QUOTE AND NEWS
Motley Fool  Jan 26  Comment 
Concho Resources has emerged from the oil market downturn stronger than ever before, which sets it up for a big year in 2017.
Forbes  Nov 15  Comment 
Looking back to 92 days ago, Concho Resources Inc (NYSE: CXO) priced a 9,000,000 share secondary stock offering at $130.89 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go...
OilVoice  Nov 9  Comment 
Concho Resources Inc. NYSE CXO today reported financial and operating results for the third quarter of 2016. ThirdQuarter 2016 Highlights Delivered quarterly production of 14.1 million Boe or 15
OilVoice  Nov 9  Comment 
Peregrine Petroleum Partners Ltd. today announced it elected to participate in the sale of its Permian Basin assets along with its operating partner Reliance Energy to Concho Resources Inc. The cl




 
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Concho appeared on the Wall Street Radar after the natural-gas company operating in four U.S. states announced ( June 10 , 2008 ) it agreed to buy oil and gas assets from privately-held Henry Petroleum in Texas and New Mexico for $565 million in cash, to expand in the Permian Basin. The properties have 163 bcf and produce about 33 mcf/d of gas equivalent.

Concho says the acquisition will increase the company’s prospects in the Permian Basin by 60%, as Henry’s properties complement Concho’s South-eastern New Mexico asset. The Henry properties currently have eight rigs drilling in the Wolfberry Play and 1,651 identified drilling locations including 1,420 in the Wolfberry Play. Concho has drilled more than 500 wells in the socalled Spraberry/Wolfcamp oil region of West Texas since 2002.

No Guidance

On their conference call, Concho wouldn’t give any kind of guidance until budgets are approved in November, although their debt-to-total capital is expected to increase to 40%.

Comparing Wolfberry play with their other plays, Concho says it’s about 100-125 boe/d with a hyperbolic decline with 1/3 recovered in first couple of years or so. They believe that Wolfberry is less developed than other plays they are involved in and say there is a bit of running room, and reserves are more predictable

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