Concho Resources’ key operational highlights
Concho Resources’ (CXO) 4Q16 production volumes totaled 164.3 thousand barrels of oil equivalent per day (or Mboepd).
In comparison, its 4Q15 production volumes totaled 144 Mboepd. Concho Resources’ 3Q16 production volumes amounted to 153 Mboepd.
As we can see in the image above, CXO has been focusing on operational efficiency by producing higher volumes while spending less. CXO’s average rig counts have also been falling since 1Q15. Its average rig count fell from 30 to 18 in 4Q16.
Concho Resources’ 4Q16 and 2016 realized prices
Concho Resources’ 2017 production and capital guidance
Concho Resources raised its 2017 production growth guidance to 20%–24% in 2017, compared to the -5%–0% range it had provided in 2017. The significant rise in production growth expectations between the two years is likely due to the series of acquisitions announced by CXO last year. You can learn more about them in Inside Concho Resources’ Newest Permian Basin Acquisition. Crude oil production growth is expected to be 25%.
Concho’s capital expenditure budget for 2017 is $1.6 billion–$1.8 billion.