This Day On The Street
Continue to site
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

Concho Resources Inc. Announces Three Year Accelerated Growth Plan, Provides 2014 Capital Budget Detail And Guidance And Reports Third Quarter 2013 Financial And Operating Results

Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today announced a new three-year growth plan intended to double production by 2016. In addition, the Company provided details on its 2014 capital budget and guidance and reported financial and operating results for the three and nine months ended September 30, 2013. Highlights include:
  • Accelerated growth plan that is expected to deliver annual production of over 67 million barrels of oil equivalent (“MMBoe”) in 2016 and reduce the Company’s leverage ratio (debt-to-EBITDAX) to less than 1.5x
  • 2014 capital budget of $2.3 billion and expected production growth of 18% to 22%
  • Production from continuing operations of 8.7 million barrels of oil equivalent (“MMBoe”) for the third quarter of 2013, a 19% increase over the third quarter of 2012 and a 5% increase over the second quarter of 2013
  • Net income of $30.4 million, or $0.29 per diluted share, for the third quarter of 2013, as compared to net income of $6.0 million, or $0.06 per diluted share, for the third quarter of 2012
  • Adjusted net income 1 (non-GAAP) of $111.1 million, or $1.06 per diluted share, for the third quarter of 2013, as compared to $99.9 million, or $0.96 per diluted share, for the third quarter of 2012
  • EBITDAX 2 (non-GAAP) of $456.4 million for the third quarter of 2013, as compared to $387.2 million for the third quarter of 2012

1 Adjusted net income (non-GAAP) is comparable to securities analyst estimates. For an explanation of how the Company calculates and uses adjusted net income (non-GAAP) and a reconciliation of net income (GAAP) to adjusted net income (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

2 For an explanation of how the Company calculates and uses EBITDAX (non-GAAP) and a reconciliation of net income (GAAP) to EBITDAX (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

Three-Year Accelerated Growth Plan

Concho is launching an accelerated growth plan intended to double production by 2016 and strategically position the Company as the leading operator in the Permian Basin. By accelerating activity across multiple horizons in the Permian, the Company believes that it can deliver annualized organic production growth of 25% over the next three years, which is in excess of its historical average, while increasing crude oil mix and reducing leverage ratios.

1 of 12

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
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.53 +0.87 0.04%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs