Concho Resources (CXO) Update - April 20

dan_s · Post by **dan_s** » Mon Apr 20, 2020 2:06 pm

Within the Sweet 16, CXO is one of the companies best positioned to survive 2020.
Production mix for 2020: 210,000 barrels oil per day and 700,000 mcfe of natural gas and NGLs per day

Over 70% of this year's crude oil is hedged: Concho enters into commodity derivatives to manage its exposure to commodity price fluctuations. For 2020, Concho has crude oil swap contracts covering approximately 132 MBopd and 22 MBopd at weighted average prices of $57 per Bbl WTI and $60 per Bbl Brent, respectively. The Company also has crude oil swaps for 2021, covering approximately 59 MBopd at a weighted average price of $52 per Bbl WTI.

Strong Financial Position

Concho maintains a strong financial position with investment-grade credit ratings and substantial liquidity. At December 31, 2019, Concho had long-term debt of $4 billion, with no outstanding debt maturities until January 2025. Additionally, at December 31, 2019, the Company had cash of approximately $70 million and no debt outstanding under its credit facility, resulting in approximately $2.1 billion of liquidity.