Concho Resources (CXO) Q4 Results
Posted: Tue Feb 21, 2017 6:59 pm
Concho Resources Inc. (CXO) (the “Company” or “Concho”) today reported financial and operating results for the fourth quarter and full year of 2016.
Fourth-Quarter & Full-Year 2016 Highlights
Delivered quarterly production of 164.3 MBoepd, up 7% quarter-over-quarter. < Compared to my forecast of 166.0 MBoepd
Achieved quarterly crude oil production in excess of 100 MBopd for the first time in Company history. < Compared to my forecast of 97.5 MBOPD
Reported a quarterly net loss of $125.1 million, or $0.86 per diluted share.
Adjusted net income totaled $29.0 million, or $0.20 per diluted share (non-GAAP). < Compared to my forecast of $0.09 per share
Generated $397.2 million of EBITDAX (non-GAAP) in the fourth quarter of 2016.
Achieved record 30-day production rates in the Company’s New Mexico Shelf and Midland Basin assets.
Generated 1 million gross barrels of oil equivalent in just over 100 days from the Company’s eight well Windham project.
Full-year 2016 daily production averaged 150.5 MBoepd, up 5% from 2015.
Exploration and development capital expenditures were $1.1 billion during 2016, down 37% from 2015.
Year-end 2016 estimated proved reserves totaled 720 MMBoe, up from 623 MMBoe at year-end 2015.
Reserves replaced at a ratio of 344%, excluding price revisions, and a drill-bit finding and development cost of $9.21 per Boe.
Total resource potential at year-end estimated at approximately 8 billion Boe, up 60% from 5 billion Boe at year-end 2015.
Raised full-year 2017 production growth target to 20% to 24%; targeting 25% crude oil production growth over 2016.
Recently closed the sale of the Alpha Crude Connector system netting $803 million in proceeds to Concho.
Fourth-Quarter & Full-Year 2016 Highlights
Delivered quarterly production of 164.3 MBoepd, up 7% quarter-over-quarter. < Compared to my forecast of 166.0 MBoepd
Achieved quarterly crude oil production in excess of 100 MBopd for the first time in Company history. < Compared to my forecast of 97.5 MBOPD
Reported a quarterly net loss of $125.1 million, or $0.86 per diluted share.
Adjusted net income totaled $29.0 million, or $0.20 per diluted share (non-GAAP). < Compared to my forecast of $0.09 per share
Generated $397.2 million of EBITDAX (non-GAAP) in the fourth quarter of 2016.
Achieved record 30-day production rates in the Company’s New Mexico Shelf and Midland Basin assets.
Generated 1 million gross barrels of oil equivalent in just over 100 days from the Company’s eight well Windham project.
Full-year 2016 daily production averaged 150.5 MBoepd, up 5% from 2015.
Exploration and development capital expenditures were $1.1 billion during 2016, down 37% from 2015.
Year-end 2016 estimated proved reserves totaled 720 MMBoe, up from 623 MMBoe at year-end 2015.
Reserves replaced at a ratio of 344%, excluding price revisions, and a drill-bit finding and development cost of $9.21 per Boe.
Total resource potential at year-end estimated at approximately 8 billion Boe, up 60% from 5 billion Boe at year-end 2015.
Raised full-year 2017 production growth target to 20% to 24%; targeting 25% crude oil production growth over 2016.
Recently closed the sale of the Alpha Crude Connector system netting $803 million in proceeds to Concho.