CXO - Concho Resources: Fourth-Quarter Review
Concho Resources (CXO) reported disappointing results for the fourth quarter and the persistent weakness in oil prices may continue to drag the company’s earnings and cash flows in 2019. However, Concho Resources is a low-cost operator which will remain profitable and continue posting free cash flows in 2019.
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Concho Resources produced 307,000 boe per day in the fourth quarter, including oil production of 199,000 bpd. Total production increased by 45% while oil production increased by 53% from 4Q17. The growth can be attributed in large part to the