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Concho Resources reports Q4 production 8.9M boe, sees Q4 charge

  • Concho Resources (CXO) reports FY 2013 production increased 20% Y/Y to 33.6M boe (21.1M bbl of crude oil and 75.1B cf of natural gas), in line with the company's guidance; year-end estimated proved reserves rose 13% Y/Y to 503M boe.
  • Midstream and infrastructure delays in the New Mexico Shelf core area resulted in an estimated net production loss of 500K-plus boe during 2013.
  • Q4 production was 8.9M boe, up 14% Y/Y and up 3% Q/Q; crude oil production rose 7% Q/Q despite weather-related curtailments; CXO says it expects to incur estimated exploration and abandonments expense in Q4 of ~$72M, of which ~$67M is a non-cash charge.
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