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Like many U.S. exploration and production (E&P) companies, Concho (CXO) has suffered a significant decline in share price over the past 12 months as a result of weak profitability and declining growth. I believe Concho has become moderately undervalued as a result of excessively negative sentiment about future oil prices and the ability of the shale industry to generate positive free cash flows. Provided economic growth does not weaken further, I believe oil prices are likely to rise significantly over the next 2-3 years, which should act as a catalyst for an increase