Concho Lifts 2019 Guidance After Barnstorming 1Q, but Shares Fairly Valued
Concho Resources delivered production of 328 thousand barrels of oil equivalent per day in the first quarter, which was 7% higher sequentially and 44% higher year over year. This beat our forecast of 313 mboe/d and was well above the previously guided range of 300-306 mboe/d.The surprise was attributed to strong production from large-scale projects that came online earlier than expected. As a result, management increased guidance for full-year production growth to 23%-27% from 21%-25%. There wa...
Concho Resources is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company's operations are primarily focused in the Permian Basin of West Texas and Southeast New Mexico.
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