Concho Resources (CXO) Update - Oct 18

[dan_s]

I have updated my forecast/valuation model for CXO and it will be posted to the EPG website later today.

My valuation increases by $3 to $79, primarily because of higher natural gas and NGL prices in q4 and 2021. CXO has a very high percentage of this year's oil hedged, so my lower WTI price assumption for Q4 2020 had very little impact on the valuation.

Details of the merger with COP will set the share price.

CXO closed at $48.60 on Friday, October 16.