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CXO - Concho Resources: My Takeaways From 2019 Results
Concho Resources Inc.
On February 18, Concho Resources Inc. (CXO), the U.S. exploration & production company that I previously covered in August 2019, published its Q4 and 2019 financials. It topped Wall Street's EPS and revenue estimations thanks to the resilient output from the Permian Basin that helped to mitigate the pernicious effect of plunged oil and gas prices.
The company also informed investors its 2020 capital budget was revised down by around 10%. I have already discussed 2020 capital expenditures cuts in the U.S. shale industry in my recent pieces on Helmerich & Payne (