WASHINGTON (dpa-AFX) - 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.
Copyright RTT News/dpa-AFX
© 2020 AFX News
