3rd Quarter Results
Posted: Wed Nov 05, 2014 7:23 pm
I will update the forecast models for CXO, BCEI, CRZO, GPOR and MTDR on Thursday (11/6).
CXO beat my EPS forecast by a couple cents.
Concho Resources Inc. (CXO) (the “Company” or “Concho”) today reported results for the third quarter of 2014 and provided an outlook for 2015.
Highlights
• Concho delivered record quarterly production, exceeding 10 million BOE, and achieved 23% crude oil production growth over the same quarter a year ago.
• Production for the third quarter of 2014 averaged 113.5 MBoepd and was negatively impacted by approximately 2 MBoepd due to weather-related downtime.
• The Company continued to deliver industry-leading well performance in the northern Delaware Basin.
• Earnings for the third quarter of 2014 totaled $2.69 per diluted share, or $1.09 per diluted share on an adjusted basis1 (non-GAAP). This compares with earnings of $0.29 per diluted share, or $1.06 per diluted share on an adjusted basis, in the third quarter of 2013.
• EBITDAX2 (non-GAAP) increased for the sixth consecutive quarter to $536.4 million.
• Cash flows generated from operating activities in the first nine months of 2014 totaled $1.3 billion. Adjusted cash flows3 (non-GAAP) generated from operating activities in the first nine months of 2014 also totaled $1.3 billion, up 39% over the same period last year.
• Concho is targeting 28% to 32% year-over-year production growth in 2015 with a $3.0 billion capital program. The Company is on track to accomplish its Two-by-Three Growth Plan to double production in 2016 over 2013.
My previous forecast assumed 23% production growth in 2015. - Dan
Tim Leach, Chairman, Chief Executive Officer and President, commented, “Concho delivered strong results this quarter, even as we faced challenges from flooding in the northern Delaware Basin. Our team did a great job minimizing the production downtime that resulted from the flooding. In addition, through our implementation of enhanced drilling and completion techniques, we’re making better wells and driving efficiencies throughout our assets in the Permian Basin. Posting another quarter of successively higher production, cash flow and well results underscores our strategy to invest in high-margin, high rate-of-return projects.”
CXO beat my EPS forecast by a couple cents.
Concho Resources Inc. (CXO) (the “Company” or “Concho”) today reported results for the third quarter of 2014 and provided an outlook for 2015.
Highlights
• Concho delivered record quarterly production, exceeding 10 million BOE, and achieved 23% crude oil production growth over the same quarter a year ago.
• Production for the third quarter of 2014 averaged 113.5 MBoepd and was negatively impacted by approximately 2 MBoepd due to weather-related downtime.
• The Company continued to deliver industry-leading well performance in the northern Delaware Basin.
• Earnings for the third quarter of 2014 totaled $2.69 per diluted share, or $1.09 per diluted share on an adjusted basis1 (non-GAAP). This compares with earnings of $0.29 per diluted share, or $1.06 per diluted share on an adjusted basis, in the third quarter of 2013.
• EBITDAX2 (non-GAAP) increased for the sixth consecutive quarter to $536.4 million.
• Cash flows generated from operating activities in the first nine months of 2014 totaled $1.3 billion. Adjusted cash flows3 (non-GAAP) generated from operating activities in the first nine months of 2014 also totaled $1.3 billion, up 39% over the same period last year.
• Concho is targeting 28% to 32% year-over-year production growth in 2015 with a $3.0 billion capital program. The Company is on track to accomplish its Two-by-Three Growth Plan to double production in 2016 over 2013.
My previous forecast assumed 23% production growth in 2015. - Dan
Tim Leach, Chairman, Chief Executive Officer and President, commented, “Concho delivered strong results this quarter, even as we faced challenges from flooding in the northern Delaware Basin. Our team did a great job minimizing the production downtime that resulted from the flooding. In addition, through our implementation of enhanced drilling and completion techniques, we’re making better wells and driving efficiencies throughout our assets in the Permian Basin. Posting another quarter of successively higher production, cash flow and well results underscores our strategy to invest in high-margin, high rate-of-return projects.”