Reducing Concho's FVE After Incorporating Higher Permian Decline Rates
We are trimming our fair value estimate for Concho Resources to $94 per share, which means--in light of the recent slump in crude prices--that it is one of the few exploration and production firms that does not currently look undervalued (see "Most E&Ps Undervalued After Slump in Oil Prices").The decrease was partly triggered by marking our model to market to account for the recent decline. However, we have also moderated our well performance estimates slightly after taking a closer look at...
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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