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Concho Resources Inc. Provides 2012 Operational Update And Increases 2013 Production Guidance

Stocks in this article: CXO

“We are in the very early stages of driving proved reserves and production growth in the Delaware Basin,” commented Tim Leach, Chairman, Chief Executive Officer and President. “Our drilling inventory in the northern Delaware Basin has expanded rapidly to over 4,200 gross locations, only 250 of which are currently identified as proved. Going forward, I expect that the robust returns from this deep inventory will continue to drive organic production and proved reserves growth for years to come.”

During 2012, the Company enhanced the sustainability of its long-term growth strategy through a combination of its development and exploration program, as well as the Three Rivers acquisition and subsequent non-core asset divestiture. “We have expanded the opportunity to reinvest capital across the Permian Basin without having to sacrifice returns,” said Tim Leach. At year-end 2012, gross acreage across the Permian Basin increased to 1.2 million acres, a 24% increase over the previous year. Much of that growth occurred in the Delaware Basin, where the Company now has exposure to over 475,000 gross acres.

(The following information is unaudited and preliminary. Final results will be provided in the Annual Report on Form 10-K for the year ended December 31, 2012.)

Full-Year and Fourth Quarter 2012 Production and Revised 2013 Production Guidance

Concho’s production for 2012 totaled 29.8 MMBoe (18.0 MMBbls of crude oil and 70.6 Bcf of natural gas), a 26% increase over 2011 production of 23.6 MMBoe and represents achievement of the upper-end of the Company’s 2012 full-year guidance. Crude oil production in 2012 grew 23% over 2011 and represented 60% of total production.

Adjusting for acquisitions during the year, organic production in 2012 totaled 28.5 MMBoe (61% crude oil), a 21% increase over total production in 2011. Tim Leach commented, “Concho has delivered over 20% organic production growth every year as a public company while spending largely within cash flow. That is a significant accomplishment and reflects the high-quality nature of our assets in the oil-rich Permian Basin.”

2 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,761.51 -16.64 -0.09%
S&P 500 2,064.33 +3.10 0.15%
NASDAQ 4,743.3640 -5.0320 -0.11%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs