Concho Resources Inc
Latest Concho Resources Inc News and Updates
Introduction to the Permian Basin — Part 2: Geography of the Permian Basin
The Permian Basin is one of the US’s primary drivers of oil production growth. Market Realist provides an overview of this prolific hydrocarbon asset with a primer piece: “Introduction to the Permian Basin”.
Permian Basin activity: A key indicator of energy sector health
This was the seventh straight weekly decline in the Permian Basin oil rig count. Overall, the weekly US crude oil rig count was down 4%.
Placing Apache’s Stock Compared to Its Peers
Apache’s stock has fallen almost 20% this year. However, since October, it has remained above approximately $47 on an average.
What Are Analysts’ Targets for Apache for the Next 12 Months?
APA’s high target price stands at $73, its low target price stands at $42, and its median target price stands at $60.
Why the Permian Basin is the key indicator for oil rig counts
According to the U.S. Energy Information Administration (or EIA), the Permian Basin is the largest crude oil–producing region in the US.
Most Analysts Recommend a ‘Buy’ for Anadarko Petroleum Stock
About 76% of the analysts covering Anadarko Petroleum (APC) have rated the stock a “buy,” and 21% have rated it a “hold.”
What Are the Expectations for Concho Resources’ 4Q15 Earnings?
Concho Resources (CXO) will release its 4Q15 earnings on February 25, 2016. The estimate for 4Q15 revenue is ~$592.4 million. Revenue in 4Q14 was ~$692.4 million.
What Do Analysts Recommend for Apache Pre-1Q16 Earnings Release?
In the weeks leading up to Apache’s (APA) 1Q16 earnings release, Wall Street analysts have provided target prices for the next 12 months.
Spread between WTI crude oil and Brent oil has closed in significantly since YE2012
The WTI-Brent spread remained relatively unchanged last week, but has closed in significantly since year-end 2012.
Analyzing Short Interest Trends in Whiting Petroleum Stock
On September 8, 2017, the short interest as a percentage of float in Whiting Petroleum (WLL) stock, or its short interest ratio, was ~21.4%.
Permian Basin activity signals changes to oil rig count
Rig counts in the Permian Basin can gauge drilling activities for upstream companies. The Permian Basin rig count is now at its lowest since May 2011.
How Has Concho Resources’ Stock Fared ahead of 4Q15 Earnings?
As 2015 came to a close, Concho Resources’ (CXO) stock started falling. CXO has fallen ~21% since February 2015.
WTI-Brent crude oil spread moves wider on Libya disruptions
The spread between WTI crude and Brent crude moved wider on Libya supply disruptions.
Did EOG’s Performance Suffer in All Product Segments?
In 3Q15, EOG has continued to improve cost efficiency by reducing its primary cost heads including lease and well costs, measured on a per barrel of oil equivalent basis.
Understanding the Analysts’ Targets for Key Permian Oil and Gas Stocks
Concho Resources and Pioneer Natural Resources have the most “buy” recommendations as compared to peers at 82% and 93%, respectively.
Must-know overview: The geography of the Permian Basin
The Permian Basin spreads across a wide swath of western Texas and southern New Mexico. The name “Permian Basin” generally refers to a combination of the Delaware Basin and Midland Basin.
What Are the Trends in Anadarko’s Revenue and Profit Margins?
Anadarko Petroleum’s (APC) revenue rose ~16.2% YoY (year-over-year) in 4Q16. In comparison, its YoY revenue growth was -35% in 4Q15 and 12% in 3Q16.
Why 2 similar grades of oil trade at different prices
The spread between WTI and Brent crudes is currently near $8 per barrel because a recent production surge in the U.S. has caused a buildup of crude oil inventories at Cushing, Oklahoma, where WTI is priced.
Who will drive crude oil consumption?
Current lower oil prices and growth from China, India, the United States and Asia Pacific countries will drive crude oil consumption in the long term.
What’s New in the Permian?
According to the EIA’s latest Drilling Productivity Report on June 12, crude oil production in the Permian is expected to have risen 2.4 million barrels per day in May.
Which Oil ETFs Fell Less than Oil Last Week?
On November 2–9, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 4.6% and 3.8%, respectively.
How Did Brexit Impact Crude Oil Prices?
The referendum on June 23 caused the dollar to rise. Needless to say, a stronger dollar put pressure on crude oil prices.
WTI Cushing–WTI Midland Spread at Highest Level since August 2014
The Brent-WTI Midland spread reached $23.11 per barrel on May 31, which was its highest level since August 2014.
Implied Volatility in Whiting Petroleum: Forecasting Stock Range
Current implied volatility in Whiting Petroleum (WLL) is ~49.9%, 0.20% higher than its 15-day average of 49.8%.
Whiting Petroleum Reported Upbeat 4Q16 Earnings and Revenue
Whiting’s 4Q16 revenue was ~$474 million versus an estimate of $345 million. Its revenue in 4Q15 was ~$467 million.
What Are Callon Petroleum’s Free Cash Flow Trends?
In 3Q16, Callon Petroleum (CPE) reported CFO (cash flow from operations) of ~$12.3 million, which is ~51% lower than its CFO in 3Q15.
What Could Be Holding Back Apache Stock?
Apache stock (APA) has fallen 6.6% year-over-year driven by lackluster first-quarter earnings and increasing price differentials in the Permian.
Brent-WTI Spread Impacts US Upstream Stocks
On February 19, Brent crude oil April futures settled ~$10 higher than WTI crude oil April futures—near its four-month high.
Crude Oil Prices: Is More Downside Possible?
The API reported that US crude oil inventories rose by 5.6 MMbbls (million barrels) on July 20–27.
What’s the Oil Futures Market Saying?
On July 2, US crude oil August futures closed ~$10 above the August 2019 futures contract. On June 25, the futures spread was at a premium of $5.4.
Saudi Arabia’s Oil Production Is near a Five-Month High
Saudi Arabia’s crude oil production increased by 60,000 bpd to 10,120,000 bpd in May—compared to the previous month.
Record US Crude Oil Production Weighs on Oil Prices
The EIA reported that US crude oil production increased by 2,000 bpd (barrels per day) to a record high of 10,725,000 bpd on May 11–18.
The spread between WTI and Brent oil narrows to ~$6 per barrel
The WTI-Brent spread narrowed to ~$6 per barrel last week and the prices between WTI and Brent have generally been moving closer over the past few months.
Factors Keeping US Crude Oil below the $70 Mark
US crude oil September futures closed at $68.69 per barrel on July 27—the fifth straight closing below $70.00 per barrel.
Can US Crude Oil’s Recovery Be Sustained?
On June 11, US crude oil July futures rose 0.5% and settled at $66.10 per barrel.
What Has Been Driving Apache Stock Lately?
Apache (APA) stock hasn’t risen as much as its peers this year. On a YoY (year-over-year) basis, Apache stock has declined 6.85%.
Why did the WTI-Brent spread continue to narrow last week?
The WTI-Brent spread continued to narrow last week. The EIA recently revised its prediction for 2014′s average WTI-Brent spread.
Oasis Petroleum’s Production Trends: What to Expect in 4Q16
In 3Q16, Oasis Petroleum (OAS) increased its 2016 production guidance to 49.3 Mboepd–50 Mboepd.
Analysts Cut Price Target on Concho Resources
On February 20, Concho Resources (CXO) fell 7.1%.
Crude Oil Falling to $30? Which Oil-Weighted Stocks to Avoid
On March 27, 2017, WTI (West Texas Intermediate) crude oil May futures closed at $47.73 per barrel, ~0.5% lower than their previous closing price.
Why Did the WTI Cushing-WTI Midland Spread Drop?
The WTI Cushing-WTI Midland spread was at $4.12 per barrel on June 25—compared to $9.7 per barrel on June 18. The spread fell 58% on June 18–25.
Key Trends in Whiting Petroleum’s Revenue and Profit Margin
Whiting Petroleum’s (WLL) 4Q16 revenue rose ~1.4% YoY (year-over-year). Its YoY revenue growth was -38% in 4Q15 and -37.4% in 3Q16.
WTI Cushing–WTI Midland Spread Drops from Multiyear High
The WTI Cushing-WTI Midland spread was $11.25 per barrel on July 16, compared to $13.25 per barrel on July 9.
WTI-Brent spread fell below $8.00/barrel, the 1st time since October
The spread between WTI and Brent crudes closed at $7.51 per barrel on February 21, compared to the previous week’s spread of $8.81 per barrel.
Why is production cost the vital measure for upstream oil majors?
The overall production cost structure is important to withstand the crude oil price onslaught.
What Analysts Recommend for Hess Stock
Approximately 52% of analysts covering Hess (HES) recommend “hold,” ~43% recommend “buy,” and 5% rate it as “underperform.”
EIA Reports Significant Build in US Natural Gas Inventories
On June 21, the EIA released its natural gas storage report. It reported that US natural gas inventories rose by 91 Bcf (billion cubic feet) to 2,004 Bcf from June 8 to 15.
Why Is EP Energy Increasing Focus in the Wolfcamp?
Wolfcamp, which lies in the Permian Basin, has given the company a strategic edge. It seems to make sense to move its capital to more operationally efficient regions.
Will Concho Resources Stock Continue to Ride High This Year?
Concho Resources (CXO) stock has been mostly on an uptrend recently. It’s riding high on its Permian acquisitions last year.
Why analysts forecast an $11-per-barrel WTI-Brent oil spread
WTI-Brent spread traded slightly narrower last week. WTI had been trading as low as $23 per barrel under Brent in February of 2013. Over the course of the year, the spread narrowed due to several factors.
Iran Running Out of Options: Could Oil Spike?
From June 29 to July 6, US crude oil August futures fell 0.5%. On July 6, US crude oil August futures settled at $73.80 per barrel.
Why more rigs mean increased crude oil production
It may take sharper declines in rig counts this time around for a substantial downward trend in production to be seen.
How does Continental Resources compare to its peers?
Continental Resources’ net debt-to-EBITDA multiple of 1.6x is one of the highest among its peers. This could indicate a potential liquidity crunch, or insufficient cash to repay debt, particularly when crude oil prices are falling.
Large Drop in US Crude Oil Inventories Helps Oil Bulls
The EIA reported that US crude oil inventories decreased by 4.1 MMbbls (million barrels) to 432.4 MMbbls on June 1–8.
Why the WTI-Brent oil spread traded below $4 per barrel
Last week’s narrowing in the WTI-Brent spread might have been partly due to the rise in WTI crude oil prices on positive U.S. economic indicators and a drop in U.S. gasoline inventories.
Will the Permian Charm Continue to Work for Concho Resources?
Following its Reliance Energy Midland Basin assets acquisition, Concho Resources (CXO) increased its 2016 production growth guidance.
Why WTI crude oil is trading ~$15 per barrel below Brent
The WTI-Brent spread moved wilder last week, but the market expects it to close in soon. Investors may want to monitor the spread.
Anadarko Stock Is Showing Key Short Interest Trends
APC short interest ratio on February 27, 2017, was ~1.75%. Its short interest ratio at the beginning of the year was ~2.2%.
The Price of WTI Oil Hits $70 per Barrel: Are the Bulls Back?
US crude oil inventories fell 9.2 MMbbls (million barrels) to 421.4 MMbbls from June 15–22.
Upward Movement of Concho Resources Stock This Year
Since the beginning of 2017, Concho Resources (CXO) has risen approximately 5.0%, outperforming the energy sector.
Apache Corp Stock: Must-Know Short Interest Trends
Apache Corp’s (APA) short interest ratio (short interest as a percentage of float) on February 6, 2017, was ~5.3%.
Horizontal rig count is back on record breaking spree
For the week ending September 26, 2014, the number of horizontal rigs increased by six to 1,347—compared to 1,341 last week. This is the highest horizontal rig count on record.
Concho Resources Reports Upbeat 2Q17 Earnings, Misses Revenue
On August 2, 2017, Concho Resources (CXO) reported its 2Q17 earnings after the markets closed. It reported revenue of $567.0 million.
US Crude Oil Is near a 3-Year High
On March 21, 2018, US crude oil May futures rose 2.6% and closed at $65.17 per barrel.
Must-know: Why the WTI discount to Brent oil closed wider
The spread between WTI and Brent Crude closed at $6.61 per barrel on May 30, compared to the spread of $6.11 per barrel for the week ending May 23, 2014.
Oil-Weighted Stocks Could Be Influenced by Volatile Oil Prices
On December 19, US crude oil February futures rose 3.4% from the lowest closing level in more than a year and closed at $48.17 per barrel.
Is Oil Getting Riskier?
On April 3, US crude oil May futures declined just 0.2% and closed at $62.46 per barrel.
Why Has Concho Resources Been Eyeing the Permian Basin?
Concho Resources’ (CXO) key focus this year is apparently to strengthen its position in the Permian Basin. Earlier this year, it announced a trio of deals to enhance its position.
What Does Wall Street Predict for CXO, PXD, MRO, and CLR?
Approximately 74% of Wall Street analysts tracking Pioneer Natural Resources surveyed have recommended a “buy” or equivalent, while ~18% have recommended a “hold.”
Anadarko Petroleum: Key Short Interest Trends
Anadarko Petroleum’s (APC) short interest ratio on February 10, 2017, was ~1.6%. At the beginning of the year, its short interest ratio was ~2.2%.
Does Seasonality Impact the Crude Oil Inventory?
US commercial crude oil (USO) (UWTI) inventories fell by 3.4 MMbbls (million barrels) compared to the previous week for the week ending May 6, 2016.
Permian Basin activity trend sets the tone for the oil rig count
In the past year, the Permian Basin activity was lower because it lost 24 oil rigs. There were also 33 oil rigs shut down in the Williston Basin.
Must-know: WTI-Brent oil spread hits widest point since February
The WTI-Brent spread continues to move wider as Libya experiences unrest, dampening its oil production, and U.S. production keeps surging.
Why falling gas rig counts aren’t denting natural gas production
The U.S. Energy Information Administration (or EIA)—in its Short-Term Energy Outlook released in August, 2014—reported that dry natural gas production is expected to total 69.6 billion cubic feet (or bcf) per day in 2Q14.
Comparing Apache’s Debt Position
In this series, we’ll look at Apache’s key fundamentals and compare them with those of energy peers.
How Concho Resources Stock Reacted to 2Q17 Earnings
Following Concho Resources’ (CXO) 2Q17 earnings release after the markets closed on August 2, 2017, its stock rose 0.26% in pre-market trading on August 3, 2017.
Production Profiles of Key Eagle Ford Oil and Gas Companies
Eagle Ford producers Key producers in the Eagle Ford Shale include Marathon Oil (MRO), ConocoPhillips (COP), Carrizo Oil and Gas, and EOG Resources (EOG). As shown in the image above, all the above companies have at least one-third of their production coming in from the Eagle Ford. While Carizzo Oil and Gas saw a YoY […]
Changes in Whiting Petroleum’s Implied Volatility
Whiting Petroleum’s (WLL) current implied volatility is ~63%, which is ~7% lower than its 15-day average of ~68%.
Comparing CXO and CHK on Production Growth
In 2016, Concho Resources (CXO) expects its annual production to be flat compared to 2015.
Why the WTI-Brent Crude Oil Discount Converged Slightly
The divergence between WTI and Brent crude oil prices slightly narrowed. Brent prices saw a more pronounced effect from the Fed’s announcement.
PDC Energy’s 2Q16 Operational Highlights
PDC Energy’s (PDCE) total production volume in 2Q16 was ~57.1 Mboepd (thousand barrels of oil equivalent per day).
Why investors should monitor last week’s drop in oil rig count
This week’s fall in oil rig count marked the third decrease in the past four weeks, and the highest decrease since August 22’s fall.
Overview: What the policy makers think about the crude oil export issue
The ban on the U.S. crude oil exports, which has been in effect since 1975, is being reviewed by U.S. lawmakers.
More midstream oil and gas options in the Permian Basin have kept spreads tight
Producers in the Permian had suffered in the past when takeaway capacity was not sufficient for the growth of West Texas oi production. However, at present it seems that these issues have been resolved.
Anadarko’s 1Q16 Earnings: Analysts’ Estimates Were about Right
Anadarko Petroleum (APC) reported its 1Q16 earnings on May 2, 2016, after the market closed.
Range Resources: A Look at Its Institutional Holdings
Range Resources (RRC) reported adjusted EPS of -$0.07 in the third quarter. Let’s talk about institutional investor activity in RRC in the quarter.
What’s the Elliott Wave Theory?
The Elliott Wave Theory was developed by R.N. Elliott in the 1930s. The theory proposed that market trends moves in repeated cycles. The cycles are classified based on how long they last.
What’s the symmetrical triangle pattern in technical analysis?
The symmetry pattern is formed when there’s indecision in the price movements. At this price point, there’s equal buying pressure and selling pressure. The prices form a zigzag shape.
Why Permian defied the falling oil rig counts last week
The Permian Basin is in western Texas and southern New Mexico. The name Permian Basin usually refers to a combination of the Delaware Basin and the Midland Basin.
Upstream Stocks: The Top Movers of 2019
In 2019 so far, upstream energy companies Hess Corporation (HES) and Noble Energy (NBL) have risen 61.8% and 15.1%, respectively.
The Permian Basin’s resource potential and oil versus gas split
The magnitude of hydrocarbons available in the Permian Basin is one of the factors that make it an attractive place to drill for oil and gas. Another major factor is the oil and gas split given current commodity prices.
Must know: Why is the West Texas crude trading at a discount?
The prices for West Texas Intermediate (WTI) crude at Midland, TX traded at a discount of $10.50/Bbl to WTI at Cushing, OK on Thursday, last week.
A Permian production increase has widened the WTI-Midland spread
Permian production has ramped up and any disruption in takeaway capacity, which had been tight, causes spreads to blow out.
The WTI-Midland spread: The short-term and long-term viewpoints
Permian crude is an attractive enough resource for many companies to have long-term plans to continue to grow in the region.
What are the advantages of technical analysis?
Entry and exit strategy is recommended for short and long-term trading in technical analysis. Fundamental analysis is used for the long-term entry and exit point.
What are the disadvantages of technical analysis?
Technical analysis is used to forecast stocks. All of the technical indicators give possible entry and exit points. The forecasting accuracy isn’t 100%. This is one of disadvantages of technical analysis.
The crude oil market: An overview
Crude oil prices have been on a roller coaster ride in 2014. This series will help crude oil investors recognize key factors that are impacting oil prices.
How an economic crisis affects the price of crude oil
The common factor during an economic crisis is that economic growth slows down. Demand declines, which has a negative impact on oil prices.
Must know: Geopolitical tensions impact oil prices
A glut in crude oil supply could mean that political tensions in the near term may not impact oil prices.
Midland-WTI remains tight, closing last week at $0.15/barrel
Spreads between Midland crude and WTI crude have remained tight, which is a positive for Permian producers.