This Day On The Street
Continue to site
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. Provides 2012 Operational Update And Increases 2013 Production Guidance

“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

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs