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Concho Resources Increased Its 2016 Production Guidance

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Aug. 9 2016, Updated 9:04 a.m. ET

Concho Resources’s key operational highlights

Concho Resources’s (CXO) 2Q16 production volumes totaled 145.2 thousand barrels of oil equivalent per day (or Mboepd). In comparison, its 2Q15 production volumes were 147.4 Mboepd. Concho Resources’s 1Q16 production volumes amounted to 139.5 Mboepd.

The production mix for Concho Resources’s 2Q16 production was 62% oil and 38% natural gas. As we can see in the image above, CXO has been focusing on operational efficiency by producing higher volumes while drilling fewer wells.

Its average rig counts have also fallen since 4Q14, from 37 to 13 in 2Q16.

In 2016, CXO’s lease operating expenses (or LOE) per boe is expected to range from $6.50 to $7.0 per boe, compared to $7.46 per boe in 2015.

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Concho Resources’s 2Q16 realized prices

Concho Resources’s average realized price of crude oil (OIL) and condensates fell from $63.56 per barrel in 2Q15 to $61.46 per barrel in 2Q16.

Its average realized price for natural gas (UNG) fell from $2.88 per thousand cubic feet in 2Q15 to $2.13 per thousand cubic feet in 2Q16.

Concho Resources’s 2016 production and capital guidance

Concho Resources’s 2016 production growth guidance range was increased from flat year-over-year growth to 0% to 2%.

In comparison, Oasis Petroleum (OAS) has provided growth guidance of -6% at the midpoint. Hess Corp. (HES) has provided guidance of 12%. PDC Energy (PDCE), on the other hand, expects its annual production to rise by 30% to 40% in 2016.

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