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Concho Resources raises 2019 production growth guidance, maintains capex

Apr. 30, 2019 5:58 PM ETConcho Resources Inc. (CXO) StockCXOBy: Carl Surran, SA News Editor
  • Concho Resources (NYSE:CXO+0.5% after-hours as it reports mixed Q1 results and raises its full-year production growth outlook while maintaining capex guidance.
  • CXO says it delivered total Q1 production of 328K boe/day, 44% higher than the year-ago period and 7% better than 4%, exceeding the high end of its guidance range, while achieving record oil production of 210K bbl/day, up 46% Y/Y and 6% Q/Q.
  • But the company's average realized price for oil fell to $49.39/bbl in the quarter from $61.29/bbl in the year-ago quarter, while its averaged realized price for natural gas slid to $2.64/Mcf from $3.39/Mcf a year ago.
  • CXO averaged 33 rigs during Q1 vs. 34 rigs in Q4 2018 and currently is running 29 rigs, including 20 rigs in the Delaware Basin and nine rigs in the Midland Basin.
  • CXO forecasts Q2 production of 316K-322K boe/day and raises its full-year oil production growth guidance to 27%-31% from 26%-30% previously; full-year capex outlook remains at $2.8B-$3B.

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