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Concho Resources Inc. Reports Fourth Quarter 2012 And Year End Financial And Operating Results

Stocks in this article: CXO

The following table sets forth summary information from our continuing operations concerning production and operating data for the periods indicated:

                     
Three Months Ended Years Ended
December 31, December 31,
              2012     2011     2012     2011
 
Production and operating data:
Net production volumes:
Oil (MBbl) 4,718 3,754 16,859 13,446
Natural gas (MMcf) 18,462 14,041 66,613 51,118
Total (MBoe) 7,795 6,094 27,961 21,966
 
Average daily production volumes:
Oil (Bbl) 51,283 40,804 46,063 36,838
Natural gas (Mcf) 200,674 152,620 182,003 140,049
Total (Boe) 84,728 66,241 76,397 60,180
 
Average prices:
Oil, without derivatives (Bbl) $ 81.28 $ 91.64 $ 87.96 $ 91.34
Oil, with derivatives (Bbl) (a) $ 87.81 $ 87.56 $ 89.29 $ 83.61
Natural gas, without derivatives (Mcf) $ 5.09 $ 7.15 $ 5.06 $ 7.62
Natural gas, with derivatives (Mcf) (a) $ 5.11 $ 7.74 $ 5.07 $ 8.13
Total, without derivatives (Boe) $ 61.26 $ 72.91 $ 65.08 $ 73.65
Total, with derivatives (Boe) (a) $ 65.24 $ 71.76 $ 65.93 $ 70.09
 
Operating costs and expenses per Boe:
Lease operating expenses and workover costs $ 6.64 $ 7.68 $ 6.90 $ 6.69
Oil and natural gas taxes $ 5.17 $ 5.80 $ 5.39 $ 5.96
Depreciation, depletion and amortization $ 21.35 $ 18.91 $ 20.56 $ 18.21
General and administrative $ 4.85 $ 4.92 $ 4.79 $ 4.48
                                 
 

(a)

Includes the effect of cash settlements received from (paid on) commodity derivatives not designated as hedges and reported in operating costs and expenses. The following table reflects the amounts of cash settlements received from (paid on) commodity derivatives not designated as hedges that were included in computing average prices with derivatives and reconciles to the amount in (gain) loss on derivatives not designated as hedges as reported in the statements of operations:
                             
 
Three Months Ended Years Ended
December 31, December 31,
(in thousands)     2012     2011     2012     2011
 
Gain (loss) on derivatives not designated as hedges:
Cash receipts from (payments on) oil derivatives $ 30,785 $ (15,290 ) $ 22,411 $ (103,969 )
Cash receipts from natural gas derivatives 236 8,271 1,125 25,739
Cash payments on interest rate derivatives - - - (6,624 )
Unrealized mark-to-market gain (loss) on commodity and
interest rate derivatives   (13,120 )   (313,293 )   103,907   61,504  
Gain (loss) on derivatives not designated as hedges $ 17,901   $ (320,312 ) $ 127,443 $ (23,350 )
                             
 
The presentation of average prices with derivatives is a non-GAAP measure as a result of including the cash receipts from (payments on) commodity derivatives that are presented in gain (loss) on derivatives not designated as hedges in the statements of operations. This presentation of average prices with derivatives is a means by which to reflect the actual cash performance of our commodity derivatives for the respective periods and presents oil and natural gas prices with derivatives in a manner consistent with the presentation generally used by the investment community.
 
 




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