Oil and natural gas production expense from continuing operations for the second quarter of 2013, including oil and natural gas taxes, totaled $107.2 million, or $12.93 per barrel of oil equivalent (“Boe”), a 1% increase per Boe from the second quarter of 2012 . This increase was due primarily to higher oil and natural gas taxes, which averaged $5.68 per Boe in the second quarter of 2013 as compared to $5.27 in the second quarter of 2012, as a result of higher oil and natural gas prices. This was partially offset by lower lease operating expenses and workover costs, which averaged $7.25 per Boe in the second quarter of 2013 as compared to $7.57 per Boe in the second quarter of 2012.Depreciation, depletion and amortization (“DD&A”) expense from continuing operations for the second quarter of 2013 totaled $188.7 million, or $22.75 per Boe, a 9% increase per Boe from the second quarter of 2012. This increase in the Company’s DD&A rate is primarily driven by higher cost, exploratory horizontal drilling activity in the Delaware Basin.
Concho Resources Inc. Reports Second Quarter 2013 Financial And Operating Results
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