Concho sees 2013 output at low end of guidance range after severe storms

|About: Concho Resources Inc. (CXO)|By:, SA News Editor

Concho Resources (CXO +0.3%) says the combined effect of two recent severe winter storms across the Permian Basin have "significantly impacted" its production.

CXO says it does not plan to adjust its production guidance, but the impact of the storms is expected to cause 2013 annual production to fall near the low end of its guidance range.

Also, CXO reports it is now running 24 rigs (20 horizontal), as rig count additions associated with its growth plan are ahead of schedule; it expects to add at least two additional horizontal rigs before the end of the year.