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Concho Resources Inc., based in Midland, TX, is an independent oil and gas explorer and producer. Founded in 2004, the company focuses on growth through a combination of acquisitions and active drilling in the lucrative Permian Basin spread over west Texas and New Mexico. In July 2018, the company acquired rival RSP Permian Inc. in a $9.5 billion deal. The acquisition – by far the largest in its history – added 92,000 acres of complementary holdings to Concho Resources’ Permian portfolio. The company, which went public in 2007, currently owns roughly, 550,000 net acres in the Permian Basin and is one of the largest producers from the unconventional shale. As of year-end 2019, Concho Resources’ proved reserves tally stood at 1 billion oil-equivalent barrels (62% oil). The company produced approximately 120.8 million barrels of oil equivalent of oil and gas last year, of which more than 63% was oil. Concho Resources is planning on delivering production growth of around 6% to 8% in 2020 while increasing its oil output by 10% to 12% this year versus 2019 levels. The company initiated a dividend program in the first quarter of 2019 and has set a capital investment budget of $2.6 billion to $2.8 billion for this year.
Crude Sell-Off Deepens As EIA Reports First Build in 7 Weeks
by Nilanjan Choudhury
EIA report for the week ending Sep 4 revealed that crude inventories rose by 2 million barrels compared to expectations of a 500,000-barrel decline.
EOG Resources (EOG) Foresees No Recovery in US Oil Production
by Zacks Equity Research
EOG Resources (EOG) is not expecting any recovery in U.S. oil production to pre-pandemic levels.
EQT Corp. (EQT) Expects 2H20 Free Cash Flow to Reach $130M
by Zacks Equity Research
EQT Corp. (EQT) is targeting to reduce total debt to $3.5-$3.7 billion by the end of 2021.
Baker Hughes Sees Future in Renewables, Oilfield Business Week
by Zacks Equity Research
With demand for clean energy mounting, Baker Hughes (BKR) is well-positioned to gain on its proprietary post-combustion carbon capture solutions.
Here's Why You Should Add Laredo Petroleum to Your Portfolio
by Zacks Equity Research
Laredo Petroleum's (LPI) strategic efforts, sturdy cash position and upbeat earnings growth projections make it an attractive choice at the moment.
Want to Play Upstream Energy Stock? Consider Concho Resources
by Zacks Equity Research
Concho Resources' (CXO) cost-reduction and cash-saving efforts are expected to lift its bottom line and cash flows.
7 Reasons That Make Halliburton (HAL) Investor Favorite Now
by Zacks Equity Research
The constant deployment of state-of-the-art digital technologies will enrich Halliburton's (HAL) capabilities and boost its cost-control actions to bode well both for the company and its clients.
Here's Why Cimarex Energy (XEC) Stock is Worth Betting on Now
by Zacks Equity Research
Cimarex Energy (XEC) is resuming activities in the third quarter since oil price is showing a partial recovery.
Matador Completes Black River Processing Plant Expansion
by Zacks Equity Research
The Black River plant expansion is likely to support Matador Resources' (MTDR) exploration and development activities in the Delaware Basin.
Why Hold Strategy is Apt for Southwestern Energy Stock Now
by Zacks Equity Research
Southwestern Energy's (SWN) acquisition of Montage Resources is likely to boost its Appalachian Basin footprint with high-return Marcellus and Utica assets.
Sinopec (SNP) Posts First Half-Yearly Loss on Weak Operations
by Zacks Equity Research
Sinopec's (SNP) first-half 2020 results are affected by energy demand destruction caused by the coronavirus pandemic.
Phillips 66 Partners Starts Gray Oak Pipeline's Open Season
by Zacks Equity Research
The open season of Phillips 66 Partners' (PSXP) Gray Oak Pipeline will gauge shippers' interest to transport crude volumes for the long term.
Concho Resources (CXO) Up 2.1% Since Last Earnings Report: Can It Continue?
by Zacks Equity Research
Concho Resources (CXO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Upgraded Broker Ratings Make These 3 Stocks Worth Buying Now
by Swayta Shah
Guidance from experts is highly desirable. You can follow rating upgrades by brokers as they have a deeper understanding of what's happening in a particular company.
Here's Why You Should Hold on to Enbridge Stock For Now
by Zacks Equity Research
Enbridge (ENB) has a stable business model and is not significantly exposed to volatility in oil and gas prices.
Why You Should Hold on to Continental Resources Stock Now
by Zacks Equity Research
Continental Resources (CLR) expects to generate $500 million in free cash flow for the second half of 2020.
Equinor (EQNR) Plans Layoffs to Survive Coronavirus Onslaught
by Zacks Equity Research
The layoffs will be from Equinor's (EQNR) operations in the United States, Canada and United Kingdom.
Antero Midstream Updates Guidance: Major Points for Investors
by Zacks Equity Research
Antero Midstream (AM) reduces the expected range for 2020 capital expenditure to $200-$215 million. This reflects a 34% drop from the initial guidance.
Valero Prepares for Tropical Storms With Refinery Shutdown
by Zacks Equity Research
To brave the storms, Valero Energy (VLO) has reportedly changed its plan abruptly by halting the restart of its 100,000 barrel per day capacity coker unit.
Pioneer Natural & Parsley Energy Reportedly Plan Layoffs
by Zacks Equity Research
Pioneer Natural (PXD) and Parsley Energy (PE) plan cost cutting to survive the pandemic.
Here's Why You Should Hold Matador Resources Stock for Now
by Zacks Equity Research
Matador Resources (MTDR) expects 2020 oil equivalent production within 26.3-27.1 million BOE, indicating an increase from 24.2 million BOE in 2019.
Here's Why You Should Hold on to Enterprise (EPD) Stock Now
by Zacks Equity Research
Enterprise Products Partners (EPD) has a stable business model, and is not significantly exposed to volatility in oil and gas prices.
3 Reasons Why Concho Resources (CXO) Is a Great Growth Stock
by Zacks Equity Research
Concho Resources (CXO) could produce exceptional returns because of its solid growth attributes.
Bet on 3 US Upstream Energy Stocks With Low Debt Exposure
by Kaibalya Pravo Dey
Over the past few years, oil and gas producers have not only worked tirelessly to cut costs to a bare minimum but also have looked for innovative ways to churn out more hydrocarbons.
Want to Play Upstream Energy Stock? Consider Pioneer Natural
by Zacks Equity Research
Despite the current unfavorable business scenario, Pioneer Natural Resources (PXD) is capable of clearing long-term debt with its cash balance and $1.5 billion of credit facilities.