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Last week, the Permian oil producer Concho Resources (CXO) announced a definitive agreement to sell its New Mexico Shelf assets for C$925 million. Also, the board of directors authorized a repurchase program of up to $1.5 billion.
These developments are taking place a few weeks after management communicated disappointing results of a spacing test and reduced production guidance.
Management still expects the company to generate free cash flow while growing production, though. Yet, despite the significant drop in the stock price over the last several quarters, I estimate the investment proposition is still