Concho Resources Reduces 2020 Capital Program - Quick Facts

(RTTNews) - Concho Resources Inc. (CXO) said the company is further reducing 2020 capital expenditures to approximately $1.6 billion, a 40% decrease from the initial 2020 capital guidance. For the remainder of 2020, Concho expects to average approximately 8 rigs and complete approximately 110 to 130 gross operated wells.

The company expects full-year 2020 oil production to be approximately flat with 2019 divestiture-adjusted oil production volumes of 197 MBopd.

For the first quarter, Concho Resources delivered oil production volumes of 209 MBopd, exceeding the high end of the company's guidance range.