Concho Upwardly Revises 2017 Outlook on Strong Fourth-Quarter Performance
Concho Resources’ fourth-quarter results were highlighted by another period of impressive production growth, with volumes up 7% sequentially and 14% year over year thanks to a ramp-up in drilling and completion activity. As a result, the company modestly boosted its outlook for 2017, with growth now forecast to come in at a midpoint of 22%, to 184 mboe/d, on spending of $1.7 billion. This compares with our forecast of 177 mboe/d on spending of $1.4 billion. We will incorporate this updated guida...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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