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Concho Resources rises despite Q3 miss as well costs show big drop

Oct. 29, 2019 4:25 PM ETConcho Resources Inc. (CXO) StockCXOBy: Carl Surran, SA News Editor6 Comments
  • Concho Resources (NYSE:CXO) +1.6% after-hours following below consensus Q3 earnings and a 6% Y/Y drop in revenues to $1.12B, as production rose 15% Y/Y to 330K boe/day and exceeded the high end of its guidance range.
  • CXO says Q3 operating cash flow was $706M, exceeding the $670M in costs incurred for exploration and development activities, as it materially improved well costs and surpassed its year-end 2019 well cost reduction target of 10%.
  • Q3 drilling, completion and equipment costs of $955/ft. was a 20% reduction from H1 2019, led by a significant reduction in Delaware Basin well costs.
  • CXO expects Q4 production of 318K-325K boe/day, which reflects the impact of the planned New Mexico Shelf sale; excluding the sale, Q4 production is seen at 334K-341K boe/day.

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