Concho Resource announces three-year accelerated growth plan

In its Q3 earnings report, Concho Resources (CXO) spelled out an accelerated growth plan intended to double production by 2016 and strategically position it as the leading operator in the Permian Basin.

CXO slightly adjusts its FY 2013 production outlook to 33.5M-34M boe vs. earlier guidance of 33.4M-34.8M, with 62%-plus crude oil, and now estimates 2013 capital spending of $1.8B vs. earlier guidance of $1.6B.

Sets 2014 capital budget for ~$2.3B, which is expected to yield 18%-22% annual production and allow for accelerated growth beyond average historical organic rates over the next three years.

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