Concho Resources Issues 2020 Outlook; Raises Dividend - Quick Facts

(RTTNews) - Concho Resources Inc. (CXO) said, for 2020, the company is planning to invest $2.6 to $2.8 billion. This is expected to result in 300 to 320 gross operated well completions, for the fiscal year.

For the full year, oil production volumes are expected to increase 10% to 12% year over year. First-quarter production is expected to be 316 to 325 MBoepd.

The company's Board approved a 60% increase to the quarterly dividend, from $0.125 to $0.20 per share. The next quarterly dividend is payable on March 27, 2020, to stockholders of record as of February 28, 2020.

Excluding special items, fourth-quarter adjusted net income was $1.03 per share compared to $0.94, last year. Fourth-quarter oil production volumes increased 8% year over year to 215 thousand barrels per day (MBopd).