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Concho is expected to generate combined Free Cash Flows of $1.5 billion in 2020 and 2021
We estimate Concho Resources (CXO), one of the leading Exploration & Production players in the Permian shale oil basin, to build upon a robust H1 2020 and generate $1.5 billion of cumulative free cash flows in 2020 and 2021. FCF in 2020 alone is estimated at $880 million. This is remarkable because most Energy & E&P players like XOM, BP, OXY and CVX to name a few have depicted a major erosion in cash flows during 2020