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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

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.
 
 




8 of 13

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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