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CXO - Concho Resources Needs To Do More Than Asset Sale-Powered Buybacks
Concho Resources Inc.
Concho Resources (CXO) has started a buyback program and will also likely improve its financial health by eliminating near-term debt. Although the company has taken a positive step, it still has a long way to go. The Midland, Texas-based Concho Resources will rely on asset sales to fund the buyback and debt reduction since it does not generate free cash flows. The company expects to turn around in the future, but it remains to be seen whether it can deliver on its promise.